What factors are important to decide the best inventory management software system for small businesses?

Many of us are familiar with the big names in inventory management software. However, these solutions may not work well (or be cost-efficient) for smaller businesses that don’t need to handle hundreds of thousands of transactions daily or keep track of multiple concurrent transactions around the world. Aside from the basic to advanced features and functionalities, small businesses should take the following into consideration when choosing an inventory management solution.

  1. Cost of the system, which includes initial start-up costs and monthly running costs
  2. Interoperability of the system with other systems if the company already has or plans to have other platforms handling aspects of the business
  3. Scalability of the system in the next 5 to 10 years
  4. Level of customization required
  5. Server configuration requirements (cloud/on-site/remote)

These are some of the inventory management software solutions available in the market today:

  1. inFlow inventory
  2. Zoho Inventory
  3. Square for retail
  4. Odoo
  5. Ordoro
  6. Cin7
  7. Webgility
  8. ShipMonk
  9. Megaventory
  10. Solid Commerce

Difference between ERP, POS, and Inventory Management Software

  • Inventory management solutions deal with tracking stock levels in different sites, orders received and deliveries made.
  • Point of Sale software (POS) deals with capturing transaction data in retail outlets.
  • Enterprise resource planning (ERP) allows for many different solutions to speak with each other. Big ERP solution providers allow for multiple modules that can entirely replace individual solutions.

Many small businesses tend to buy solutions in a piecemeal manner in order to better manage costs. However, this can become a costly mistake in the future when the business finds a needs to integrate all the solutions into a single platform.

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