According to the 2017 Small Business Report, 43% of the small businesses do not track their inventory or use a manual process. Even though there is a 5% decrease in the percentage compared to last year, 43% is a large chunk of businesses still do not use an inventory management software.

One might think,” Why to pay now and invest in an inventory management software when my company has managed fine for all these years?”

But has it though? Think again.

Usage of Excel sheets and manual labor only increases the chances of human error. Many studies reveal that human errors are unavoidable and often goes undetected too. The increase in mistakes directly has a proportional effect on inventory loss.

With the advancement in technology and increase in the work-load, its high time businesses starting switching over to an inventory management software for managing stock.

Is my company compatible for an inventory management software?

Your company could be small, large, or multi-national. You could probably be using a software for procurement already or might be planning to integrate one; it doesn’t matter.

Here are a few pointers that could help you:

If the company size is too small?

Be it small or mid-sized business; every company has stocks for various categories that they need to maintain. So ideally inventory management could be implemented in any business irrespective of the company size. Like mentioned earlier, human errors are avoidable and also undetectable which leads to inventory loss.

If my company already uses a procurement solution?

If your company already uses a procurement solution, then there’s all the more reason to add an inventory management software with the existing ones and eliminate the manual procedures all together. Integration being one of the crucial factors is often taken care by the software providing company.

If I do not use any procurement solution?

If you are one of those who still hasn’t been exposed to any procurement providers, you can still opt for companies who provide inventory management modules for your business.

Hence, take some time out to analyze how much money you’ve lost or are losing and compare it to the cost that you would be investing in an inventory management software.