How to pick the right Stock Management Software?
In the professional world of business, each tool used must be chosen according to very specific criteria. When it comes to inventory management, the last thing you want is an unreliable system. In fact, the importance of inventory management varies according to the sector in which the company operates. Nevertheless, controlling stock movements remains essential. To find the right solution(s) for your needs, you need to take a number of criteria into account.
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A tool that’s easy to use
Because managing your stock isn’t something you can do on your own, you need to find THE best solution to simplify its management. Whether it’s for managing orders or monitoring stock levels, you really need ahigh-performance software package. To choose such a product and guarantee its effectiveness within your organisation, you need to focus on its ease of use.
The model you choose must be reliable for managing orders and maintaining the supply chain. The software must also be able to be used for :
- Facilitate accounting management and periodic stocktaking,
- Increase visibility of stock items for your sales management or production process,
- Avoid stock shortages or overstocking, for effective stock valuation,
- Allocate efficient human resources management.
The greatest asset of reliable stock management is real-time stock valuation. This gives you a competitive edge and enables you to take a medium- and long-term view. When it comes to inventories, it’s really important to rely on the quality of the software you’re working with, so that you can get the job done in one go.
A system adapted to the size of the company
The size of the company and its logistics flows can have a direct influence on the choice of software. There are two main categories: ERP or PGI (Progiciel de gestion intégré) solutions on the one hand, and online stock management tools on the other. If you want to find an effective solution to your needs, this should be your first priority. Note that it’s not just large groups that can benefit from an ERP package. Even small and medium-sized enterprises (SMEs) can benefit.
However, in the interests of your business, you need to choose a system that is suited to the size of your company. At the same time, you need to invest in a tool (or tools) that suits your area of business. For groups with over 5 million in annual purchasing sales, a stock management software system integrated with accounting and sales management software at the same time is more advisable. In fact, electronic invoicing is very popular with this type of product and can even be coordinated with a permanent inventory.
Multiple uses and well-defined budgets
When it comes to dematerialising data and controlling stocks in real time, it’s wiser to choose a high-performance stock management tool. With this in mind, the device used must be practical and usable from any medium. Tablets and smartphones are becoming increasingly ubiquitous in the way users work. These devices facilitate the tasks of every (human) manager and make it easier to implement stock management software. As a result, we need a tool that can be used on a variety of media, both in terms of its basic functionality and its functional coverage.
The question of budget must also be taken into account when choosing stock management software. To do this, you need to synchronise the scope of the work to be done with the capacity of the tool itself. The price of a licence varies greatly depending on the criteria you impose. In general, the price remains high for ERP management software because of the hegemony of the market players. You need to keep an eye on the number of users involved in the product, as this indicator can have a considerable influence on the price.
Reliable software for suppliers and customers
Stock management software cannot be used for just one task. It has to be very practical to meet the various expectations of users. So when choosing your management programme, you need to look at its other technical aspects. For example, it needs to be easily integrated with other tools such as a CRM brick. This allows you to manage your customer files andimprove stock valuation.
Still on the subject of the reliability of your stock management tool, it must be adapted to your trade. Depending on your tasks, you need a programme that matches your requirements. It’s not just internal management that needs to be enhanced by your software, the aspects linked to your commercial management should not be neglected.
There are a number of criteria to consider when choosing stock management software, including how easy the programme is to use, its advantages as a management tool and its practicality in real time. All these factors need to be taken into account before making any investment. To help you use your management software, Weproc offers controlled purchasing management thanks to an optimised digital validation circuit and integration with ERP solutions.
Want to learn more about our procurement management software Weproc? Contact us or request your free 15-minutes demo below!
Weproc is a SaaS software specialized in digitizing the procurement process of companies. From purchase requests to supplier invoicing, through the validation process, Weproc is designed to simplify the purchase management of SMEs and mid-sized companies by centralizing all purchase-related activities.