Imagine if you could magically save 3-4 hours of your valuable time each day that you spend on your excel sheets. These long hours that you utilize to fill and update your inventory status on these excel sheets can be cut down to simply one click! What will help you do this? Nothing, but the best inventory management system.
Suggested reading: What is inventory management?
An inventory management software is one which lets you relax while you go on making sales, as it will automatically keep updating the status of your inventory even while you are asleep.
Choosing the best inventory management system
The back-breaking job in retail management is managing your stocks or inventory. And, if you are someone who owns multiple stores, it could drive you crazy. You will have to deal with thousands of excel sheets which will ultimately leave you exhausted at the end of the day. Now, it is an obvious fact that rather than 10 people breaking their heads over your stock accounts, a single software system that gives you accurate results would sound like a much better deal. Won’t it?
9 Reasons why you must have the best inventory management system
Here we list out some of the advantages of having an inventory system at your POS:
- With an inventory management system for POS, you can handle multiple stores at different locations, without having the stress of being present everywhere.
- There will be no inconsistency with pricing products across multiple stores.
- You can ensure that no unwanted occurrences like negligence or employee theft happen.
- Keep track of all the stock you have across all stores on one single panel.
- You will not have to manually manage his inventory which will take hours.
- By looking at reports of previous sales, you can get an idea of the kind of products that are being sold more, and the kind that are sold less.
- From the data available at the POS system, you will know how to strategize business better, and know what offers to push to the customers and at what time.
- Security is extremely important when it comes to your stock management. On an online platform, you have access to good security, rather than storing it in any other form.
- Some POS systems let you print barcodes for your products, aiding your inventory management.
Before choosing the best inventory management system, let’s run through the important questions you should be asking yourself:
Question 1: What type of inventory management software does my business need?
The mode of operation of each type of business is different. For example, if you are running an apparel store, the factors you might need to update will be different from that of a restaurant business software. So, you must have a clear idea of what your concerns are.
The specific needs of the business must also be taken into consideration, for example, if you require software that helps print barcodes for your products, check if you get a software that provides you both inventory management and well as barcode printing. This way, you can enlist your business needs and search accordingly.
Question 2: Does this inventory management software integrate with any accounting software like Quickbooks?
Having integration of inventory management software with QuickBooks Online will solve the time-consuming task of having to update the accounting software every time you make a sale.
Integration with accounting software will update you are financial, as well as inventory details automatically, thus striking off the possibility of any data entry error.
Quick Tip: Primaseller integrates with Quickbooks to take care of your accounting needs easily
Question 3: How easy is the software to use?
This software is not only used by you, but also by others among your staff. So, the software must be an easy-to-use one. It will be best if you choose a vendor that will provide you live demonstrations of working of the entire software. This will give you a clearer understanding of the product.
The software should be very user-friendly so that you can easily teach employees joining newly to your company.
Question 4: Is the software scalable?
As a business person, you might not be sure today, of what features you might require in the inventory management software in the future. Your business will keep growing, and so will your requirements.
If you are a brick-and-mortar store seller, you might plan to go online tomorrow, or vice versa. So, choose an inventory management software that has the potential to scale up as and when you need.
Question 5: Is it possible for me to see the history of my inventory flow?
One aspect you must be very concerned about is your brand’s performance. The history of your sales and its pattern will give you a very clear idea of where you went wrong and what you did right. This information should be closely and constantly monitored in order to better sales.
So, choose a software platform that will provide you with this information.
Primaseller looks to engage and educate retailers with credible and useful content through this blog.