Last month Software Advice announced Megaventory’s inclusion in the 2017 FrontRunners quadrant for Inventory Management software. Therefore, it is a good opportunity to discuss some tips that owners of small and medium-sized businesses should have in mind before committing to a new solution.
The right software solution is the tool to survive in a highly competitive market. It helps you become more efficient with managing your resources, saves up valuable time, and in the end, it means more sales and revenue. Yet, many business owners are reluctant to embrace new technologies and prefer to stick with their pen and paper methods.
If you are still weighing the pros and cons of adopting an online inventory management system for your SMB, you can check these reasons why your competitors have made the transition to actively tracking their stock. If you are already convinced, it is time to learn what type of system is best for your business.
Determining what funds you can spare for an inventory management solution will help you filter out the ones you cannot afford. Be sure to uncover “hidden costs” like implementation, updates or hardware upgrades, maintenance, etc. before committing, as you may end up with a solution you will not be able to afford.
Thorough List of Requirements
This step should come after you allocated your budget. That is because it will determine how much you can actually ask for a solution. It is not uncommon for people to approach vendors with a long list of requirements they cannot satisfy with their current budget. Nevertheless, there could be many solutions within your budget limits that offer different sets of features.
After all, it is crucial for a small business owner to find the right software on the first try. They don’t have the funds and resources to bounce between solutions. But even if they do have the funds, why waste them?
Test Before Buying
It might surprise you how many times we have encountered customers that want an ERP solution and want it now. They are willing to pay even hundreds of dollars for a solution they have not tested at all. This, of course, could backfire massively if this blind matchmaking proves to be not what you needed all along. So, make sure to allocate some time from your weekly responsibilities to test a few options out, well in advance before the actual date of implementation.
Contrary to common belief, there are more than just two or three primary software vendors for inventory management. There are hundreds of viable ERP software solutions in the market, all with varying degrees of functionality and pricing. The most known solutions will probably cost far more than your budget allows and you risk getting disappointed quickly. Fear not, though, there is a solution for everyone, as long as you keep your options open.
Online Reviews and Rankings
Nevertheless, setting out to test 200+ systems is – definitely counterproductive to your goal, if not just impossible. To avoid that, you should check out what others that have already tested those systems have to say. And although it may not be practical to know and chat with other system users there are reports about usage levels of the various systems. For example, the FrontRunners quadrant for inventory management by Software Advice can be a great ally in your pursuit of the perfect solution.
An SMB searching for an online inventory management software, can use FrontRunners to make more informed decisions. To create this quadrant, the Software Advice team evaluated over 200 inventory management products. Only those with the top scores for their capability and value made the quadrant. Scores were based largely on reviews from software users, along with other product performance details (e.g., features, number of customers).
However, this ranking doesn’t simply place all finalists in a list, which could prompt you to pick the first listing; on the contrary, the solutions are divided into four categories/quadrants, and every product in each quadrant offers a balance of capability (how much the products can do) and value (whether they’re worth their cost) that makes them stand out in the race for small business software success.
That means products in any quadrant may fit your needs, according to your industry, company’s size, resources, experience, and budget. To understand what each quadrant means, you can check Software Advice announcement post.
In this diagram, Megaventory is placed almost in the middle, meaning it can serve the needs of most businesses. Plus, the fact that it was considered in the list among more than 200 solutions, means that it is a robust solution you can trust. Megaventory is trusted in more than 40 countries and has been localized in 7 languages.
Regardless of your business’s size and nature, inventory management is the cornerstone of a well-working organization. Do not rush into committing to software that you have not checked , just because it is popular or the first option that came up during your research.
Especially if you are an SMB looking for an online inventory management software, there is a lot on the line. Be mindful of what you are looking for and what your company needs. A fitting and functional online inventory management software could save you time, energy, and money!
Is your company ready to benefit from Megaventory’s features? Start your free trial now!