I’ve been answering complex inventory management questions for the past few weeks. I’ve already explained how to manage a warehouse and how to track inventory across multiple locations. Now I’m going to answer the all-important question: How do I get the best value for my money when I purchase inventory control software? There are four main ways to answer this question: cost, features, scaling, and integration.
Long-term CostIt’s not just the initial price of the software you need to take into account when deciding if it’s the best deal. You also need to add in the cost of software training, support, renewal fees, additional users, and hardware. In the long run, what will the cost-benefit ratio look like? It’s impossible to know the ultimate answer to that question, but try to look out as far as you can.
FeaturesInventory control software should give you a variety of features, including the ability to:
- Check inventory levels in real time
- Cycle count your inventory
- Track inventory in more than one location
- Create multilevel bills of materials and work orders
- Print and scan barcodes
- Track inventory by serial number, revision number, lot number, expiration date and more