In our last blog post, we touched on a few tips and tricks that can help make managing your inventory all the easier. One of the points that we mentioned brought up the importance of an inventory management system. While we know that there are countless other moving parts that need to be considered when it comes to inventory management, we truly believe that finding and utilizing an inventory management software on a regular basis is one of the best things you can do for your business.
If you’re sold on the idea of trying an inventory management system, it’s important to note that it’s not as easy as quickly making a download and making the most of the system. As with most components of the business world, there are endless options that come into play when determining which inventory management software is going to be the best for you. You also need to factor in what your needs are and it’s always good to, at the very least, have some idea of what you’re looking for out of a software as well.
The team at Visual Retail Plus has been fortunate enough to provide retail businesses with a high-quality inventory management software that makes running a business even the slightest bit easier. In today’s blog post, we’re going to touch on a few of the things that you can do to ensure you’re selecting the right inventory management software. Let’s dive in!
Understand the Capabilities
As a business owner, you should always be looking for tools that help your business and can lead you toward a successful future. The number of business owners to stubborn to introduce a new software to their business model is unfortunate. In doing so they often turn to an old-school method of managing their software, and the reality is that this is why mistakes are happening.
By no means are computers or software programs perfect, but they have been designed to make counting and data collection all the easier. So, why not take advantage of that? Rather than triple check each piece of work that you’re doing — turn to a software.
If you’re someone that’s not entirely sold on an inventory management software, or you’re simply not knowledgeable on all of the features that you could benefit from, understanding the capabilities of the software is the first thing that you need to do. Taking some time to gain an understanding of the software capabilities will help you narrow down options and confidently make a choice in the end. So, let’s talk a little about the capabilities you should be looking for.
Analytics & Reporting
One of the most challenging components of inventory management is understanding what the numbers mean. From the audits that you conduct to the trends that are happening right inside the doors of your retail business, it’s a difficult job to not only sum up what the numbers are telling you but to understand it in a way that will help you succeed.
The good news is, this is something that your inventory management software will provide you with! Given that this software is able to easily access all of the information regarding your inventory, it’s able to provide you with so much information! This feature is one that can help you better understand your inventory and improve your management of it.
Point of Sale
While we’re talking about data, it’s important to note that your point of sale (POS) system, when paired with your inventory management software, can also provide you with endless data! In fact, finding a software that includes both your POS system and your inventory management software is one of the best things that you can do for your business.
Not only will it minimize the different systems that you’re turning to on a regular basis, but they’ll talk to each other. Allow for your inventory management software to create reports so that you can enhance the inventory in your sale and get an idea of how your products are done — on a frequent basis!
Everything is happening on the internet these days, which means that your retail business should be found there also. The good news is that your inventory management software and POS system can be implemented in your e-commerce business. Having an online store not only provides you with a higher reach but it helps boost sales as well.
If you’re juggling the inventory of your physical store and your online store, without the help of an inventory management software, you’re making your job so much more difficult than it needs to be. After just a few weeks of utilizing a software that helps manage your inventory online and in store, you’ll be thankful that you’ve made this investment!
Understand Your Needs
Now that you have a general idea of what to expect from the inventory management software that you choose, it’s time to understand what your needs as a business are. By understanding your needs, you can better determine which of the software will suit you best.
As a retail business, you will find that there are various things that you need to help you run more efficiently. Whether it’s pieces that allow for you to focus more on your organization or improve the ways in which you manage your inventory, there’s a software dedicated to getting the job done.
The best way to determine what you need from a software is to write down a list of ways that you’d like to improve the functionality of your business. Once you’ve done that, you should be able to see clearly which items on the list can be taken care of with the help of a high-quality software. Now that you’ve got that list written out, start looking for different POS and inventory management systems that speak to these needs.
Consider the Hardware
Finding the right inventory management system is definitely the task that is going to be the most complicated, but the hardware shouldn’t be forgotten throughout this process. While many would assume that all software options are accessible on various hardware devices, that’s simply not the case.
For most individuals, the cost is a huge component of whether or not a software is going to be a suitable fit for their business, and we get that entirely. However, whether or not a software fits into your budget is a moot point when you’re left having to purchase hardware on top of your initial software cost.
So, when you go and search for the ideal software to add to your store in hopes that it will make inventory management a tiny bit smoother, make sure that you consider the hardware and whether or not it will work with the devices that you already have or if you’ll need to make additional purchases.
Try Visual Retail Plus
Retail business owners need software that speaks to the multiple jobs that they take on and the needs that they have on a daily basis. Without taking advantage of the different systems that have already been created, your business struggles. Visual Retail Plus is here to help.
After trying to utilize POS and inventory management software to boost our business, we recognized that there wasn’t one system that truly spoke to all of our needs — so we created one of our own. Visual Retail Plus was designed for retail business owners by retail business owners. We’ve worked tirelessly to ensure that our software is a tool that, when added to your daily routine, provides you with endless benefits.
If you’re interested in learning more about the POS software and inventory management system that we’ve designed, reach out to us! Our team will provide you with a demo of the software so that you can see firsthand what this system can offer your business. Don’t wait any longer! Contact us today and let our team take care of you.