4 Signs Your Business Needs a New Inventory Management Solution

4 signs your business needs a new inventory management solution, Fishbowl Blog

Inventory management systems are essential for your business. They help track the ins and outs of your stock with precision.

However, not all inventory systems are built the same. Some inventory systems might work well for your business, while others won’t. So it’s up to you to evaluate your current inventory management solution and see if it suits your business well.

But first, here’s a list of some essential functions a good inventory management solution should do:

  • Accurately forecast stock demand and sales
  • Highlight high-selling and profitable products
  • Manage stock levels, orders, purchases, etc.
  • Prevent overstock and stockout situations

So when will you know that your current inventory management solution isn’t working for you? The following four critical signs will tell you when you’ll need to look for a new inventory management solution.


What Is the Right Price to Pay for Inventory Software?

What is the right price to pay for inventory software, Fishbowl Blog

A question every business needs to ask is: how much does inventory management software cost.1 You can’t expect to get something for nothing. But you should be able to expect high quality for the right price.

For example, you might try something extremely cheap at first. If you use a solution like Excel to manage your inventory level manually, you’re limited by its features. Excel is not designed specifically for inventory management. So it won’t be able to automate your business processes.

On the other hand, there are incredibly expensive solutions, such as ERPs. Those types of solutions are probably overkill in many ways. First, they offer too many features that a small business doesn’t need. Second, they are too expensive. What you need, most likely, is something in between the extremes. An affordable solution that will meet your needs now and grow with you in the future.

Let’s talk more about how to find the best inventory management software for you. At a reasonable price.


Choosing Affordable Inventory Management Software

Affordable inventory management software is out there, Fishbowl Blog

Everyone is looking for a great deal. That is the case in every part of life.1 Especially in business. We want to know we’re getting a lot of value for the money and time we put into something. This is, of course, true of inventory management software.

When comparing inventory management solutions and trying to find the best deal, you should look beyond the price tag. For instance, consider hidden costs, return on investment, ease of use, and other factors that could either sweeten or break the deal for your business. All of this will help you find the most affordable inventory management software. Not only that, but it will help you find an inventory management tool that will do the job well.

With this in mind, let’s go ahead and talk about each of the points we briefly listed above. Then you’ll be able to clearly see whether or not one inventory management solution is better than another. Because you’ll have a good means of comparison.


How to Know When You Need Inventory Management Software

How to know when you need inventory management software, Fishbowl Blog

How many times have you heard someone say that inventory management software is essential for your business? We might be guilty of being part of that endless chorus here on the Fishbowl Blog. So, why do we need inventory management, exactly?

It is like some of the arguments you may have heard for using social media.1 “Everyone else is doing it.” “You are missing out if you don’t do it.” “There are lots of opportunities out there.” And so on. Now we are not saying there is anything wrong with social media, or inventory management system, for that matter. We are just asking, are they right for you?


The Best Practices for Integrating Multilingual Inventory Management with Accounting

Best practices for integrating multilingual inventory management with accounting, Fishbowl Blog

Inventory management is all about having a system for storing and selling inventory. Combined with accounts payable and accounts receivable, it amounts to more than $1 trillion in assets. Inventory management starts with the sourcing of raw materials and ends with the selling of your products. With a good inventory management system, you will have the right amount of materials at the right time, at the ideal price.

But it’s not enough to have a good inventory management system. If you want maximum efficiency for your business, you should think about integrating your inventory management with accounting. If you are running a multinational business, then you should make that integration a multilingual one. Just by having inventory management software alone, you already have an advantage. That’s because 43% of American businesses are still not tracking inventory. Or if they do so, they do it manually.

In this article, we will go through the best practices for integrating your inventory management and accounting software. We will also look into adding a multilingual component to the integration with the help of a translation company.


New Inventory Solutions Are for Everyone, Not Just Conglomerates

New inventory solutions are for everyone, not just conglomerates, Fishbowl Blog

Fishbowl’s inventory solutions give small businesses the same manufacturing and warehouse management features that large corporations have had access to for many years.1 This has been true since Fishbowl’s inception. But our new inventory solutions include cloud-based software to offer greater mobility and other benefits to both small and large businesses.

Small businesses benefit from Fishbowl’s affordability, scalability, and accessibility. Large businesses benefit from Fishbowl’s flexibility, intuitiveness, and stability. Read on to learn more about how your company can enjoy these advantages.


The Future of Fishbowl Products by Kendrick Hair

Kendrick Hair is a presenter at the Inventory Management + Growth Summit.

Kendrick Hair is the Chief Technology Officer at Fishbowl. The company is celebrating its 20th anniversary this year. It’s helped to have quite a few members on the team who’ve been there for many years. Fishbowl’s customers and partners have also contributed a great deal of insights into how to improve the inventory management software.

The feedback Fishbowl’s Development team receives from customers isn’t always positive, but it always yields positive results. That’s because Fishbowl has a customer-centric solution that it’s constantly refining based on input from those it’s intended to benefit.

Fishbowl started as an inventory solution. Then it added QuickBooks integration, which has been hugely significant. It later added even more functionality via plugins and integrations.


How to Manage Old Antiques with New Inventory Software

Antique inventory management can be done on paper or with software, Fishbowl Blog
Antiques inventory management can be done on paper or with software, Fishbowl Blog

It might seem anachronistic to talk about managing antiques with state-of-the-art inventory management software. But the truth is that you can track virtually anything with modern tools. Antiques are no exception. You can use the following features found in inventory management software to keep a close eye on your antiques:

  • Tracking criteria
  • Multiple locations
  • Barcode scanning
  • Consignment
  • Point of sale

We’ll go through each of these topics in this blog post. And then you’ll be free to decide if an inventory solution is a worthwhile investment for your antique business.1


4 Practical Results of Managing Inventory with Real-Time Analytics

Real-time analytics help with inventory management, Fishbowl Blog
Real-time analytics help with inventory management, Fishbowl Blog

Real-time analytics might conjure up search engines and purely online connotations in one’s mind, but they also relate in profoundly important ways to inventory management. Today’s inventory management software uses real-time analytics via barcode scanners, in-depth reports, software integrations, and other automated tools to streamline business processes and ensure data accuracy.

Fishbowl is the #1 warehouse manufacturing and management software for QuickBooks, and it has helped numerous small and medium-size businesses improve their bottom line with real-time analytics. Here are four real-life results of using Fishbowl in different types of businesses.


Top 4 Inventory Management Trends to Start Using Now

inventory trends
Big inventory management trends will affect businesses, Fishbowl Blog

If 2020 was the year that exposed businesses’ weaknesses, 2021 is the year when they are fortifying themselves and transforming those weaknesses into strengths. Improved inventory management is at the core of how many are accomplishing this feat. These are the top four inventory management trends that may prove vital to the success of your business in the coming year and beyond.