Inventory management has only gotten better. Providers know how to make an impeccable system. What that looks like, though, can vary tremendously.

The spectrum has expanded. The technology has gotten better and developers are learning new tactics. Some take it to one end of the spectrum (simple and basic) and others pack the platforms with innumerable features (the expensive and demanding).
How do you eventually determine what kind of system you need? We look at three main tips for narrowing down the list of options and finding a platform versatile enough to accommodate your specific needs.

Cost

Inventory management has never been more affordable. It has also never been more expensive.

While cost can vary from $5 a month to tens of thousands a year, you should learn the baseline for a low-cost system and the baseline for an expensive one, and settle somewhere you can afford. You may want the most jam-packed system in the industry, but if your budget can’t handle it, there isn’t much of a point pursuing it. You generally want to avoid bottom-barrel cost platforms. While it may be an attractive price, the industry average states that somewhere, somehow, you are going to be missing out.

Features Needed

What do you really want from your inventory? What is your most frustrating business challenge? Only by knowing the details of your business can you develop a list of features you need- and the system which can provide them.

Some platforms are simply out-of-box functionality. In other words, what you get is what you get. While customization may be possible, you aren’t going to get a lot in the way of additional features.
Other providers go in the opposite direction. They have a base platform, but clients can receive additional features, like real-time insights, to improve their business processes. They can request changes which meet their new business demands. These platforms are inherently flexible, and offer a distinct advantage.

Support

Do you want active support or are you find with a more passive support system? This is important because support comes at a cost. If you don’t suspect you will need it due to your own current knowledge of how inventory platforms work, you probably don’t need to pursue a platform that stresses a high-level of support.

Support can be as engaging as a direct phone contact. You call a number, you get a person, and they walk you through everything, such as integrating new modules or creating charts. This type of support is integral for a business leader who has little understanding of inventory management, but it could be unnecessary for a master looking for high automation.

Support can also come in the form of periodic updates. Some platforms are extremely cheap because they are not receiving active updates. In other words, no one is continuing to work on them. The platform will be whatever it is now, which can be great if your top need is affordability. But if the platform lacks even one feature, you may be out of luck forever.
The above three aspects can really help you pinpoint what you need from an inventory management platform. Cost can help narrow down the possibilities, while the features you need can help you focus on a top three. Whether the system provides detailed support could help close the deal.

What you need from a system, above all else, is flexibility. The future is never set ins tone. The best platforms can accommodate scale, provide comprehensive charts, and give you all the tools you need to tackle any and all future challenges. DEAR inventory management can help you set the tone for your business.

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Benefits of Integrating your Inventory Management Software & Accounting

5 Tips for Choosing the Right Inventory Tracking Software

Inventory software management is a game changer. With the right implementation, you can reinvent your inventory processes, streamline stock reorders, and open up hours upon hours in your week to focus on business growth.

Inventory management, in the right hands, is a stunningly effective asset.

So what type of platform do you need? Are they all essentially created the same?

We look out the various approaches inventory management platforms take to capture business. But we also have to take a step back and look at what a platform does and if too many bells and whistles can actually be a messy and cumbersome distraction.

Types of Inventory Management Platforms

Inventory management software can roughly be divided into two extremely basic categories: cheap and not.

What separates the two could be massive or subtle. Low-cost inventory platforms are not often updated, not well-supported, and generally simple. They may be great for a weekend artisan selling crafts at the market, but they may falter in the hands of a business tackling multiple reorders, different sales channels, and multiple stock outs a week.

This is not to say that a local stand type of business is bad. But a low-cost inventory platform can only do so much and a small local stand business will only reach so many sales. A low-cost simple platform may be a wonderful fit.

For any business seeking scale, real-time insights, tax record organization, and more, a comprehensive system is needed.

Thankfully, this kind of system doesn’t need to be expensive. All it needs to be is flexible. This is the key to a good inventory management platform.

For example, a low-cost system may easily track product stock levels and the cost of goods sold, something you can possibly do with a really nice Excel sheet. A more comprehensive system will have features for warehouse management, automatic stock reorders, client email update integration, and more. One is not fundamentally “better” than the other. It all depends on what you need.

The Bells and Whistles

It can be easy to fall for the bells and whistles. They are bright, shiny, and look good on a spread. But are they necessary?

To determine this, you need to roll things back and look at what your business truly requires and what it could use to improve and expand. You have to ask yourself some really vital questions.

• How can this software improve your business?
• Do you need a multitude of features, or just two?
• What are your current major challenges or pain points?
• Will you expand into new areas requiring new inventory management techniques and practices?
• What problems are you solving today, and are there likely future problems you can solve before they arise?
• Are you prepared for new inventory management?

Functionality corresponds with cost. A low-cost system may have only really solid feature. This may be the exact feature you need! An expensive system may have many features, and your pursuit of business growth into new channels and your need for real-time insights will require this.

This brings us to the ultimate question. Can inventory management software be too big for Its own good? The answer is no- kind of. Some platforms can be so comprehensive that only a select few clients can possibly utilize them all to the fullest degree. But, this kind of platform is perfect for them.

The software can’t be too big or too small- but the business can. You have to look at all the pieces, particularly size and cost, to see where you fit with your inventory management.

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4 Reasons Why You Should Move Your Inventory Management Software to the Cloud

Zapier and DEAR Have Joined Forces for Superior Integration of Workflow Automation

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The benefits and advantages of modern inventory management software for many types of retail, wholesale or manufacturing businesses cannot be stated enough.

DEAR inventory management software allows for proper planning, real time inventory tracking, accounting integration, detailed analytics, and prompt service delivery to help businesses trim the fat off their operation and start moving with purpose.

There are many other advantages of inventory management software for business owners as discussed below.


1. Integration of back end systems with accounting


Modern inventory management software such as DEAR allows for connectivity between all back-end systems including your inventory software, ecommerce system, (Shopify) and accounting systems (Xero, Quickbooks).

The result is minimal data entry requirements, a much smoother order processing flow, and detailed financials on demand.

Integration through inventory management software creates a centralized system for the processing of all inventory related data. This allows for easy real-time monitoring across the entire supply chain with efficient order processing.


2. Improves merchandising and marketing decisions


As we have found in many of our case studies, our customers are often left in the dark as to which of their products are their best performers when they don’t utilize inventory management software.

With software that is equipped with the proper analytics like DEAR, you can quickly view essential data on product performance to help you make informed decisions on your merchandise, such as promotions, marketing campaigns and inventory levels to maintain.


3. Cloud based inventory tracking across multiple outlets

The centralized management of inventory from different outlets is made possible through cloud based inventory management.

Storefronts at multiple locations, warehouses, and e-commerce stores can all share the same data and systems, finally uniting the business as one and allowing it to function on all cylinders.

Store owners and employees can track orders and fulfill many business obligations and from a single dashboard regardless of where they are in the world.

This is often convenient for store owners who are desperate to get out of the office from time to time. Both employees and store owners can perform many work requirements from home using cloud based inventory management, allowing for a degree of flexibility.


4. Eliminate human errors

Early in your business you have to rely on humans for many processes and for inventory tracking, ordering, etc.

However, many stock level inaccuracies occur due to human error. And, the cost of those errors can quickly begin to add up.

Inventory management software automates key areas such as eliminating the need for visual checks through barcode scanning, and automating reordering, which decreases over and under-stocking, both of which are costly for businesses.

Inventory software gives a clear flow of your stock, which also helps in identifying inaccuracies and patterns of loss. These patterns can then be investigated to get to the bottom of any over or undersupply related issues.


Despite the many benefits of inventory software, it’s important to choose the right solution for your business with the proper features.

DEAR offers a no risk or obligation 14-day trial to see the power of our software to transform your business. Try DEAR today and enter a new era of growth, efficiency and reliability in your business.

Start your free 14-day trial today

4 Reasons Why You Should Move Your Inventory Management Software to the Cloud

Zapier and DEAR Have Joined Forces for Superior Integration of Workflow Automation

Over the past few years, the number of eCommerce companies and businesses that have migrated their inventory management software to the cloud has increased tremendously.

For the vast majority of these organizations, the cloud has become the standard choice for software deployment – and understandably so.

Cloud-based delivery of software, particularly inventory management software, has been proven to help businesses stay competitive, streamline operations, eliminate errors, free up hands, and rapidly increase their growth among other benefits.

Here are 4 top reasons why you should move your on-premises inventory management software to the Cloud.


1. Reduce IT Overhead


Cloud based inventory management software like DEAR Inventory lowers recurring maintenance and capital expenditure costs.

In other words, you don’t have to worry about purchasing expensive computer hardware and software licenses to deploy your inventory software.

You are also freed from hiring additional on-premise staff to maintain such infrastructure. This means your business gets to keep a significant portion of its resources which can later be channeled to help meet your core objectives.


Also, since access to the cloud is offered on a per-user, per-month basis, businesses only pay for resources they consume and nothing more. This contributes greatly to your organization’s long-term profits.


2. Flexibility


Deploying cloud based inventory software makes it easier for your business to adapt to changes in demand without affecting its present users or its functionality.

For example, should you decide to adopt multiple business models, open a physical storefront, or suddenly come into a huge influx of capital and wish to expand your operations to other regions/countries, cloud-based inventory systems like DEAR can easily stretch to accommodate your new business situation by the simple addition of new users or features.

You don’t need to upgrade any hardware or software to accomplish this. Everything is managed by your cloud service provider who will simply increase your business’s IT resources e.g. network, memory etc. from their end to satisfy the new requirements.

In the case of DEAR Inventory, we offer a full-range of features in our core subscription plan, however as you grow or your needs change, several add-on options are available such as our Point-of-Sale module, B2B module, API access, and more.

3. Accessibility

Moving your inventory management software to the cloud enables you to access data about your business’s inventory at any time. Whether you’re at home or in the office, regardless of the device you’re on, you can access, analyze and even edit all inventory reports from one centralized platform.


4. Harness Real-time Data


Cloud based inventory management software like DEAR Inventory comes with functionality that allows businesses to capture, analyze and present stock activity data in real-time.

Whenever any of your stores dispatches a shipment, makes a sale, or receives an order, data will be updated instantaneously.

Access to this information helps you make strategic decisions that will positively affect your business’s bottom line.

Many businesses have utilized DEAR Inventory to get real-time analytics regarding their current health, their top performing products and salespeople, and scalable, powerful automation.

Our cloud inventory software has endless advantages for your business. Try it risk-free today for 14 days and see them firsthand.

4 Benefits of a Cloud Inventory Management Software

5 Tips for Choosing the Right Inventory Tracking Software

As a business grows to a larger and complex organization, it is common for it to experience problems with inventory management.

As a business’s operations increase, it is required to continually process and keep track of a growing number of orders. This can be quite challenging, and if not handled properly, it can cause the business financial and even legal issues.

However, along with having the right inventory management system, you also need a solid strategy to go along with it.

So, your strategy should often incorporate the utilization of software because it addresses many key elements of a good management strategy such as automation and minimal error.

Above all, it is not only about the software. It also includes best practices for supply chain management, responsive customer service and so on.

Therefore, in today’s highly competitive global economy, a modern inventory management software and strategy is critical to the success of any retail or eCommerce business.

Below are four key elements of a solid inventory management strategy.

1. Greater Supply Chain Visibility

Generally, greater supply chain visibility is the result of a good inventory management strategy and significantly facilitated by software.

A business needs to coordinate with suppliers on the necessary quantity of goods to be delivered at specific times. In addition, business owners need to carefully choose suppliers based on order fulfillment times, product quality and other criteria.

Inventory management software helps you make more informed decisions that will save your business money through greater supply chain visibility.

It enables you to properly assess the best suppliers to order from, based on shipping speed, market demand and other factors.

2. Accurate Financial Records

Accurate financial records and subsequently more accurate financial statements are key to a solid inventory management strategy.

Therefore, it is especially important if your business spans multiple channels, has a large supply chain and a diverse customer base. The more comprehensive and accurate your financial statements are, the more impact your planning, forecasting and decision making will have.

This is another area where inventory and order management software plays a key role in uniting every channel and your accounting platform.

3. Inventory Optimization

Any good inventory management strategy has inventory optimisation at its core.

This has to do with determining the exact amount of inventory your business needs and ensuring the systems are in place to maintain it.

Why is this important? If the inventory is low, it can result in shortages. In its turn, it can lead to loss of customers and drain in the business’s profits.

Also, if certain products are overstocked, it can raise expenses such as warehouse rent, heating, lighting, security etc. Both will have a negative effect on the business’s bottom line.

4. Improved Efficiency and Productivity

Greater productivity is the goal of any business, and there’s no question that inventory management software like DEAR immediately facilitates this.

Implementing inventory software and training staff to use it ensures they will utilize their time more wisely. In its turn, it would eliminate most manual processes.

What is more, software also enhances the efficiency by making it easier to detect incidents such as theft, warehouse accidents etc. This can be accomplished through the real-time viewing of inventory data.

The fewer mistakes your business has through software, the more it will fall in line with inventory management best practices.

Does your business still manage its own inventory management software in house? If so, you are missing out on some great benefits associated with utilizing a cloud-based inventory solution like DEAR Inventory.

Perhaps now is the time to migrate, and it’s not as painful as you might think. Here are 4 benefits of a cloud based inventory management system. 

1. Batch Sales and Inventory Data Together in Real Time

Cloud based inventory software solutions like DEAR Inventory are able to batch sales data and inventory data together. It could be done simultaneously and continuously, across every channel and with compatibility with several top accounting solutions and payment processors.

Your current software may be lacking in those capabilities, or perhaps error prone as a result of being outdated.

Cloud inventory software relays real-time operations such as the dispatch of goods to customers, order execution, sales, returns etc. as they happen.

If you have several stores, you can have all the data from your stores synced and transmitted to you on one platform without requiring human intervention. If you have several websites or sell on multiple channels like eBay, Amazon, etc. – you can synch them through cloud inventory software.

In addition to real-time visibility, you can also get analytics on top performing products, which is especially important when your business moves fast, and you need to constantly know about the right products to promote and the ones to focus less attention on.

This data can help you make more intelligent business decisions that will enable you to better manage your supply chain.

2. Scalability Without Hardware Requirements

Because cloud based software does not rely on your hardware infrastructure, it is easily and cost-efficiently scalable.

As your business grows there is no need for you to purchase more equipment or upgrade your software to handle the extra capacity.

This is done for you by the cloud service provider. On your part, scaling up can be achieved by signing up for additional features or users with the click of a button.

Your cloud service provider deals with the additional resources e.g. storage, memory, network etc. to perform at your desired level.

3. Leverage Provider Support for Initial Setup

Although cloud based inventory software requires initial data and system integrations with your business, you often get the assistance of the service provider (at least in our case).

As a result, businesses can avoid heavy investments and costs in IT infrastructure by utilising this option.

In addition, cloud inventory solutions require minimal in-house staff and expertise to maintain. A business does not have to dedicate significant investments to hire permanent workers to maintain the inventory system.

That’s all handled by your provider. This means more funds can be channeled elsewhere to ensure the core objectives of the business are met.

4. Access From Anywhere in the World

Cloud based inventory management software solutions like DEAR can be accessed from anywhere, on a wide variety of devices, through an internet connection. Compared to in-house systems, this provides a business with unique benefits such as:

• Allows specific employees of one store in one area to access or update inventory data of another store in a different region in real-time from their devices. This eliminates manual data transmission delays that would have otherwise happened if in-house server systems are utilized in the different stores.
• Allows the owner to monitor all inventory operations from any device and location, and make strategic decisions accordingly.

Whether you’re a multi-location business or even a solopreneur, cloud based inventory software like DEAR can help you streamline your costs, expand your business and, overall, improve your service.

Just be sure to do some research before settling on a provider to ensure you’re getting the best deal possible. Start with a 14-day risk free trial of our software and see the benefits for yourself.

See also: 

The Three Most Immediate Ways Inventory Management Software Can Help Your Business

5 Tips for Choosing the Right Inventory Tracking Software

Growth is not immediate. While all of these things are true, it is nice to not have to wait patiently for everything. Inventory management software can benefit you dramatically in the long-term by organizing your product inventory and allowing you to have a better and broader understanding of what is coming and going. In many ways, Inventory management is key for long-term business growth.

But what are some of the more immediate benefits? We look at the three things you can likely feel immediately when growing your business with inventory management software.

1. Hours Saved Daily

You and your team will feel an instant relief of pressure. Any hours spent on manually typing, printing, and applying every shipping label are returned to you.

Some small businesses spend hours doing this every day, and it is an egregious waste of time. Inventory management can instantly print the proper labels right from the platform, avoiding a task you have no business doing in 2019.

2. Monthly Balancing

When the first month rolls around, your balancing will be far sharper and more concise. All orders in the software can be synced to a single account, allowing you to review all your sales and streamline your purchase receipts.

You can save time (and a headache or two) with far snappier account sale management. You will feel this as soon as the first month of use rolls around.

3. A Back-Up Plan for Any Common Problem

Without inventory management, what happens when an item sells out immediately due to an unexpected sale spike increase? It catches managers off-guard, as they wait a few weeks to get the item back in stock.

What happens when you thought you had stock of something but you don’t? You now have to tell the customer you can’t take their money.

These are careless miscalculations, and they happen all the time. If you have a quality inventory management system in place, all of these common concerns can be avoided. The software automatically restocks when an item is low. It accounts for slow moving product so you aren’t wasting space on needless extra inventory, while also taking account of manufacturer discontinues, cash flow shortfall, and more.

When you would have run into a problem in the past, the software picks up the slack. It allows you to navigate the worries of inventory management with greater flexibility. You are not burdened by manual tracking. While you may want to double-check the software and review the numbers often, you can allow the software to do a lot of the heavy lifting. You can program in features and approaches suitable to your needs and interests.

Money spent on inventory is money not spent on growth.

Keep this vital and essential consideration in mind as you navigate your business’ growth.

Choosing the Right Inventory Tracking Software

The age of inventory management on spreadsheets and log books is over. Paper-based inventory management invites errors and costly mistakes that hinder company growth and profitability. Companies still searching spreadsheets on a shared drive for inventory data are putting their company at risk, especially in an increasingly competitive marketplace.

Fortunately, software companies are meeting the challenges of the industry. With the right system offering seamless inventory management, a company can position itself for rapid growth by cutting unnecessary costs and adding value for their customers.

With so many options and systems to chose from, it can be difficult to find the right system that blends functionality with ease of use.

Dear Systems can help. Here are 5 critical questions to ask when evaluating inventory management and tracking systems.

5 Tips for Selecting Inventory Tracking Software

Every system will offer similar core functionality, but it’s important to understand how that functionality will translate into your enterprise processes. These questions will cut the confusion and put each solution into perspective for you.

Do I have real-time visibility into stock levels and order status?

At the speed of modern business, companies need real-time visibility of stock levels and order status.

Look at how the system works. Will your team go to a single location for information, or will you need to consult multiple systems for the answers you need? How accurate is the information? Is the system pulling data in real time? Does it require any manual data entry? Manual data entry can be error-prone and inaccurate, even if the company promises real-time visibility.

Keep in mind, cloud-based systems typically offer superior visibility into inventory and stock levels.

Without real-time, up-to-minute information on stock and inventory, your business units will make business decisions using guesswork. Your company will struggle with out-of-stock inventory or late shipments even after the system is in place. Over- and understock issues are common with systems that don’t offer real-time data on inventory.

Does the system offer flexibility to support my future needs?

Many systems, especially custom inventory management solutions, don’t offer enough flexibility to support modern businesses.

For example, if your business needs change, does the system support creation of new product families? Can you create variations of the same product using unique SKUs? Is the data for your inventory linked into manageable product families so you can source products? Can you generate unique serial and batch numbers for products?

Often with custom solutions, or systems not based on pure-play inventory management, you will need to contact the supplier with any changes to the product family. This is not only inefficient, but costly and limits future updates to the solution.

Can the reporting system support quick and accurate business decisions?

Real-time information is important but generating accurate and timely reports when and where you need them will help your company make better business decisions.Build a reporting requirement list for your company. What reports will you need? Review the schedule and timing of your reports. Do you need them to be automatically generated, or will you access them as needed? Is the data being used in the report being pulled in real time, or are you looking at reports from the day before? Can I create both site-specific and enterprise-wide reports? What about specialized reports like Bill of Materials and Job Costing?Once you understand your reporting needs, review the reports that come with the system. Ask the supplier about any reports that don’t come standard. Many companies will limit your access to reports and your data unless you pay for additional modules.

Does the solution offer enterprise-wide integrations?

Enterprise-wide integration, or system connectivity, is critical for modern software systems. It’s also one of the weakest and most problematic features with some systems.Identify your needs for system integration and review what is offered by the solution. Ask the vendor about any gaps you can see. You want to eliminate as much manual data entry as possible. Integrations should include pulling and organizing product data from other systems automatically to save time and eliminate errors.Keep in mind the integration needs you have now may not reflect your future needs. Look for systems that offer API (Application Programming Interface) functionality. With the right system, you can configure the system API to support your own integration paths. This will eliminate the need for expensive custom integrations and save you time and money in the future.

Is the support for the solution right-sized for my company?

For many companies, the support offered for software can be the difference between an effective solution and shelfware. What support resources are available for your solution? Is there a forum or documentation you can use, or are you forced to rely on a helpdesk in another country? Is there a support ticket system for tracking issues, or will you be forced to hope for the best when an issue comes up?Also look at the cost of support. Is it included in the license fee or is there an additional cost? Often, the support costs can dramatically increase the overall price of your software solution.

Putting It All Together for Comprehensive Inventory Management

Now that you have a better understanding of how the functionality of an inventory management system can translate into cost savings and real-world efficiency for your company, it’s time to put your knowledge into practice and begin looking in the market for a solution.

See also:

The Three Most Immediate Ways Inventory Management Software Can Help Your Business

Benefits of Integrating your Inventory Management Software & Accounting

POS system software helps retailers manage their inventory

Retailers depend on operational efficiency to make profits; this is because their margins are usually small. They cannot afford to have system inefficiencies. A point of sale software is one of the magic tools that any retailer can use to make his or her life better. A POS system software helps retailers manage their inventory.

Tracking Your Inventory

You want to know what is in stock, what is moving fast, and what to order. Perusing through paperwork can be a nightmare, physically inspecting inventory can be misleading, and relying on divine mercies cannot help you out of such a mess. However, a POS software can solve all these stock problems. With just a click, you can check what you have and what you need. You don’t have to go anywhere, with only your phone, and at the comfort of your office, you can track each item and its location.

Saves Time

It saves you a world of resources to have a system that offers you what you want when you want it. You can minimize the cost of printing and related paperwork, cut on clerical resources, cut on customer checkout times, and overall time spent on tasks. The outcome is an efficient business model that makes decent profits. Research shows that companies using POS software save over 10{cb377218d5687e54e8ee9149518f87201a393a7c1db5e8076e9d750029ec0dc3} in running costs. It also helps you to automate functions such as payment of utility bills, salaries, and check-off payments.

The Records Remain Intact

Financial records give business people nightmares. When you have a POS system software, you can track each sale, expenditure vote, and transfers. When there are inventory damages, the system gives you the real-time data. When you want to make financial records, harmonize various parts of the system such as inventory, sales, revenues, expenses, etc. It also offers you accurate accounting and tax-related records. If you combine them with ERP systems, they can effectively give you everything you need to manage a shop. Harnessing collected data can yield valuable insights that will help you grow as a business.

Easy To Incorporate Customer Loyalty Programs

Today’s customer wants to feel valued. He or she expects you to show it through loyalty programs. Customers who get regular credits and bonus points for shopping with you will stick to your service for long. A point of sale software can make a big difference when incorporating such customer programs. It keeps a record of customer visits, items bought and frequency. Identifying your most trusted customers is easy. You can keep a record of points, feedback, and contacts. If you have a promotion, you can contact them directly by email.