________________________________________________________________________________________________________________________
feature set , user-friendliness and integration capabilities with existing software systems should all be all key considerations .
Once you ’ ve settled on a system , you then need to populate it with your existing inventory data , including product names , descriptions , quantities on hand and any other relevant information .
If the new inventory management software supports barcode scanning , make sure the system is set up to work with your barcodes , which can significantly speed up the data entry process and reduce the likelihood of errors .
Use the software to group your products into categories or departments . This will make it much easier to navigate and manage , particularly if you also assign labels or tags to products for quick identification .
The detailed IDs ensure that each product can be restocked before it runs out , which ensures that the business is able to avoid controllable stock shortage interruptions .
This accurate , real-time information on inventory circumstances provides deep insights into inventory performance that would not otherwise be available , at least to the degree of accuracy provided by traditional methods . Common reports such as stock levels , sales trends and order history can now provide far more confidence in forecasting , planning and crucial decision making .
Many times , that decision making is based on regularly monitoring the performance of your inventory management system . Decisions can then be more strategic , based in data , to accurately identify areas for improvement , where certain processes can be optimized , and what changing business needs will require further adjustments .
A good inventory management system will also include security measures to protect sensitive inventory data , which has the added benefit of being handy for regular physical counts of your inventory audits .
The transition to cloud computing continues to gather pace and those who have not yet migrated will soon find themselves left behind .
The transition to cloud computing continues to gather pace and those who have not yet migrated will soon find themselves left behind . Any system that is not cloudbased should be looked at with misgivings because they often will not , in practice , perform with anything near the reliability , flexibility , scalability and security of a cloudbased system . The cloud offers a costeffective and secure solution that can propel a business forward . On the other hand , a reluctance to adopt it could have unintended consequences . The cloud has evolved beyond being a mere choice - it is now a necessity for
26