Explore the Top Inventory Management System for Small Business
Inventory management systems for small businesses are one of the fastest ways to improve productivity and reduce shipping errors. Of course, it’s important to research your options to make sure you purchase the best possible system for your particular business. N41 has an unprecedented client retention rate of 99% and has been an industry leader for 16+ years. As such, we’re here to help you discover the best inventory management system for your small business.
Why Inventory Management Systems Are Essential for Small Businesses
Small businesses often struggle with manual tracking errors, overstocking, and understocking. Each of these challenges can be costly, in addition to preventing your brand from truly taking off. Fortunately, a multi-channel inventory management system can cut your costs, while simultaneously boosting customer satisfaction through the usage of automation. In fact, investing in small business inventory software should be at the top of your list if you’re truly committed to growing your company.
N41’s enterprise resource planning (ERP) offers an all-in-one solution that will scale upward with your business. Plus, it doesn’t just serve as an inventory management system for your small business. Instead, it enables you to focus on building your stock and improving customer service. This is because it takes over several tasks that you used to have to do manually, including:
- Easy order processing
- Built-in credit card processing
- Built-in order approval requests
- Automated invoicing process
- Integration with UPS API
- Cost sheets
- Accounting
- Shipping
- EDI
- Raw materials
Features of the Best Inventory Management System for Small Business
In addition to the features listed above, there are three vital tasks that N41’s ERP will take over: real-time inventory tracking, integration with eCommerce sites such as Amazon and Shopify, and scalability options to help your business keep growing. By choosing an ERP, you’ll have instant access to each of these features, which will give your employees more time to work on the creative side of your fashion business.
The Benefits of Multi-Channel Inventory Management for Small Businesses
Having a multi-channel inventory system is truly the way to go. After all, they make it much easier to track your inventory across a wide variety of sales channels by placing them all in one easy to access digital location. By taking a look at your ERP, you’ll gain vital insights into how well each piece is selling across the country.
For instance, if you have a blouse that keeps selling out in one portion of the country but hasn’t caught on elsewhere, you’ll be able to quickly identify this and shift your stock to ensure it keeps selling. Furthermore, you can easily check to see whether you currently have this item in stock in physical locations, online stores, marketplaces, etc.
Fashion company Annabelle pointed out that all they have to do is scan the barcode, and they can instantly find inventory information across each channel. This is just one of the many ways they have leveraged N41’s ERP to increase their sales and achieve greater business success.
Inventory Tracking for Small Business: Tools and Techniques
Efficient inventory tracking for a small business must include a variety of tools and techniques. Some of these include:
- Barcoding
- RFID
- Integrated software
Barcoding helps improve the accuracy, speed, and efficiency of inventory management, along with making it much easier to find each item. Radio frequency identification (RFID) can save costs by reducing manual counting errors. Integrated software, meanwhile, means that you’ll be able to track each item, regardless of what store offers it. Furthermore, this process makes it much easier to locate, package, and ship each item.
One of the best reasons to invest in an ERP is that it also has the power to prevent stockouts or overstocks. Again, this is a proven way to save money and increase your company’s efficiency. In other words, N41’s ERP ensures that you never produce too many—or too few—of each individual product. It features robust forecasting tools that are proven to boost efficiency even further!
How Small Business Inventory Software Can Maximize Profits
While there is a startup cost to implementing ERP software, it will more than pay you back with its ability to maximize your profits and increase customer satisfaction. N41’s all-in-one solution will help you reduce waste by ensuring you only make as many pieces as you can realistically sell. It does this through expert forecasting of consumer demand. Plus, once an order comes in, an ERP offers faster order fulfillment than your company can provide by hand. Each of these factors will boost your profitability.
By using automation, small businesses throughout the fashion industry have achieved higher profitability. Three examples include Honey Punch, Wow Couture, and Lush. Representatives from each company spoke about the increased efficiency of using N41’s ERP, and how it helped their businesses grow beyond their original scale. Having an all-in-one solution also made it much easier to get their employees on board. For these reasons and many more, N41 provides the optimal ERP for small businesses.
Is your small business struggling with inventory management? N41’s ERP solutions simplify multi-channel inventory tracking, reduce errors, and optimize your bottom line. Request a demo today to see how our system can transform your business.
