Benefits of Inventory Management Software

Inventory management software is essential if your business depends on a warehouse to fulfill orders. Proper inventory management streamlines processes and ensures everything runs smoothly. Regardless of your company’s size, inventory management software can improve your operations.

In this article, we’ll discuss the inventory management software you need to optimize your warehouse management. Before that, you’ll learn what inventory management software is, how the software works, the benefits of inventory management, what you should consider when choosing a cloud-based inventory management software and the added advantages of choosing the best available service. 

What Is Inventory Management Software?

Inventory management software is an application programmed to monitor and track business inventory levels online. It streamlines tasks such as ordering, purchasing, transportation, shipping, storing and delivery. Essentially, it facilitates logistics management and makes inventory management system simple and convenient in your supply chain.

Inventory management software is unique from what you might currently use in-house because you manage the outsourced software alongside a vendor. This partnership allows you to shift the software maintenance to the vendor while you oversee your inventory with the tool. The software is accessible on various smart devices, including mobile phones, laptops and tablets — you can monitor your inventory from any location with an internet connection.

Previously, inventory management systems were manual, which demanded considerably longer durations and effort in most e-commerce businesses. The approaches were repetitive, leaving room for human error, and steered businesses away from other equally crucial aspects. Software has streamlined the inventory management process for maximum efficiency.

How Does Inventory Management Software Work?

Inventory management software — usually cloud-based —  allows you to manage your inventory without needing servers and expert staff or spending money investing in securing the system. Professional providers do all the heavy lifting and only require you to sign up for an account. That gives you access to software tailored to your specific business demands. 

The provider can scale up the solutions as your business grows. The software features typically include barcode tracking, order management, integration with your accounting system and multiple location part tracking. It also simplifies purchasing and replenishment processes and updates stock levels sales channels with e-commerce and shipping integration.

Benefits of Inventory Management

When placing an order, customers expect timely, accurate delivery. That’s why pitfalls like running out of stock can be a significant challenge. With an inventory management system, you can track and organize your inventory with software designed to scale as your business grows.

With the precise information gained through inventory management software, you can enjoy the following advantages.

  • Increase accuracy: For many retail businesses, inventory numbers are not 100% accurate, and mistakes are common. With inventory management software, you can monitor your stock in real time and reduce the amount of stock you need on hand, saving your company money.
  • Reduce costs: Increased accuracy means fewer errors, which results in less money spent fixing issues. Better stock organization makes it easier to avoid housing stock you don’t need, helping reduce overall costs.
  • Improve efficiency: With more precise data, you can streamline processes and execute multiple tasks efficiently and accurately. For example, with point-of-sale integration, you can track inventory at every location of your store. Similarly, barcode scanning systems improve warehousing operations such as order picking, receiving shipments and transferring stock between locations. 
  • Track inventory: An inventory management system’s primary function is to keep track of your stock. Using a computerized tool helps you achieve previously impossible feats. For example, with reliable cloud-based inventory management software, you can monitor and manage multiple warehouses worldwide
  • Improve customer service: Customers love receiving orders quickly. Inventory management will help you give customers what they want, often resulting in new and repeat business. Using an inventory management system to provide precise information will help boost your reputation as a trusted business.
  • Better forecasting: Effective inventory management systems allow you to make future projections regarding your business. Besides tracking sales velocity and reorder point predictability, a built-in accounting system tracks your profits and losses, helping you prepare adequately for the next financial season. 

Overall, you can use inventory management software to improve reporting accuracy and reduce expenses.

What You Should Consider When Choosing Inventory Management Software

The software provider takes the load off your shoulders and manages the system. When choosing a cloud-based inventory management system, consider the following.

  • Internet connection: You need a stable internet connection to access and back up data on inventory management software. You should have a plan to switch internet providers in case of downtime.
  • Customer services: The provider running your inventory management software should offer outstanding customer service. Why is that a priority? Your business requires quick responses to handle matters regardless of their urgency. 
  • Security: When you store all your data in the cloud, it’s paramount to protect your login information and prevent unauthorized access.

Inventory Management Services From Finale Inventory

At Finale Inventory, our inventory management software will help your business grow and succeed. Consider these benefits of our cloud-based inventory management software.

  • Convenience: Have all your inventory data at your fingertips instantly, with real-time updates accessible from wherever you have an Internet connection.
  • Customization: All businesses are unique. We will tailor our cloud-based software to your needs to help you achieve your goals and make your business more productive.
  • Data security: Inventory management services reduce the risk of data breaches and other security problems, especially for businesses with high-volume facilities and multiple locations. 
  • Automated updates: The system provider takes care of all updates, meaning there’s no need to hire additional IT personnel.
  • Low operating and maintenance costs: Finale Inventory has straightforward, commitment-free pricing options to help save you money.
  • Scalability: Plenty of storage options are available to keep up with your growing business.
  • Data redundancy: Data lives on multiple servers, allowing you to retrieve information at all times. You can continue using the service even when unexpected issues arise.
  • Better customer services: The software allows us to serve you better. With modern technology, we provide the best solutions for all your inquiries in addition to regular training to boost your business. 

When you work with Finale Inventory, we make it easy to get the inventory management software you need. One of our dedicated customer relationship managers will provide you with consulting and training, which are completely free during your trial period. Our lightning-fast inventory management solutions are highly adaptable and ready to meet and exceed your expectations.

Get your free trial today to see the difference our software can make for your growing e-commerce business. We are ready to serve you with personalized, world-class customer service.

Last Updated on December 12, 2022 at 10:00 am EST