How to choose the best Inventory Management software?

Inventory management may seem like a pain for several retailers, one that has traditionally been addressed by lengthy Excel sheets. While these may be suitable in certain cases, most companies make use of inventory management software for their companies, e-commerce businesses or others. Such software helps in tracking forecasts, existing inventory levels and more on a real-time basis, even when goods storage areas are located in remote areas. 
Being equipped with the right products at the right time will ensure great product sells and superb customer retention for your business. Ensure that you carry out effective inventory management in the following manner:
1) Understanding the need for stock control- Retailers and online vendors are often unsure whether their businesses are working efficiently or inefficiently. Specific KPIs or Key Performance Indicators are applicable to most operations. Before installing the best inventory management software, you should look at answering the following questions:
  1. How regularly do you run out of stock?
  2. Are you losing money as a result of excess stock?
  3. Do you have a barcode to label your inventory?
  4. Is there space to navigate in the warehouse, or does it remain cluttered?
  5. How much time is being spent by warehouse staff in transit?
  6. Do you find it easy to modify different orders or prepare bulk packages?
  7. Are there auto promotions or are all promotional activities done manually?
  8. In terms of shipping time, damage on product or packaging, have you received specific feedback from customers?
2) Acknowledge the need for inventory management- Apart from increasing ROI, retail inventory management software will facilitate strong relationships with vendors, customers, and employees. It will leave you time to focus on daily operations and other important aspects of the business.

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