Qualities to Look For in an Inventory Management Software

In order to remain competitive in today’s market, everything needs to happen faster, so it is essential to have comprehensive products that will support growth and expansion while optimizing what you already have. 

The right software will do just that. It will also give you the time you need to focus on making your customers happy, and maybe even getting in a round of golf. POS software like https://www.vendhq.com/ is the first step toward automating and streamlining your business, to put a smile on your customers’ faces as well as your own. Keep reading for more tips on what to look for in an inventory management software for your business.

Barcode Scanning

Inventory is complicated enough without having to manually enter every single item into your system. Make sure you have inventory management software that is flexible enough to handle existing barcodes, barcodes you create and print, and manual entry. This way, you have all the 

options available to you, and can enter your items in whatever way you need.

Product Variation, Grouping, and Separation

Not every business handles their products in the same manner as every other business. You may want to group items together into a set or gift basket, or you may want to separate them as individual portions of something (like massage oil, paint, or glasses of wine). If you are in retail, you may need to separate items by style, color, or size. 

The possibilities for what kind of individual customization you may need are endless, which is why you need to make sure your inventory management software is flexible and robust in its ability to categorize.

Inventory Optimization

Inventory optimization can make or break a business, regardless of your industry. When you understock, you lose customers because they want a store they can depend on to have their favorite items. When you overstock, you run the risk of your products losing value as they sit on the shelf. This is especially true of perishables. 

Comprehensive inventory optimization takes the guesswork out of your stock orders by analyzing everything about your inventory—from number of sales, prices, and timing—to keep you informed about your business trends. Your software will notify you when your stock is running low, or when you still have too much of an item.

Automated Ordering

In addition to notifying you about your inventory status, some software has a feature where you can set it to automatically order more of a product when it is time. No more filling out tedious 

purchase orders, your software will handle it for you.

Demand Forecasting

Seasonal retail rushes can be just that: a rush. The busyness of the season is exhilarating, and these periods during the year may be when you make the bulk of your money. With everything that is going on, you need an inventory management software that will help you keep your head on straight, and look at the big picture for you. 

Good software will help you determine exactly what you need during the busy times and the slow times, so you can maximize your profits and take advantage of timing in as many ways as possible.

Real-Time Inventory Counts

Busy retail days can lead to confusion about exactly what you have in stock at any given time. Especially when you are running low on supplies, you have multiple locations to manage, or you keep stock in a warehouse. Make your life easier and keep your customers happier by using software that updates in real-time, as items are scanned.

Stock Returns

No matter which way you cut it, returns are a great big pain. When your shipment comes, it is always disappointing to have to return items. Particularly when you are already running low on something. Separating out the damaged goods and entering the items when you do not have a full shipment can be a daunting task. 

When a customer returns an item, it is just as difficult at times. Did they return it in the box? Is it damaged? Does it work? Having software that can handle the inventory and accounting side of returns with flexibility and agility makes your life much easier.

Multilocation and Omnichannel Management

If you only have one brick-and-mortar location or just an eCommerce shop right now, that does not mean you won’t want to expand in the future. In fact, you may currently be in the process of expanding, which is why you’re looking into inventory management software. 

Regardless of your future plans or current status, you want software that will grow with you. Businesses are currently boosting their success by meeting their customers exactly where they are and offering multiple ways to shop. Make sure your software supports you in meeting your customers where they are, by meeting your business where you are.