Stock or inventory management software helps businesses track stock, orders, sales and services. It's typically used in a variety of industries including manufacturing, retail, and some types of services businesses.
Firstly, map out all of your existing inventory management processes. When you introduce inventory management software, ensure you have buy-in from all employees. This means training them and also identifying some team members who can answer colleagues’ questions and promote the use of this new technology on a day-to-day basis. Consider moving from spreadsheets to cloud software. Finally, ask an expert for help via organizations, training bodies or even in-product support.
Having too much inventory risks tying a business's capital up in unused stock.
You’ll also have to pay to store it, protect it, and insure it. Excess inventory runs the risk of reaching its shelf life before it's used or sold. Inventory management software mitigates many of these issues and helps a business free up capital for other areas.
Inventory management software, like Sage Accounting starts at $25 per month. You can also try it for free.