on 08 October 18
Inventory management is critical for organisations of all sizes. Entrepreneurs must be aware about the facts and the requirements of inventory management team. It should be taken care that if we are getting it right then it can ultimately increase our profits or else can result into major financial loss or even complete business failure. Accurately managing your inventory is a key component to the long-term success of your small business.
Some of us might not be aware about it, but this doesn't end up our conversation here. We are here to discuss about how you can choose the right inventory management software for your small business.
Analyse yourself as a good decision maker
It is very important for (young) entrepreneur to choose what is appropriate for the small business. For this purpose one must know that how inventory management software is much easier and saves a lot of time for a new business than excel worksheet, which is not perfect software for the following reasons:
• Excel spread sheets can grow large which can get out of hand very fast.
• It causes lot of space for human error and incorrect data entry.
• Updates are not being done on real time basis
• Redundancy can’t be avoided
• Data is typically stored locally which can be at risk of loss or corruption
• It is very difficult to analyse sales and inventory levels
• Spread sheets can’t be imported seamlessly into existing accounting or POS.
Choose the correct from the rest
We have jotted down the points that would be helpful for the small businesses to choose correct inventory management software:
1. Important features:
The software should act as a ‘central hub’ between all purchases points, including on-line stores and multiple physical locations. The data should be real time data and should be comfortable according to the needs of the employees. You should also take care that your data should be backed up on-line on the cloud and that is not stored locally on the computer.
2. Bar Codes and Radio Frequency Identification:
You should note that two methods that do work with inventory management software are bar codes and radio-frequency identification (RFID). So you take care that your software must incorporate any one of these features.
3. Cost effective and Integration with the existing hardware/software components:
It should come under your budget and should be compatible with the hardware/software components of the company for the existing entrepreneurs.
4. Software should be Handy:
One should note that inventory solutions can be used as software with mobile computers. These inventory tracking solutions usually use either batch data transfer or RF (wireless) communication. The batch data transfer is a manual process and updates can be done by cabling the mobile computer to the PC. This can be time consuming. In RF data transfer all your data is real time and uses your wireless network to instantly pass updates from your mobile computer to your software.
You should ponder on these points so that you choose the right software for your business and help your business grow more. One point you should take utmost care of is that if your inventory changes rapidly, or you don’t keep large amounts of stock on hand, you should keep wireless inventory solutions that offer real-time data.