How to choose the best inventory management software
What is inventory management software?
Inventory management software is a suite of digital tools that helps businesses track inventory levels, automate inventory tasks and improve forecasting for inventory needs.
Why use inventory management software?
Optimise inventory levels
Efficiency is key when it comes to inventory, and with inventory management software you can make sure that you’re always carrying just the right amount of inventory.
Optimising inventory helps businesses avoid costs associated with holding excess items or having expired products or materials. And businesses may find that streamlining inventory means they can reduce their warehouse space for additional cost savings.
Improve employee productivity
With all inventory information in a single platform, employees won’t need to toggle between different apps or systems to get a complete view of inventory. That means less wasted time and higher productivity.
Increase customer satisfaction
Poor inventory management can cause stockouts and long delays in shipping, as companies wait for new deliveries. Inventory software gives companies better control over their inventory so they have the stock on hand to fulfil orders, and deliver a better customer experience.
Improve operational agility
Inventory management software can detect and respond to trends. For example, should demand increase for a specific product, inventory software can increase stock orders to guarantee fulfilment. Conversely, if demand is waning, inventory software can pause a regular restock order.
9 features to look for in the best inventory management software
Low stock alerts and automatic reorder triggers are some of the automation features that can improve inventory management.
Inventory control software helps with the management of B2C orders, as well stock and material orders from suppliers.
When you need to quickly find supplier contact information, contracts or invoices, you can do that with inventory management software.
Inventory barcoding system
Software for stock management should include an inventory barcoding scanner to end manual barcode-entry errors and enable accurate tracking of all stock keeping units (SKU).
Once you’ve added your SKUs to your inventory management platform, you can easily search for all products, sort them by feature and watch their movement and stock levels.
Perpetual inventory tracking
Analog methods of inventory tracking (which often occur weekly or monthly) don’t offer a real-time view of inventory levels. A perpetual inventory software system updates with each sale, so you know all inventory information is accurate.
Inventory reporting and analytics
The best software for inventory management includes reporting and analytics to help you review costs, identify trends and make better decisions. It can also help you greatly improve inventory forecasting.
Many companies have specific applications they use for certain aspects of their operations. If so, it’s important your inventory management software integrates well with those tools.
If you want the ability to review inventory data while in the field, you’ll need inventory management software that has a mobile-friendly interface or a dedicated mobile app.
Get control of your stock
With MYOB’s inventory management software, you can get control of your stock. The benefits for your business include:
Never running out of your hot ticket items again
Understanding what’s selling and what’s not
Overseeing your stock from anywhere
Integrating additional functionality, as required.
At MYOB, we've got you covered.
Inventory management: a beginner’s guide
How to manage and reduce inventory costs
An inventory manager’s guide to stock control