Choosing an Inventory Management System | Finale Inventory

Once your business grows, makes more sales and deals with more inventory, you realize it’s time to upgrade from manual to software-based inventory management. Then, once it grows a little more, you may even outgrow the current inventory management tool and decide it’s time for a more sophisticated, feature-rich solution. The good news is that the right software can accelerate your business’ growth. Among small businesses that use business software, 73% report annual revenue over $100,000, compared to just 60% of companies that don’t use the software. In the case of inventory management software, we’ve seen many of our customers scale their business multiple times since implementing Finale Inventory.

Choosing an Inventory Management System

Choosing a sound inventory management system takes lots of consideration to ensure the software has the functionality you need. What are the inventory management systems you should be looking at? While there are many software solutions, you want to consider each option against several criteria. These include:

1. Cost and Budget

Inventory management systems come in a wide price range, with higher costs associated with more advanced solutions. It can be challenging to work with software vendors when pricing is obscure. To clarify the valuation, consider vendors that list their pricing online. This transparency helps you stick to your budget.

2. Customizations

Good software has a flexible, open API that integrates seamlessly with your existing business tools. Inventory management software performs even better when paired with other devices that use inventory data.

3. Your Business Size

Scalable inventory management grows with your business. You must measure your business size in a few different ways. Your software provider and chosen plan must accommodate your monthly orders and the number of unique product stock-keeping units (SKUs) in your inventory.

4. System Support

A sound inventory management system is only as good as your ability to use it, which often means the support is just as important as the system itself. You want to get answers to your questions quickly and work with a provider who understands your business and how you want to use the software.

5. Your Unique Needs

Inventory software can have a lot of unique features that make specific solutions better suited to certain businesses. Besides the essential ability to track inventory based on your sales and purchasing records, you may need some unique features, such as:

Serial or lot number tracking: Your inventory management system needs the flexibility to track items by serial number.
E-commerce solutions: Your inventory management system should have specific features to support online selling.
Multilocation support: Businesses with multiple warehouses may need to track inventory levels across several locations.
Barcode solution: A barcode solution helps you track inventory as it moves throughout your warehouse.
Light manufacturing: If your warehouse manages light assembly.

6. Integration Capabilities

Finding the perfect inventory management plan would be strenuous. Choose a flexible customization option, and look for a software provider that already integrates with some of your current software tools.

Accounting software
Channel managers
Online marketplaces
Shopping cart platforms
Shipping managers
Point of sale systems

Finale Inventory integrates with nearly 50 solutions out of the box across each of these categories.

7. Cloud-based

Choose an inventory management system that is cloud-based. Cloud-based inventory management software uses a decentralized system that lets you manage inventory from any location.

8. Positive Reviews

One great way to know if a product or service works is by checking the reviews. Check customer testimonials and search the internet for comments from the public.

Choose Finale Inventory for Your Inventory Management Needs

When choosing your inventory management software, consider all the essential factors, such as your budget, the capabilities you need, and the support you’ll receive. Finale Inventory is a flexible, scalable inventory management software that grows with you, offering the advanced stock control capabilities you need to expand your business. We also provide personalized support to every customer and offer affordable plans for businesses of any size.