Top 5 Ways to Know if You Have the Best Inventory Management Software
For eCommerce businesses, both large and small, inventory management software is a must. A good inventory management software can help prevent you from selling more of a product that you have, but this blog post isn’t about good inventory management software.
It’s about the best inventory management software. And when you’re using the best, not only will your mind be at ease because you’re not going to oversell any products, you’ll also have a better view into your business’s financials, save time and manpower updating sales channels, and benefit from a more efficient fulfillment process.
But, how do you know if you’ve got the best inventory management software? Well, there’s just 5 factors you need to look for:
1. It Integrates with all your tools
First and foremost, we want to set expectations. There’s no one best inventory management software. Instead, there’s the best inventory management software for your organization. Every organization has different needs, processes, and tools, and because of that their inventory management software will need to reflect that.
There’s perhaps no feature of inventory management software that better reflects that reality than its integrations. If an inventory management software doesn’t integrate with the selling channels, fulfillment software, financial applications, POS system, and other software you’ll be wasting a lot of time manually entering inventory information.
In addition to saving time, you’ll benefit from:
- More accurate financial data
- Fewer errors and canceled orders for out of stock product
- And quicker, more efficient fulfillment of orders
That’s why the number one way to know you’re using the best inventory management software for your business is to ensure it integrates with everything you need. That’s why at Finale Inventory we pride ourselves in integrating with 30 of the most popular sales channels, fulfillment apps, and financial tools out there.
2. It’s cloud-based
Cloud-based inventory management systems are a notch above the rest thanks to a combination of features and benefits only the cloud can provide.
For starters, they’re often easier to use, understand and setup than tradition inventory management software. Rather than installing it on your own, on-site servers and then using complex API calls to integrate with your other systems, cloud-based inventory management systems allow you to setup and access everything through a web browser. It’s no more complex than logging into Gmail.
In addition to its ease of use, there’s the benefit of being a decentralized system. You and your team can access the system from any location, and you won’t need to bear the costs and hassle of an IT team maintaining your system.
The cloud is also more reliable and secure than tradition systems. It’s automatically backed up, and redundant so that you won’t need to worry about losing track of inventory numbers when a server goes down or (heaven forbid) a natural disaster strikes your server’s location.
3. It’s well reviewed
Another key indicator of whether an inventory management software is the best option for your brand is its past reviews. Is it well reviewed, and are the people reviewing it similar to your brand? Reviews can say a lot about a business and the software it provides and here’s how to get the most info out of them.
First are most testimonials are reviews positive? If there’s an abundance of 5-star reviews that’s a good sign, but we can dive deeper.
How do the reviewers describe the customer support team? When it comes to software, you’ll likely have to reach out to the support team, even if it’s only for the on-boarding phase. Are they described as quick to respond and provide resolutions? Do reviewers have a positive experience with the software’s support team?
Then, many testimonials and reviews will include the name of the company that uses the software. Look them up – are they similar in size to your brand? Sometimes a software will be the best for larger brands, but may not be best equipped for smaller brands and vice versa.
Additionally, you’ll want to look to see if the software been awarded. Awards show support from industry leaders as well as customers and indicate that you’re in good hands when using their inventory management software.
4. Training and consulting are included
Every software is different, and every brand is different which means that even if this isn’t your first inventory management software you’ll need help getting things set up and running efficiently. That’s why it’s so important that free consultation and training be factored into deciding which inventory management software is the best for your business.
The best inventory management software will offer complimentary training sessions when you first sign up which can help you and your team quickly get up to speed with the new software. On top of that, they’ll offer consultation, helping you make your inventory management processes more efficient and accurate.
Lastly, you know you’re in good hands if the business that provides you with the software provides you with a dedicated account manager and their phone number for any questions and further advice when you need it.
5. Transparent and affordable pricing
Let’s face it, pricing can make or break a deal. At the end of the day, it doesn’t matter if the software has all of the above on this list if you can’t afford to use it!
Pricing, especially on software, can be more than just expensive too. It can be complex and hard to figure out. For example, one company may price their inventory management software by users, but also have a hidden clause that you can’t have more than X of orders per month without paying for an additional order upgrade package.
It can get pretty confusing, and that’s why we specify both affordable and transparent pricing. Look for an inventory management software provider who lays their prices and terms out in a way that’s easy to read, and if not, ask the following questions:
- How many users will I be able to add?
- Is there a limit to monthly orders?
- Are integrations included? How much do additional integrations cost?
- What kind of support is offered with this price?
- Will I have to pay extra for premium features?
On top of that, you need to beware of long-term commitments. Some software providers will require you to commit to a full year or more of payments and may charge large cancellation fees in the event that you want to switch. If this is the case you should steer clear as you may end up stuck with a sub-par product or paying for a software you don’t even use until your commitment is up.
As you can see, identifying whether or not you’ve got the best inventory management software isn’t that hard. And if you’ve finished reading this, and come to the conclusion that your inventory management software is just good, and not the best for your brand, take our own inventory management software into consideration.
We’re considered by many to be the best cloud inventory software for warehouse management and high volume multichannel eCommerce applications, and best of all, we offer a free 14-day trial to any business that’s not tried our software yet. Just click here to start your trial.