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What Exactly Is Inventory Software, And Do I Need It For My Business?

What Exactly Is Inventory Software, And Do I Need It?

So, you are researching “Inventory Software. You might be comparing prices, discovering new options, reading about beneficial features. You are weighing out the options. We get it and we understand it can be a little overwhelming.  

But here at Enterpryze, we know how time consuming this research is.  

So, allow us to do the hard work for you. 

What is Inventory Software?

First off, what is inventory software? 

Inventory software, or sometime knowns as “Inventory Management Software,” is used by businesses across all industries. Such a software is used for tracking inventory (stock) levels (or stock takes), orders (or order management), sales and even deliveries.  

In its simplest format, inventory software is used to identify how much stock to order and at what time, managing raw materials in manufacturing and handling finished goods.  

Inventory software can give businesses a real-time update on stock levels & status. It will use seasonality and historical sales trends to forecast demand. Overall, inventory includes raw materials, parts and finished products. This process provides the user important business data and if the business is tactile enough to monitor and observe it, it can tell a lot about stock’s sales, customer satisfaction and business performance.  

What Are The Exact Benefits Of Inventory Software?

Okay, so what are the biggest benefits of investing in inventory software?  

The benefits of having inventory software are extremely easy to identify and are applicable to every business interested in purchasing inventory software. 

Inventory Software Improves Your Business’ Cashflow

It is quite simple really. If your business is using inventory software properly, your business’ cashflow can improve and remain steady. With proper data analysis, you can allocate spend for inventory that sells and in optimal warehouse locations so cash will always move through the business. This is one of the most universal benefits of inventory software for businesses 

Overall Customer Satisfaction

It is safe to say that the modern consumer habits have changed drastically. 47% of Irish consumers say they have become more digital in the last six months, showing that online shopping continues to rise.  

According to PWC (2021),Getting the best deal is the top priority whether shopping online (77%) or in-store (75%). Other important shopping priorities are buying from a variety of retailers to suit customer needs, an efficient delivery or collection service and buying locally.” These shifting customer preferences of course have a direct impact on a business, so knowing what your customer expects is key to success.  

For example, inventory software can help a business monitor their deliveries, ensuring they are on-time and efficient. We know it can help stock levels, but used wisely, it can also help a business determine better ROI, keeping prices competitive and customers happy when purchasing.

Inventory Software Can Actually Save You Money In the Long-Run

Understanding your business’ stock movement is something that inventory software can help you with. With that, business owners can truly define trends in stock movements, even in different warehouse stock levels. In layperson terms, take this for example.  

You have 100 stock items in one warehouse and 50 items in another warehouse. With inventory software, you and your warehouse staff can pick and fulfil orders from warehouse one. Et voila, costs are decreased. In this example, it means you can monitor the amount of stock, optimise your stock levels, and keep better management of the stock items so your levels remain stable, and no stock goes unsold or obsolete.  

What Cons Come with Outdated Inventory Software?

Of course, there are going to be some red flags that businesses need to consider if they still rely on outdated inventory software. 

The key is to outweigh the positives with any negatives that could potentially come your way.

Most of these are easily avoided with primary preparation and planning.  

It Ends Up Costing More

Money is obviously going to be a factor for some businesses, in particular smaller businesses.

If your business relies on outdated software that tends to crash often and needs frequent maintenance by an expert – chances are it means more money out of your budget at the end of the day.

On the other hand, purchasing new software is going to add an extra expense for the time being. 

But the investment often pays for itself in increased profits, revenue streams and improved customer loyalty. 

Desktop Software Systems Can Crash

It is true, hard drives fail and laptops break, it is inevitable. That is why it is important to look for and invest in Cloud-Based software. Meaning all data is safe and attainable, even from mobile devices 

Onboarding & Set-up Will Take Some Time

For a business to get the best return, onboarding and time for staff training will need to be accounted for. It might seem off-putting but with proper management, this process only needs to be done once. 

What Do You Focus On When Choosing An Inventory Software?

Order Management: Track every item from when you order it from your supplier to when you sell it to your customer across multiple locations. Order management is a digital way to manage the lifecycle of an order. 

Delivery Management: Managing customer deliveries, their payments and keeping track of deliveries out on the road. Delivery management is genuinely a nice bonus feature.  

Financial Reporting: Believe it or not, the most optimal inventory software should incorporate your business’ financials status. Having a separate financial accounting or banking digital solutions adds more man hours and increases the chances of human error with manual data input and reporting. With the added element of financial reporting and overview, businesses can accurately forecast revenue streams much more accurately. And being available as one system, can save valuable time, money and decrease the chances of financial inaccuracy.  

Stock Management: We have learned now that the management of stock is the integral feature of inventory software.  

Warehouse Management; Running the day-to-day operations of warehouses. At a high level, this includes receiving and organising stock in multiple warehouses, managing stock storage, and picking and packing activities in a warehouse, even scheduling employees.  

The Average Costs of an Inventory Solution

The cost of your inventory software will completely depend on what provider you and your business decide to purchase from.

Like any product, some will be more expensive than others.

It is important to note that some inventory software providers will have hidden charges for on-boarding, API & web integrations, and service fees – so make sure to ask during your demonstration!  

Enterpryze pricing works out on a monthly charge, which you can see here. 

How Do I Know if This Inventory Software Is For Me And My Business?

By now you should have a clear understand of what an inventory software can do for you and your business. But the question remains, do you really need such a solution for your business? Ask yourself this. 

  • Are you running a business with multiple inventory processes? 
  • Are you issuing invoices and quotes daily? 
  • Do you have employees who work in separate locations and departments? 
  • Do you want to have complete overview of your stock items, from raw materials to finished production and sales? 
  • Are you planning to develop more revenue streams, taking your business towards more online platforms like Shopify?  
  • Do you have accurate sight of your daily expenses & revenue in parallel to your stock? 
  • Finally, ask yourself this, do you want to manage your business more efficiently and maximise margins? 

Track items sold in real-time, from order to sale.

Why Enterpryze's Inventory Software?

Enterpryze is an easy business and accounting software that saves you valuable time, gives you instant reports and has simple scheduling features that will help your business soar in 2022.

But how you ask? It’s simple. Here at Enterpryze, we understand business. We have been working with SMBsince 2016 and connect SMBs with their most trusted partners. So we know what we’re talking about..  

Free Trial Available

Connect To Your Business Bank

Easy To Get Started

24/7 Customer Support

Transparent Pricing Plans

Want to know the most important piece of advice? Contact one of our Enterpryze Experts and schedule a live demo.

It is 30 minutes and scheduled to suit you. Our associates will even personalise the experience for you to suit you and your business. Want to see something specific?

We can arrange that. You have done the research, now see it live in action. 

Ready? Let Enterpryze get your business ready for 2022.

Talk to our Enterpryze Experts to see how your business can unlock maximum margins and greater productivity across all operations.

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