What Can Inventory Control Software Do for Your Business?

September 6, 2022

For business owners, managing inventory can be a real headache. Being able to stock an optimum amount of the right products to meet customer demand is crucial, but the struggle to keep this level in check can be frustrating. losing sales at a key moment due to being out of stock can have a significant impact on revenues while having too much can tie up cash and consume space in your warehouse. One of the most common problems is product obsolescence.

Here, the inventory control software can help you, by automating and efficiently optimizing your approaches to inventory management. Ultimately, when properly used, this type of software can enable you to maintain adequate levels of stocking to support your business activities. By helping you balance and streamline your supply chain, you can eliminate the unnecessary usage of business resources, such as time, money, and effort. This alleviates the frustrations, inefficiencies, and potentially costly implications that can arise from poorly managed inventory. I will detail what inventory control software is, how it works, and how it can serve your business in the blog post below.

What is Inventory Control Software?

Inventory control software is the system that provides optimization in managing the inventory, order processes and supply chain operations for the businesses. Its features include inventory tracking in real-time, automated ordering, and reliable reporting with tools to provide insights to make better decisions.

Also, your inventory control software can be tailored to your particular business needs. If you run an eCommerce store, for example, you'll want software that integrates directly with the website and shopping cart you're using. On the other hand, if you're tracking inventory for a brick-and-mortar retail store, you want to find software that links up with your point of sale (POS).

Key Features of Inventory Control Software

To maximize the benefits of inventory control software, consider these essential features:

• Real-Time Inventory Tracking
  This way you can always keep track of how much inventory you have left and react to rising or falling demand at the right time.

• Automated Ordering
  Automated ordering takes the guesswork out of inventory management; once you decide how many widgets you want to have in stock, as soon as the inventory drops below a certain level, the system will automatically order enough to restore your intended stock levels.

• Advanced Reporting Tools
  Reporting features allow you to see your stock levels, understand which products are selling well, and get a good insight into your store's turnover and profits. This can help you make informed decisions about your stock levels, purchasing, and sales activities.

Benefits of Using Inventory Control Software

Investing in inventory control software offers numerous advantages for your business:

• Improved Inventory Accuracy
  The inventory control software keeps the data of inventory levels up to date by automatically tracking them. This makes the process of tracking inventory more accurate, reducing human errors and providing you with the data you need at all times.

• Enhanced Efficiency
  Automating incoming purchase orders is a surefire way to regain valuable time and money that can be allocated toward other crucial business operations and strategies. For example, employee time and effort that is spent on the inventory side of the business can be redeployed to other areas such as providing exceptional customer service and generating business growth strategies.

• Cost Savings
  Inventory control software can help cut costs by reducing marginally lost revenue from overstocked and understocked inventory, and lowering costly order quantities and storage.

• Better Cash Flow Management
  This helps you keep the right (but not too much) inventory so that more of your cash is not locked up in your stock holding, but tied up in other key business areas such as human and technical resources.

Who Should Consider Inventory Control Software?

Inventory control software is generally useful for any business dealing in physical goods: a retail shop of any size, a mid-sized distributor, or a large eCommerce operation all benefit from these tools. By organizing and keeping track of inventory, stock problems get avoided; operations get refined; the business runs more smoothly and effectively.

Nevertheless, all businesses do not necessarily need inventory control software. While this may be true for business that sells digital products or provides services with no physical inventory for their respective services, inventory control may not be much needed. Similarly, having few SKUs or infrequent sales does not call for inventory control software that comes packaged with a fancy feature list.

Common Mistakes to Avoid When Using Inventory Control Software

Although inventory control software can greatly improve your inventory operations, it needs to be applied properly. Frequent mistakes include:

• Insufficient Training
  If you don't spend time training the staff in the use of the software properly then this can also hinder the efficiency of the running of your business. Make sure that your staff are fully capable of using all aspects of the software.

• Over-reliance on Automation
  Automated ordering is a tremendous feature, but you should be checking your order settings against current sales trends and seasonality regularly or stockouts.

• Lack of Integration
  In order to gain significant benefits from your inventory control software, you might want to integrate your inventory control with other systems with which your business works: accounting, for example, or a CRM system. This will help with maintaining common data among those systems, and eliminate the chance for error.

• Ignoring Software Updates
  When your business grows, your inventory needs changes. So do periodically updated settings and features so your software continues to support your business in a useful way.

Choosing the Right Inventory Control Software for Your Business

Choose inventory control software that provides you with real-time tracking, automated ordering, and reporting, as well as a robust customer service offering from the provider. Ideally, you want the provider to offer 24/7 support, to tackle issues as quickly as they arise.

Now, working with the right inventory control software can improve your inventory management processes – leading to greater efficiency, reduced expenses, increased sales and, ultimately, improved customer satisfaction. Get started by studying the options, and choose an inventory solution that best meets the needs of your business. Working with the right software can help you take control of your inventory – and your business.

Are you looking for a way to improve inventory management in your business? Contact us today to learn about our inventory control software solutions and get the best possible fit for your inventory needs!