Inventory Management Software for Small Businesses
What is inventory management?
Inventory management is an integral part of supply chain management that allows your business to have the right products in the right quantities on hand, and available for sale. Efficient inventory management systems allow you to predict your supply and demand curve by tracking procurement, sales, shipments and production. With an accurate picture of what inventory you need, you’ll avoid having too much or too little in stock—you will be able to reduce inventory costs and increase profitability.
What features should your small business inventory management software have?
Managing inventory is a complex and detailed process. When done well, it can help your business flourish. When done poorly, you’ll struggle to grow and scale your business. The difference between flourishing or struggling is often having the right inventory management tools and knowing how to use them. Here are just a few essential features that a good inventory management system should include:
Integrations. The ideal inventory management system has the capability to integrate with other essential programs and platforms, such as eCommerce, POS, accounting, CRM, warehouses, order fulfillment, etc.
Inventory optimization. In addition to having the right quantity of stock in the right place and at the right time, a good inventory management system easily allows you to forecast inventory needs and track product performance.
Stock notification. Alerts and notifications allow you to set over-or-under-stock thresholds that let you know when to purchase and when to clear out stock.
Multilocation management. Multiple warehouses require increased efficiency when tracking transfers between warehouses, bin locations, picking and packing, along with a number of other activities.
Barcode scanning. In the modern age, mobile data collection has transformed inventory and warehouse management by putting critical data in the hands of workers. Barcode solutions allow you to automate and streamline your supply chain.
Report generation. When it comes to efficiently managing inventory for your small business, data visibility and reporting that show sales history, price lists, inventory status and warehouse stock, are essential.
Inventory Management in SAP Business One
The features listed above are just a sliver of what SAP Business One’s inventory management system has to offer. With SAP B1 you’ll gain visibility and control over purchasing, manufacturing, fulfillment and shipping, accounting, batch and expiry tracking, and more. If your business is looking to automate and integrate processes, reduce inventory levels and costs, improve business insight, and drive profitable growth, speak with a Pioneer B1 representative today!