What is inventory management software?

Inventory management software consists of business applications that track, manage and organize product sales, material purchases and other production processes. The software is used to track products and parts as they are transported from a vendor to a warehouse, between warehouses, and finally to a retail location or directly to a customer.

 

Why your business is being held back, drastically.

Growing companies can have a hard time keeping track of their inventory data accurately. When things are moving in and out really fast, simple lists and excel spreadsheets just don’t keep up. When someone has to manually enter everything into Excel, it leaves a lot of room for human errors. It also lacks real-time data so what you see on your Excel sheet may not actually match what you actually have in person. This is especially true when you have multiple people touching your inventory, but can only have one person update the sheet at a time. Another common problem is that using Excel to track large quantities is not only difficult, but it also increases the likelihood of the program crashing as your data grows exponentially larger.

Without accurate data, your views into your business are skewed—and you could end up making costly business decisions.

The statistics show that around 45% of American consumers shop throughout multiple channels within the market. As consumer data becomes more challenging and harder to test and analyze, it becomes harder to track manually. With the right inventory management software, however, it becomes much easier to sync the data between your sales and fulfillment.

 

An inventory management software must be adaptable.

Having an inventory management system that updates in real-time and has access to historical data can provide you with more useful information to make more accurate predictions about how much of a particular item you should stock. An accurate inventory management system will prevent having a bulk of items collecting dust on your shelves, having products that are in high demand on back order, and overall keeping your customers happy. This way you can optimize your inventory levels and replenish items as quickly as possible, so you have as little inventory as possible and your goods are constantly replenishing. Only the best inventory management software will be able to Integrate with other platforms to make management easy to use (Shopify and Salesforce).

So in short, inventory management software will not only optimize your company, it will help and grow with it, exponentially. Get a Free Demo now.