When it comes to inventory management software, there is a wide variety of options to choose from, especially in recent years. As such, it can be difficult for business owners to know what programs are most suitable for their company. Not every piece of inventory management software has the exact same functionality or has been designed to suit the same purposes. How can you distinguish one program from another? Just how many varieties exist? Here are just a few types of inventory management software you can expect to see.
Inventory Trend Analysis
Some pieces of inventory management software specialize in offering forecasts based on previous data you’ve entered. These forecasts can help you to figure out patterns in your overall sales so you can plan how much inventory you need to have on hand during certain months of the year. More specifically, inventory trend analysis software grants you the ability to ascertain when you should invest more money into your inventory and when you may need to stock up on much less, thereby saving money and increasing overall profits.
Enterprise Resource Planning
You can think of enterprise resource planning tools as a form of inventory management software that works on a much larger scale. Rather than showing trends in sales for one small store, this type of software can potentially handle human resources, product planning, accounting, manufacturing and other important processes, all at once. This makes it easier to manage and oversee your corporation as a whole.
Inventory Control
Inventory control programs go beyond what an Excel spreadsheet can offer. It’s the ideal way to keep track of how much you have on hand at the given moment, often automatically. The same can’t be said for any spreadsheets you create. This type of inventory management software allows you to easily keep track of your inventory so you can always stay better prepared.
