Inventory management software is designed with the purpose to keep an eye on inventory levels, sales, orders, and deliveries. At the same time, it can be used by producers to generate production-related documents such as work orders and material bills. Companies use inventory management software to evade product overstocks and outages. Inventory management software is an improved way of systematizing inventory data compared to spreadsheets or hard copies. Inventory management software resembles distribution software because of helping distributors stuck less cash in inventories, putting them in a better position than their competitors. The top functionalities of this software list order management, asset tracking, service management, and product identification. The strong sides of the software include cost savings, enhanced efficiency, warehouse organization, upgraded data, data security, and capturing trends.
Pricing details are an important consideration when you evaluate SaaS providers. Ask the vendor if they offer price safeguards and contractual flexibility. “Shelfware” has become a major concern in SaaS licensing as clients end up shelling out for more than they require. Plus, to get pricing predictability, customers are forced to subscribe to long-term contracts. Make sure you don’t get saddled with perpetual licensing and get locked in for a long time with a single vendor. Ask about easy exit policies that enable you to migrate to another provider if you are not satisfied with the services provided by the current one. Select a vendor that offers a convenient standard annual termination facility as well as long-term price protection.
Another important factor to consider is whether the cloud vendor meets compliance and security requirements. Your business is answerable to staff members, consumers, business partners, and regulators. Therefore, you should select a provider that has adopted a technically sound and comprehensive security program. Map your security control needs such as availability, integrity, confidentiality, privacy, and accountability to the provider’s capabilities. Ask the potential vendor about the practices and systems they use to protect your confidential data. Do they meet general as well as industry-specific compliance and security standards? Do they offer special measures to meet the unique security needs of your particular industry? Get satisfactory answers to these questions before you make the investment.