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inventory control solution

HOW TO START

To find the right inventory control solution, start by answering these three questions:

  • What product types and quantities do I need to track?

Depending on what you sell, your priorities will be different. If you sell food items, you will definitely need to focus on products’ expiration dates to make sure you cycle through them quickly and have a high inventory turnover ratio. If you sell expensive electronic items, you will need to make sure you don’t overstock or else you’ll run the risk of the products becoming obsolete while waiting to be sold. If you mainly sell small, fast-selling items, you must make sure you have a stable supply chain and a good relationship with your vendors so you keep products flowing in and out of your warehouse(s).

  • What features do I need to manage my inventory?

Do you have inventory in multiple warehouses? Do you use QuickBooks, Xero, Magento, Salesforce, Amazon, eBay, and/or other business solutions that you need to integrate with? Do you use multiple shipping carriers for different types of deliveries? Do you need to print and scan barcodes with mobile devices? What features do you foresee you will need in the coming years as your company expands? These are the kinds of things you need to know and factor into your decision of which solution best meets your current and future needs. If you buy one that doesn’t meet all of your criteria, you’ll soon have to make a switch to one that does.

  • What am I willing to pay for inventory software?

You need to establish how much you can afford to pay for inventory control software. Write down the cost of each solution you investigate, including training and software expenses, and then match up those costs to the time and monetary savings you will enjoy by putting them into practice. Calculate your return on investment (ROI) to estimate how long it will take for the software to pay for itself and continue saving you in reduced man-hours, carrying costs, and more far into the future. The higher the ROI, the better the value.