Whether you’re running a business or managing an office deciding whether or not your company needs retail inventory management software is a big decision.
After all it is a large investment, especially if you are in the beginning struggle of trying to open your own business. You are not alone in wondering if this large purchase is worth its price tag. Inventory costs become more and more overwhelming if not controlled and maintained on a regular basis. No matter the type of business you’re in, the record keeping tasks can generally be maintained by the owner or an assistant fairly easily. However, as your business grows and develops the need for better organization and more intricate recording methods will most certainly arise. No matter how you look at it, retail inventory management software will always be a critical factor in the success of your business. It is a must have for its ability to simply and maintain accurate records. No one wants to be hoping their methods for keeping records were as accurate as they thought when it’s time to be audited by the IRS.
Small to medium sized business are among the majority of individuals afraid to make the commitment of investing in this software. You should know, however, that the investment you will be making will pay for itself in the long run. Inventory management software is usually very useful to put into place when your business is small and relatively simple. This is the best time to tweak the software to your business’ specifications so that an efficient program will already be operating before your inventory needs become unmanageable. If accurate inventory on-hands are not tracked, it will quickly become impossible to track down where profit is being made and lost, and equally difficult or to determine how to improve efficiency within a business in order to help it grow. Inventory management software assists owners or business managers in tracking company sells and purchases and helps identity where potential improvements could be made.
Inventory management software comes in various fashions. Most are tailored to the type of industry they will be applied to, and many of them can be altered to accommodate your business’ special needs.
The Benefit of Saving Time
Inventory management software aids business owners or inventory managers automatically keeping calculations current. This not only saves time and energy but also provides management with easy access to the figures that are needed for reporting sales, profits and of course reordering information. These numbers can quickly be analyzed by the purchasing department for fast, real time information on what items need to be restocked and likewise, what products are not cost efficient to carry and therefore should be discontinued. Business executives can easily obtain pertinent data for help in deciding where a company makes and loses money.
The Benefit of Saving Money
Inaccurate record keeping of a business’ on-hand inventory can result in the over purchasing or under purchasing of goods. This can occur not only with the products that a company sells, but also with the products a company uses. Both of these situations increase the risk of taking a monetary loss. If your company does not purchase enough of a particular product your inventory could run out and put a halt on production or cause the loss of sale for that specific item. If your company buys too much of a certain item the you run the risk of over producing and causes that overage to be wasted, or having it sitting in your stocking and racking up carrying charges. Inventory management software’s time saving traits carry over into money saving benefits as well. Because the majority of inventory management software tasks are automated it is much easier to keep production running smoothly and reduce the costs affiliated with record keeping.
Inventory management software utilizes automation for most of its fundamental processes. When a new product is entered into the system it is assigned a product identification code, this is how the system will keep record of this products movements. Numbers can be simply entered into specified fields and the software will automatically make all the appropriate calculations. This means a person in the sales division can simply enter in a product identification code and quantity needing to be ordered for a customer and the system will generate a receipt for this transaction. The numbers will then be transferred automatically into your business’ own hands, taking the product out of stock and also adding the purchase amount into sales.
Then it will automatically calculate the gross profit made on that sale. This information will then be analyzed and reported to your company’s accounting department. Next the purchasing department is notified that the sale has been finalized and alerts them that stock will now need to be reordered. As time goes by, your inventory management software accumulates data on each product code so that it can give you a forecast of how many of certain product you should order from the month. Higher end systems will even track how many items sold at a previous sales prices, alert you that this sales price will soon be offered again, then forecast how many you should order to cover the sale.
Potential for Growth
When purchasing retail inventory management software, the purchaser should examine the current position of the company and what it could become in the future. Many times buyers under forecast the growth and success of their businesses and end up having to purchase more intricate software a couple of years later. There is no denying that this software is a big expense, but it is an investment that will give you many returns and by identifying how it can help with the growth of your company, you will soon realize that it is a critical investment.
Table of Contents
The iVend Retail omnichannel retail management solution helps retailers and restaurteurs in over 85 countries operate more efficiently and profitably.
- Use with handheld terminals in store
- Android App available for handheld inventory management
- Raise purchase orders in store for local vendors
- Compare goods receiving against purchase orders or warehouse shipments
- Inter-store transfers
- Click and collect receipts in store
- Inventory counting and adjustments
- Manage in-store consumption of inventory otherwise meant for sale
- Returns to vendor
- Requisition stock from headquarters
Veeqo is used by fast-growing omnichannel retail brands, helping them sell and ship everywhere.
- Sync and transfer inventory across multiple warehouse locations
- Route orders to specific warehouses
- Pick, pack & ship from one inventory system
- Save time with automation rules
- Easily create product bundles
- Keep tight control with cycle stock counts
Vend is the leading POS software for retail, trusted by over 20,000 small business retailers worldwide.
- Easily manage your products, whether you have one SKU or thousands
- Effortlessly manage pricing across all your channels and customer groups
- Always have your most popular products in stock with simple order management
- Maximize profits by taking control of your inventory
Retail Inventory Management POS system powered by Springboard Retail offers the multi-store support, bulk import, store transfers, and much more.
Lightspeed inventory management software for managing your retail store. Track your stock, manage inventory levels, and more.
- Manage your stock
- Order your products
- Move inventory faster
- Make smart decisions
Unleashed gives retailers the freedom to access real-time inventory and sales information, so you can make sure you always have stock for your customers at your physical or online stores.
- Real-time inventory
- Manage pricing and sales information centrally
- Increase customer satisfaction
- Mobile Sales App
- Unleashed leverages the global apps ecosystem to maximize your wholesaler’s success
Brightpearl is the omnichannel retail management system that puts your orders, inventory, financials, POS and CRM in one place.
- Multichannel inventory management
- Barcode warehouse inventory management
- Multi-location inventory control
- Advanced inventory control for bundles, kits and variants
- Flexible inventory cycle counting
- Extensive inventory reporting
- Amazon FBA Inventory Reconciliation
- Accounting for inventory
- Manage inventory by categories, brands and types
- Handle assemblies
- Multiple price lists
- Bundle components into products
- Bill of materials
Retail inventory management software from Epicor offers a suite of applications designed to maximize profitability of your inventory investment.
- Stock Transfer Balancing
- Inventory Pro
- Bill of Materials
- Lot Tracking
- Purchasing and Receiving
- Advanced Receiving
- Pricing Planner
- Soft Good Styles
- Custom Attributes
- Buyer’s Purchasing
- Vendor Rebates
- Inventory Planner
LS Retail management software solutions & POS systems help retailers, restaurateurs, pharmacies & forecourt businesses worldwide optimize operations & increase revenue.
- Access items anywhere with mobile inventory management
- Reduce workload with allocation planning
- Gain total control over product availability
- Trusted by thousands of businesses worldwide
ERPLY Inventory Management software can track your business inventory & sales data, ensuring you operating in the most efficient & streamlined way possible.
- Move inventory seamlessly on your terms
- A simplified process
- Manageable inventory cycle counts
- Easier management of complex items
- Process inventory from your smartphone
- Take control of your supplier relationships
- Account for every item & keep track of your tax information
- Flexible purchasing options to fit your business
- Keep your shelves stocked with best-selling merchandise
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Hello there. My name is Stanislav and I live in USA St. Petersburg, FL. I am is a technical writer with a passion for writing on emerging technologies in the areas of mobile application development and IoT technology.
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