Small business inventory management is not without its pitfalls. One of them is choosing an inventory management software that’s not adapted to your needs, that is too costly to maintain, or that cannot be scaled up as your business grows. With the right system in place, you will not only replenish your stock optimally at the right time, but also avoid the hassle that comes with repetitive inventory tasks.
You don’t have to be an inventory expert to determine the inventory needs of your small business and choose an appropriate inventory solution. Here’s how you can ascertain your needs and choose a system that can streamline your stock management without requiring expenses or resources beyond your means.
Identify why you need to upgrade your inventory system
Does your current stock management solution or process provide enough actionable data? Is the item tracking fast and accurate? Can you see stock performance and sales forecasts for every individual item? Does you inventory system integrate with QuickBooks, Xero, or your accounting system of choice? Is it mobile friendly? Answering one of these questions “No” is a sign that you need a better alternative in place. It will also highlight problem areas you can focus on during the upgrade.
Choose the right platform for your business
Small business inventory management solutions can come in the form of software, software-as-a-service / online software (SaaS), or mobile apps. Software solutions may run only on certain platforms, come with system requirements your hardware may not meet, and usually require manual upgrades.
For most small businesses, the most convenient and cost-effective solution is a SaaS inventory management tool hosted on the provider’s servers that gets updated automatically. Even better is when your inventory system is available both online and as a mobile app, like DataQlick. In this way you can run it on all devices, and employees can access it quickly in a variety of contexts to improve customer satisfaction.
Look for the right features
There are a couple of fundamental features that any good inventory management system has. It’s crucial to test out any software you’re considering buying to make sure it can do the following:
• Automate stock replenishment
• Provide accurate statistical forecasts
• Integrate seamlessly with QuickBooks and other accounting apps
• Classify stock to speed up item management
• Calculate optimal stock levels
• Simplify vendor management
• Manage bundles and assembly kits
• Manage inventory across warehouses
• Generate sales reports
Just as important for a small business inventory management solution is to be easy to manage. You don’t want to get lost in a forest of facts. We’ve built DataQlick with all the features above in mind. And we’ve made it as easy to use as possible. Try it now for free.