Why Inventory Software Is a Must-Have for Small Business Owners

July 7, 2023

Statistics reveal that 43 percent of small business owners don't track inventory. And this really seems to be adding only stress to their daily lives, not to mention lost time and money.

Can you recall the last time you sent the same inventory to two different customers? Or maybe when you realized that your company's assets had gone missing?

Lack of inventory management can cause inventory write-offs, bad customer service and poor sales. Small business owners are the most vulnerable group here since they're usually managing inventory with a pen and paper, as opposed to using inventory software. Our guide below will explain why an inventory tracking system is not an option.
Keep reading to find out more.

Why Inventory Management Software Is a Must-Have for Small Business Owners

By using inventory management software, small businesses can expect to receive alerts regarding inventory optimization to restock assets. This is useful for small businesses because, often, conducting this type of stocktaking manually can become a daunting and exhaustive task.

Here are the main reasons why inventory management software is a must-have for every small business owner:

• Minimizes the risk of human error
• Provides real-time visibility of inventory
• Enhances customer satisfaction
• Provides scalable solutions

Inventory Asset Tracking

Inventory asset tracking is becoming a very important feature in business software that helps a business to take stock of the movement of physical assets within the business. As a small business owner, you can do a lot with inventory software that is equipped with this feature.

Inventory Tracking System

Effective inventory processing systems can be integrated by a small business owner to control and track orders and payments from clients. A small business without an inventory tracking system will have no reason to stocktake religiously.

One benefit of inventory tracking systems, for example, is that you will have actual rates of depot turnover and how much to invest in sourcing and overstock.

Small Business Management

Reporting, properly storing and shipping the assets is a crucial part of small-business management, when there is a need for a proper interpretation of key data or the additional profit margin. Small Business owners rely on software for inventory management to manage their supply chain interactions and improve outsourcing processes for some operations like procurement planning and dispatching.

Asset Management Software

Asset management software – which assigns each piece of equipment with an ID number in a digital record – helps small to medium-sized enterprises (SMEs) near-eliminate human error through an application that uses either manual or independent power-source-driven radio frequency identification (RFID) or barcode scanning. Programs create visual dashboards for end-users to analyze the operational data more intuitively.

This powerful operational feature not only increases operational efficiencies, it also enhances ROI gains by holding each unit accountable for its share.

Asset Tracking App

The latest improvements in Mobile App Development especially using Asset Tracking apps have become a game changer in some domains for physical goods storage capacity. Business leaders need to be abreast of modern technology. It created the opportunity for large-scale outsourcing with high growth hacking potential.

Time and Cost Savings

It will save lots of time and money for business owners. When it comes to inventory management, it is estimated that more than 30 percent of small business owners' time and costs are spent on manually managing the inventory. For small business owners, the main work is to record details of incoming stock, outgoing stock, and daily inventory, which usually involves manual data entry, like stock counts, stock reconciliations and so on. Through the automatic acceptance of equipment optimization, the burden of manual labor in inventory management is significantly reduced, so that you can focus on your core business for a better allocation of personnel and resources.

And finally (important point), by keeping the right amount of stuff in stock at the right time, you save yourself from inefficiencies: the cost of having too much stuff (or too little stuff that can lead to lost sales) stocked up.

Streamlined Operations and Scalability

Inventory management software helps you to manage all your inventory-related operations from one system. You can track all your stock levels, the movement of products. It generates reports that help you analyze trends and improve decision-making.

Besides, as your small business scales up, the software can scale up with it, increasing your inventory capacity and order volumes accordingly. This way, you don't have to worry about your inventory management capacity being outgrown by the growth of your business.

Data-Driven Decision Making

Through inventory management software, you can get detailed reports and analytics on overall inventory performance, such as how your goods are selling, what's popular and what's seasonal.

This data allows you to make informed decisions about when to restock inventory, how to price inventory and how to run different marketing campaigns. This can help companies better manage their inventory to reduce carrying costs and increase profitability.

Improved Customer Satisfaction

Accurate and speedy management of your inventory influences the level of customer satisfaction. Inventory management software helps you to satisfy your customers' requests faster and more precisely. You can inform your customers about product availability and delivery time, with accurate information, writing based on real-time level of stocks.

Meeting their expectations boosts your reputation, builds loyalty and repeat business, and eventually leads to raving fans and word-of-mouth sales that drive your growth.

Integration and Collaboration

Integration with other key business systems including point-of-sale (POS) systems, e-commerce platforms and accounting software can improve efficiency by avoiding the need to manually enter data and minimizing the risk of errors.

Furthermore, the software allows for collaboration with suppliers, helping to facilitate better communication, more efficient ordering and stronger relationships with suppliers. These integrations and collaborations can further company efficiency and effectiveness.

Ready for Inventory Software?

Inventory management is something every small business owner dreads, especially the ones working in a retail sales environment. The fact of the matter is you need to handle inventory like it's blood pumping through your arteries.

So you can have a solid inventory system for accounting inventory and a more coherent process to ensure every day counts with the help of software for inventory. Now you can lose no assets – only potential and horizon. With intelligent inventory asset tracking tools, you can focus directly on growth, customer relationships and horizons that expand

Are you ready to dive in and take your inventory to the next level? Sign up today and explore our software for small business inventory management.