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What is Inventory Management?

Product management is an essential part of proper business operations and optimal customer satisfaction. Inventory, stock and supply management are all tasks that are made spectacularly easy by computer. Inventory management software gives you a global view of stocks and their daily evolution, enabling you to react quickly and to anticipate needs.


Over the years, inventory management has become a key that unlocks a business’ competitive advantage. It is an ongoing quest for a company to find the ideal balance between fulfilling all its’ orders while limiting storage costs.

Thanks to inventory control, inventory management ensures smooth production. This is a true benefit, especially for seasonal businesses. It is also possible to reduce raw materials costs as their prices can vary during the year.

Having an optimal inventory helps to reduce bottlenecks as you can maintain a stock buffer. In all cases, it is important to find the inventory management system that best meets your needs.

Forecast accuracy is the key factor to ensure proper functioning of dynamic management. An accurate forecast can only be obtained when two basic elements are considered:

  • Accuracy in the forecasted quantity
  • Accuracy in the frequency and seasonality

What tools should be used?

There are two main types of inventory management tools:

  • The first is a comprehensive software that operates independently. It can:
    • Be used by the archive department or those responsible for inventory
    • Be networked so that everyone can see availability in real time
  • The second is an application added to an existing system:
    • It is connected to the different software and applications used by the accounting or business service, with which it shares data
    • This type of inventory management software is used by very large companies
    • It is wise to initially define the situations in which you find yourself as the solutions you contemplate will be radically different

Once you have decided on the type of solution you wish to implement, it is time to choose the specific software to analyze in further detail. To do so, refer to professional listings and blogs, and don’t hesitate to ask the opinions of colleagues working within other companies. You can also contact your counterparts on LinkedIn. Very often these people will not hesitate to give you advice without compromising their confidentiality to their employer.

Once you have chosen the most appropriate tools, we suggest that you arrange for product demonstrations and use a scorecard such as the one found in our white paper “Guide to Selecting the Right Inventory Management Software” to properly evaluate the different competitors

Other points should also be considered:

  • What different integration methods are provided by the application? Can it connect to the CRM you are using ?
  • Analyzing the software’s usage is important. Is the user experience enjoyable? Can the team(s) stick to it easily ?
  • Cost is obviously a crucial piece 

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