Posted by: Megan Castillo
Are you having trouble managing your inventory? Have you run into the dreaded ‘out of stock’ situation more than you’d like? Or on the flip side, do you have so much excess inventory on-hand that it’s affecting your profit margins?
If any of these sound familiar, it may be time to start looking into an inventory management solution to help you get your order and inventory processes under control. But with all the options available today, how do you know which solution will work best for you and your business? And what features should you be looking for?
Top 5 Features To Look For In An Inventory Management Solution:
At Dydacomp, we’ve been helping retailers solve their inventory issues for over 25 years. Our experience has been gained from helping thousands of retailers over the years; giving us insight into the features retailers need, and want, in an inventory management solution. The top 5 features retailers need include:
- Basic Inventory Control
– What this means is having a systematic way to truly ‘manage’ and control your inventory across all of your sales channels. Very often we find that new businesses work with spreadsheet(s) where formulas can break, and a lot of manual effort is required to keep inventory on track. For them, using a spreadsheet is the first level of business automation. These ‘first-time automators’, as we refer to them, may be growing rapidly and need a better, more efficient way to manage their current business, and position themselves for future growth. They’re not always aware of the systems that are out there that are tailor-made to address their growing needs
- Integration with Sales Channel
- Adding sales channels or marketplaces is a fast and effective way to grow your business, if you have the tools to manage them successfully. Having the ability to bring orders from all channels into one solution, where you can process the orders, manage the inventory, and publish updated ‘available to sell’ levels back to your sales channels, ensures you don’t oversell a low inventory level product. It also saves you time by centralizing your workflow and eliminating the need to update various systems. With an effective order management solution, inventory and order updates would be automatically published back to all sales channels.
- Barcoding & Scanning
– Increasing the number of daily orders you receive is exciting, but it can also lead to bottlenecks if you’re not positioned to process and fulfill those orders efficiently. Retailers who are processing a higher volume of orders look to streamline their processes even more by implementing barcoding and scanning at the pick/pack/ship stages.
- Accounting Integration
– While an accounting system can’t do the work of a specialized order an inventory management system, it is necessary to run a successful business. Having a direct integration to your accounting package from an order and inventory management system makes all the difference. It enables you to easily post to your General Ledger account and keep track of all your other business expenses outside of inventory.
- Support For Kits (aka Bundled Products; kitting)
– Many retailers have added kits or bundles to their product mix, meaning the product for sale is not a single item, but a combination of products sold as a kit or bundle such as a gift basket or a collection of items in a set. Managing these types of products is more complex from an inventory standpoint. With an inventory management solution that supports kitted products, you can see how many kits can be assembled, what ‘kit’ items need to be re-ordered, etc.
If you think you can benefit from implementing a solution with the features listed above, give us a call. Or Sign Up for a Free Trial! Click Here to register for access.