How Important Is Your Choice in Inventory Management Software?

Millions of businesses require inventory management software to keep track of parts, store products, and other items. But are all inventory management platforms more or less the same?

At first glance, it might seem like inventory management software is all interchangeable. When you buy a bag of oranges at the store, you’re not really concerned about where those oranges came from or which company was responsible for producing them, since all oranges are pretty much the same. But if you take this attitude and apply it to inventory management software, you’ll likely end up regretting it. That’s because inventory management software platforms, while similar in intention and function, can be drastically different below the surface.

The Value of Inventory Management Software

First, we need to establish the value of inventory management software for businesses. Inventory management software is designed to help you keep track of all your inventory, whether that means tracking all the products on your shelves, tracking the products you use in your manufacturing business, or even tracking the supplies circulating throughout your office.

Whatever the application, there are several benefits of using inventory management software.

• Improve accuracy. You can handle inventory management the old-fashioned way, with manual counts, pen, and paper. But these figures end up being unreliable; inventory management software is typically centralized, automatic, and reliable, making it far more accurate in the long run.
• Save time. Good inventory management software also helps you save time. Your employees don’t have to spend extra hours counting available stock; they can spend that time on more important tasks.
• Save money. Most inventory management software requires you to pay a monthly or annual subscription fee, but it’s well worth the investment. That’s because inventory management software has the potential to save you money, streamlining your business operations and your workforce’s overall efficiency.
• Reduce risk. Inventory management is also a good strategy for reducing risk. You can keep your most important inventory items on the shelf for longer, minimize inventory space taken up by unnecessary items, and analyze your entire business so you can positively transform it.
• Improve customer experience. When businesses have better control over inventory, customer experience improves as well.
• Analyze smarter. Inventory management software can also help you conduct more thorough and accurate analyses of your business operations, which is vital if you want to have a firmer grasp on the health of your business.

However, to see these benefits, you’ll need to make sure you’re using the correct inventory management software.

Core Functionality of Inventory Management Software

Most iterations of inventory management software have the same core functionality. This is something that almost every platform you encounter is going to share. Almost any conceivable inventory platform is going to have capabilities designed to help you scan items, keep track of numbers and statistics related to your stock, report on those figures, and possibly manipulate those figures by integrating them into other platforms or applications.

Where Inventory Management Software Platforms Differ

So where do inventory management software platforms diverge?

• Features and functionality. The core features may be the same, but the bonus features will differ. Some platforms are incredibly robust, offering a full suite of tools to help you track, analyze, and report on your inventory.
• Performance and reliability. Are you sure this inventory management platform is going to be up when you need it? Is it fast and responsive when you attempt to access the platform?
• Security and privacy. Modern cloud platforms tend to be highly secure, But this isn’t a guarantee. Some platforms are inherently more secure and more private than others.
• Usability and intuitiveness. Your employees are the ones using this software platform every day. Is it easy to learn and use? Not all platforms are so intuitive.
• Addons and modifications. Can you sculpt your experience using addons, modifications, and other customizations? Or are you stuck with an out-of-the-box platform that can’t be changed?
• Integrations and convenience. Are you able to integrate this platform with other pieces of software that you’re using for your business, such as accounting management software?
• Ongoing support. Different inventory management companies offer different levels of support. If you ever encounter a problem, are you confident that you’ll be able to reach someone to help you? If a security vulnerability is revealed, can you be sure they’re going to issue a patch quick enough to correct it?

If you want the best possible inventory management platform for your business, you’re going to have to shop around. You can’t assume that the platform you’ve selected has all the features you need, or that it’s a better fit for your business than some other platform you haven’t yet discovered. Take your time, review multiple options, use free trials to experiment, and directly compare these applications to determine which one is the best fit.