Managing your inventory can be both a necessary benefit and a nightmare for your business. After all, you need inventory to offer your clients the products they expect from your business, but you also need to be careful not to overstock anything, whether it’s raw materials or the finished product. As Financial Post suggests in their article “Why inventory management is crucial for small businesses“, failing to properly implement inventory controls can lead to huge inventory costs, damaged profits, and a business that is on shaky financial standing.
One of the best things you can do for your business, then, is to find high quality inventory control systems. Doing so, you can better manage your inventory, your supply chain, and all of the other issues that come with running your business. Of course, you first have to know how to find the best inventory control systems. With these tips, you can do exactly that.
Three Tips for Selecting the Best Inventory Control Systems for Your Business
- Consider Your Current Inventory Control Management
As The Houston Chronicle reports, a big part of finding new inventory control systems is considering how you currently manage your inventory. What are your current procurement policies? What software solutions do you use to track inventory expenditures, warehousing costs, and the like? The big question you need to ask yourself here is, “will this new inventory control program work well with the way we do things?”
- Is the Cost Commensurate with Functionality?
As you might expect, there are a lot of different types of inventory planning and control software out there. One of the biggest differences between many new solutions is whether they take advantage of cloud computing, or if they remain as locally installed software packages. For example, according to Inc.com, many providers of inventory control systems offer exclusively online, and full-service hybrid, versions of their software. The exclusively online versions are typically more limited in their functionality, while the full-service versions come with a higher price tag, but offer a greater number of services.
- What About Supply Chain Management Systems?
The key to any great inventory control system software is having a solution for each step of the inventory management process. If inventory control is the method of maintaining and managing the inventory you already have in-house, supply chain management is the method of ordering new inventory when it’s needed and in the right volumes. The best inventory control systems will automatically notify your vendors when you need new inventory, generate procurement orders, and alert you when it’s taking action. In other words, SCM functionality is the key to a complete piece of inventory management software.
Transforming your inventory management with inventory control systems can have a definite, immediate effect on your business, but that’s only if you know how to search for a system that matches your needs. Keep these tips in mind, and you can start reducing inventory costs immediately.
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Founded in 1984, NSA’s 30 years of experience have taught us what works and, equally important, what does not. We understand that implementing a new software system isn’t your highest priority – running your business is. That is where we come in. We take the reins as much, or as little, as your company needs.