How to Choose the Best Inventory Management App for Your Needs
Why do 90% of startups eventually fail? One of the top reasons is poor inventory management. Many tie up their capital in inventory, affecting their cash flow and crippling their business processes.
Unfortunately, many entrepreneurs don't realize how important inventory control systems are to their business until it’s too late. Forty-three percent of businesses in the US are still stuck on manual inventory management systems. These approaches are error-prone, time-consuming, and labor-intensive.
Adopting a reliable inventory management app can swiftly transform your inventory methods. It can make it easier to track your stock and make decisions that help you avoid some of the financial challenges small businesses face.
But how can you tell which inventory management solution is ideal for your company?
Read on to find out.
Think of Your Specific Business Requirements
The technology you adopt in your business should primarily help serve your unique needs as an enterprise. Use the same approach when it comes to your inventory control methods, especially where an inventory management platform is concerned.
What type of product are you selling? How many SKUs do you have? What is your budget?
Answering these questions will help you narrow down the field and choose an inventory management system that's right for you. The idea should be to find an inventory management system to streamline your inventory methods and stay ahead of the pack.
Consider the Features Offered by the App
The capability of inventory management apps differs from system to system. Some inventory management systems offer basic features like inventory tracking and reordering, while others offer more advanced features like barcode scanning and order management.
Your needs as a business will play a critical role in determining what features are most important to you. For example, if you have a large inventory, you will need a system to handle a high volume of data.
On the other hand, if you have a small inventory, you may not need all the bells and whistles offered by more expensive systems.
Test the App’s Intuitiveness and Ease of Use
When it comes to retail inventory management, the last thing you want is an app that's challenging to navigate or requires a lot of training. Look for an app with a clean, user-friendly interface that you can start using right away.
Don’t forget to check out the app's customer support options if you have any questions or run into any problems. An app that comes with top-notch customer support can help make managing inventory a joy. Work with app vendors who are chamber of commerce members as they’re popular for providing stellar customer support.
The ability to tailor your inventory management app to your specific needs will make a world of difference in terms of efficiency and accuracy. The right inventory management app will offer a wide range of customization options to suit your specific needs.
For instance, you should be able to customize inventory fields, set up reorder points, and generate reports that are specific to your business. This level of customization will help you get the most out of your inventory management system and make sure it's working exactly the way you need it to.
Enquire About Scalability
For most entrepreneurs, the growth of the business is the ultimate goal. If this is true for you, you need an app that will grow with your business and one that can handle increased demand. The last thing you want is an app that crashes when you try to add more products or users.
With scalability in mind, look for an app that uses cloud-based technology. This way, you can easily add more users and products without worrying about overloading the system.
A good inventory management system should seamlessly integrate your existing systems and processes. This way, you can avoid duplicate data entry and eliminate errors.
Additionally, integration makes it easier to track inventory levels, identify trends, and make decisions about ordering and stock levels. Ultimately, integration is essential for achieving efficient inventory management.
Check Pricing Details
When choosing the right inventory management app for your business, price is an important consideration. There are a number of free and paid apps on the market that may be sufficient for businesses with simple inventory needs, but paid apps usually offer more features and functionality.
As you evaluate different apps, consider the cost of ongoing subscriptions and any one-time fees. Also, keep in mind that the lowest-priced app may not always be the best value.
In some cases, it may be worth paying a bit more for an app that is easier to use or that offers better customer support.
Consider the Availability of a Free Trial
Any good inventory management app worth its salt will offer a free trial. This is your opportunity to take the app for a test drive and see if it meets your needs. With a free trial, you can explore all the app's features without a commitment.
This is the time to ask questions, run reports, and see how the app integrates with your existing systems. If you're happy with what you see, you can sign up for a paid subscription. But if not, then you can walk away without spending a dime.
Grow Your Business With the Right Inventory Management App
An inventory management app can prove integral to the success of your business. But not all apps out there will serve your company right. You need to take the time to find an app that will fit your specific needs in order to make the most of it.
Do you face issues with your inventory and would love to know more about how to avoid them in the future? Get in touch with us today and learn how we can help.