Choosing the right inventory control software is crucial for a business. Factors to consider include features, pricing, compatibility with current systems, and scalability. Common features include inventory tracking, order history, and pricing tables. Compatibility with current systems should be reviewed by an IT professional. Scalability is important for future growth.
There are literally hundreds of inventory control software programs available, and choosing the best one for a particular business is imperative. Understanding what features inventory control software offers, the initial price, any recurring charges, the software’s compatibility with current systems, and its scalability are all factors to consider. Knowing what is needed to support the company’s business will also help in making an appropriate purchasing decision.
Common features of this type of software include inventory level tracking, order history, current order status, and standard pricing tables. Other features included include: serial number tracking, automatic reorder points, expiration date tracking, volume pricing tables, multiple costing methods, multi-location inventory picking, and assembly process or bill of materials capabilities (GOOD). Some or all of these features may be required depending on the type of business that will be using the software.
Pricing and recurring charges are other factors to look into when deciding which inventory software to purchase. Since the purchase price will be paid in advance, determine how long the software will be in use to calculate the cost per year. Recurring charges such as license fees, upgrade fees, and troubleshooting fees should also be reviewed. Prices for these “extras” vary significantly by vendor, so companies should understand how often their business may need to use these services to determine what they can expect to pay.
Software compatibility with current systems may be the most important factor in deciding how to choose the best inventory control software. Typically, enterprise resource planning (ERP) systems already include an inventory control module. If the company does not use ERP systems or has other systems such as research and development (R&D), engineering change tracking, warehouse management, and financial management to incorporate into new inventory control software, an IT professional should review compatibility. If the current and new software are not compatible, the company will not have the full benefit of having all the information flowing from one system to the other.
Scalability is another factor to consider when choosing inventory software. Depending on the company’s size and future plans, certain software may be better than others. For example, if the company plans to expand significantly in a short period, will the software be able to support many more users and data files? Ensuring that inventory control software has the ability to grow as the business grows is an important factor in the decision-making process.
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