Managing inventory requires a high level of accuracy and foresight. Any errors in inventory tracking, data entries and forecasts can result in serious issues such as depreciation, unnecessary purchases, inadequate stock levels and inaccuracies across your warehouse as a whole. Fortunately, we now have automated inventory management software systems that operates through a barcode stock control system designed to eliminate the need of managing your inventory manually.
Inventory management software was built to facilitate different types of companies of all sizes to track their inventory electronically. In order for a barcode stock control system to fit seamlessly into your operations, it’s essential to find a barcode stock control system that suits your specific needs so you can get the most from your software.
In this article, we’re going to discuss some factors to consider when finding the right inventory management software for your business.
Determine what you need from a barcode stock control system
The first step is determining what you want the inventory management software to accomplish. In order to achieve this, you need to understand your requirements first. Identify the challenges you are facing currently in managing your inventory and what you are looking for in a solution to remedy those challenges.
Ask yourself the following questions:
- Do I want to save time on inventory tracking?
- Do I just need to keep track of my stock levels?
- Do I need to improve on budget planning?
- Am I getting accurate insight on my warehouse?
- Is it solely about saving costs?
Businesses who don’t track their inventory or use a manual method to track stock, can end up taking a loss due to overstocking, under-stocking or wastage. Fortunately, with a barcode stock control system you can pinpoint surplus, wastage and low levels of stock for you in advance. When you achieve clarity on your inventory, you save both money and time.
Is the barcode stock control system relevant to your industry?
Depending on the industry you are operating in, you may have complex specifications and a customisable inventory management system may be required. To distinguish if the inventory software can meet your specific needs, ask your vendor and how long it will take to customise it.
It is also important to consider the barcode stock control system integrations with existing programs or processes. From accounting, to logistics, your company may use a variety of software solutions to handle your operations. For maximum efficiency, it is good to identify whether they are compatible. Your business will benefit immensely if your inventory solution can work with your existing programs.
These platforms should sync together so they can work in unison to streamline your daily operations and save you time. For example, Bit Systems, offer a Stock control for Sage, a simple solution for inventory and warehouse management. Bit Inventory at its core, extends the functionality of Sage 50 to provide seamless integration with barcode scanning technology to offer a feature-rich, efficient and easy to use stock control solution.
Will your inventory software scale?
Another element to consider when choosing a barcode stock control system is the flexibility and scalability. You want a software solution that will grow with your business and if the software does not scale well, it could impede growth in the future. If your business is growing consistently, you should find out if the software you are considering is suitable for multi-devices, how many users you can add, whether it is a web-based or an on-site system. Flexibility is a pivotal factor to consider, especially if you have multiple sites or warehouses.
What data can you access?
Your barcode stock control system should never limit your access or insight into your processes and operations. You should be able to access your data, import and export when you need to and find exactly what you are looking for when it comes to your inventory. If the inventory management system you are considering only offers periodic updating, you will only be shown what items were in stock at the time the count was done (whether it was performed a few hours ago, a week ago or a month ago). Our Sage solutions are dynamic so you can monitor stock with precision, recognise and act upon trends in real-time and you can access it any at time, from anywhere. This means you can deliver more of what your customers want, when they want it. Data-supported analytics allows you to pursue your next business opportunity with confidence.
What key features are available
Checking for key features is something to keep in mind researching for inventory control software. The best inventory management software systems have an easy to use dashboard that provides both robust functionality and a complete view of your inventory.
If you need help, don’t hesitate to ask your vendor which features will best help resolve your inventory needs. Below are a few but essential features that you should expect from any high-performing inventory control system:
Multi-device Inventory Count – Using multi-devices that will sync automatically will simplify inventory tracking and eliminate any inefficiencies.
Inventory Movement Tracking – You should be able to view all inventory by item almost instantly to see what’s selling and what isn’t.
Product categorisation and stock alerts – By getting updates in real-time ensures you always have the items that your customers want available to maximise your sales and increase customer experience and loyalty.
Robust analytics and reporting – Gain the insights you need to improve profit margins and compare your budget to reality. You can then forecast and stay agile in your industry.
Does your barcode stock control system have a user-friendly interface?
This point is most often overlooked by business owners, while in fact, having a user-friendly interface determines how effective the implementation of a barcode stock control system in your business. It is no good having an inventory management system that ticks all the boxes when it comes to features and functionality but is too complex for your warehouse operatives to use. If it is difficult to navigate operational processes and inventory functions, it might be better to find a more user-friendly software. Remember to also ask about the available support options. Most vendors offer a range of documents, demos and support measures. If these are not readily available, it could be a red flag.
If you are interested in learning about integrated inventory solution that always keeps your products updated—whether they’re in-store or online—contact us today.