“Where is… actually?” – Every company probably knows this question all too well. Managing various devices, including work machines, company laptops, desks and chairs, can quickly become a daunting task. But not only the purely administrative organization of the objects themselves is important, security-related inventory checks must also be arranged in accordance with legal requirements. By using inventory software, you always have an overview of all your company’s assets.
Inventory software is also responsible for quickly providing information about important key figures and evaluating them clearly. We’ll show you why using this software can save you so much time and how you’ll never lose track of your inventory again.
What is inventory software?
Inventory software is basically used to provide technical support for standardized processes in all areas of the company. The software takes over tasks such as inventory or inventory management that previously had to be managed manually. All important inventory data is stored and always up to date.
Are you ready to turn your ideas into reality?
Try Shopify for free and sell as much as you want!
Table of contents:
Why is inventory software important?
If you have a lot of things to manage in your company, you can quickly lose the overview. This becomes a problem at the latest when orders cannot be fulfilled due to missing equipment or missing important deadlines.
It is not uncommon for company inventory to be lost or lost in the course of day-to-day work because it is not clear who and where it was last used. Inventory software helps you always know what’s where, how much, and who’s using it.
The software is capable of mapping all activities required for inventory management. Inventory software not only handles documentation of various objects, it also maps the organizational tasks of inventory management. Important functions include, for example, inventory identification, user changes, relocation management, and IT equipment monitoring.
Read the tips: Here’s how to use SKUs correctly.
In addition to the pure management of operating resources, office cabinets, chairs, office equipment and tools or computers are also recorded. The management, planning and organization of all objects in a company is the focus of inventory software. Therefore, it should not only refer to simple inventory goods, but should include all operating resources.
By using inventory management, you can make proactive decisions based on analytics, thereby optimizing all inventory management processes. Furthermore, you can easily comply with all legal regulations by recording all relevant data for reporting purposes.
What features should inventory software provide?
A good inventory software should be able to map and support all your inventory management needs and requirements. To do this, the necessary data is collected and clearly displayed.
Of course, the required functionality varies by industry positioning and company size, but the following software modules have become standard:
- Manage your inventory intuitively
- Registration of furniture, work equipment or other equipment
- Identification by inventory tag
- Mapping of important organizational tasks in the checklist
- Important functions such as relocation management or user changes
- Warranty Management
- Metrics and Analytics
Your inventory software should let you know what inventory you have, where it is and what state it is in. To that end, it should be possible to assign corporate devices to individual employees, rooms and locations. Connectivity for service and repair is also an important point. This allows seamless recording of stock usage, which in turn can be used as a database for stock analysis. Equipment, machines, vehicles and, if necessary, defects and imperfections should be able to be continuously updated. Additionally, data should be stored securely in a central location that is GDPR compliant. This ensures that you never lose your way and always keep an eye on controlling deadlines and repairs.
Read the tips: We show you strategies on how to prevent retail losses.
Additionally, the software should have variable evaluation and reporting options. It is important to be able to quickly and transparently compare the actual stock of goods with the target stock. Also, it should be possible to move records during inventory and various import/export functions.
Free eBook: 20 Successful Shopify Stores in DACH and Their Benefits
We introduce you to 20 highly successful German-speaking retailers and shops and show you what you can learn from them!
This is what a winner looks like. Brief introduction to some of the best stores in Germany, Austria and Switzerland.
You can download it with just one click. Fill out this field quickly and you will receive your documents in no time.
We hate spam and will never share your information.
Here’s How to Find the Right Inventory Software for Your Business
In order to find the right inventory software for your company, you should have a clear idea of what you are actually looking for in advance. The best way to do this is to ask yourself the following questions:
- What goals does your company pursue?
- What improvements do you expect?
- What problems should be addressed?
- What previously unconsidered potential do you want to use in the future?
You should rely on one system that can manage all areas of your company. Whether it’s a custom-built cloud or a desktop solution with optional cloud extensions, the right stock software should meet the specific needs of your business.
Read the tips: We’re here to show you everything you need to know about inventory turnover.
So it’s not possible to give a general answer on which stock software is best. Every company has different needs and requirements. Additionally, each vendor has a different target group that inventory software is targeting in order to best meet their requirements.
Solution flexibility and adaptability are paramount when making the right choice. Rely on a system tailored for your company. Also pay attention to price-to-performance ratio for cost-effective management of your inventory.
Free Webinar: To Your Own Online Store in 30 Minutes
Do you want to see for yourself how fast you can open a store?
Shopify expert and passionate store owner Adrian Piegsa shows you how to register, link domains, choose products, and of course enforce all legal requirements.
join for free
Comparison: Free vs Paid Inventory Software?
Inventory management is highly dependent on product variety and business needs. Whether free inventory software is also an option for you depends on your requirements. To make your decision easier, we have listed the pros and cons of free and paid inventory software for you.
Free Inventory Software
advantage:
- Basic Inventory Management Functions
- Often includes eCommerce integration
- Cost savings as the software is free to use
shortcoming:
- limited customer support
- Updates are usually not included
- Usually only supports a limited number of products, warehouses or users
- Features are not as extensive as paid models
Paid inventory software
advantage:
- Unlimited Customer Support
- including software updates
- Extended functional range for inventory management
shortcoming:
- Ongoing or one-time fees apply
- Reliance on software developers for updates
- You may be paying for features your business doesn’t need
While free inventory software solutions tend to have fewer features, they are still good enough to help a small business or sole proprietorship manage their inventory. On the other hand, for larger companies, the paid version is a better option.
Read the tips: In this article, we’ll show you how to register your small business.
in conclusion
Inventory software provides the necessary transparency for inventory management. The software helps you keep your inventory up to date effortlessly. With detailed inventories, you always have an overview of all assets. This allows for a more precise calculation of the cost of replacement purchases and a more precise use of funds. You can use it to avoid bad investments.
Are you ready to turn your ideas into reality?
Try Shopify for free and sell as much as you want!
Frequently Asked Questions About Inventory Software
What does digital inventory management in the cloud mean?
With inventory management via the cloud, the program is not installed locally on the computer. Cloud systems can be accessed through a web browser, such as a website. This saves on installation costs, but the data is no longer in your company. These are usually subscription models for a monthly fee.
How can inventory software help my business?
The right inventory software can help you manage your inventory more efficiently. It helps you keep track of all the equipment and items in your company at all times, and it also supports inventory well to minimize your workload.
When Is It Worth Using Inventory Software?
If you find it difficult to keep track of your inventory, it always makes sense to use inventory software. If you use software from the start, you can even avoid this problem entirely and be on the safe side from the start.
Is Inventory Software Free?
You can use some software products for free. However, you have to take into account that these models have to use limited features, and customer support can be very sporadic. If you run a larger business, a paid inventory software solution is more recommended.
About the author: Alice Viete is a content marketing expert. As an agency owner, she supports B2B and eCommerce companies in implementing their personalized content strategies. On the Shopify Blog, she writes about current topics of successful retailers and online transactions.