Inventory is the core of any eCommerce business because it is one of the most important aspects that determine how much money you can make. As a result, inventory management is critical in running a business. Nowadays, it seems much easier since inventory management software was created to help businesses resolve almost headache inventory management issues. However, it is not easy to find the right software for your business. This post will show you how to choose the best inventory management software for your Magento business.
1. Evaluate your business
It’s critical to analyze your business before applying inventory management software. In order to evaluate your business, you have to answer all these questions: What is your business type? What channels do you sell? Who will use the software? What do you hope to get out of the implementation? What inventory management issues are you facing? There are so many inventory management software solutions available in the market. Each piece of software has its own collection of features and specialties, and each can excel at serving a certain function for you. It’s a good idea to start by making a detailed list of your requirements before browsing for software. You must take the time to consider and assess each choice before deciding on one that best meets your requirements.
2. Consider your budget
After analyzing your business, you have to think about how much you can spend on an inventory management system. Currently, there are 2 main types of inventory management in the market: Cloud and On-premise software. Each type has a different purchasing and setting up cost. Cloud inventory management software seems to be more popular with a cheaper pricing model and more suitable to Magento businesses. It is good if you can find a reasonable price cloud software. However, choosing an inventory management system with higher costs is not always a bad idea since investing in important features can result in higher profits and lower costs over time.
3. Research all the features you need
4. Online ordering system
Whether you’re syncing orders from your Magento site or selling directly through a given store interface, your inventory management system should be able to handle online transactions with ease. If you sell both retail and wholesale, ensure your system can manage both B2C and B2B eCommerce transactions.
5. Integration
It is essential to have inventory management software available for integration with other critical systems or software like POS, ERP, eCommerce, Accounting,…Therefore, if your company is currently using any software or devices, you need to note those necessary integrations and take them into consideration when implementing inventory management software. The applied software should be able to integrate well with those existing devices and software. Specifically, if you are running a Magento business, it is better if you can apply the inventory management software designed for Magento users such as Magestore, Wyomind, Veeqo,… which don’t need to integrate with third-parties systems and help you save many costs.
6. Reports
Reports are critical in any business since they provide an overall picture of your performance. In order to run a successful business, you must be able to track your performance and plan forward to be a successful business. Inventory management solutions with advanced capabilities such as sales statistics and demand forecasting can assist you in making critical business decisions.
7. Scalability
ERP is the heart of your business operation with significant investment, so the system will almost certainly be with you for a long time. Obviously, your company isn’t going to stand still, and your backend system shouldn’t either. Any solution you choose should be versatile and flexible enough to adjust with your business’s expansion. Therefore, before setting up, you should think about your company’s future plan. The way you implement the ERP system should reflect a wide variety of possible futures and be able to scale with your company.
Customer supports
You’ll need assistance from a partner, whether it’s your vendor or a third party, regardless of how much experience you have with inventory management software setup and optimization. Otherwise, you risk adopting a system with great features and capabilities that you never get around to customizing and properly utilizing.
Picking apps and go for a free trial
After checking all the needed features, you will have some preferred software in your mind. It is time to try out the app to see if it’s right for your business. You can register for a free trial of your chosen software and begin using it to manage inventory in your company.
In order to make the right decision, you should spend a few weeks trying each solution with your actual inventory data and getting the right people to use the system throughout each trial.
Conclusion
In short, inventory management software can provide numerous benefits to your business. However, the best or most expensive option might not be the right one for your company. It’s critical to follow all of the steps above to get suitable inventory management software and make full use of it to run your business successfully.
