Are you a wholesale business looking for wholesale business management software but you don’t really know where to start? How do you even begin your research on the wholesale business management software solutions available and what functionality to look for?
Wholesale is a complex process because it relies on the accurate tracking of products with different terms for suppliers and consumers. Wholesale is the vital connection between manufacturers and customers. This complexity needs to be supported by a capable wholesale business management software solution to maintain this vital connection.
In looking for the right software for your wholesale business a good place to start is by considering what kind solution you are looking for:
Full-suite solution – one system that will take care of all functions and seamlessly integrate data in a complete distribution management software solution
Small business solution – for smaller wholesale businesses or businesses who have a wholesale component of their business, it is not their core function
Departmental solution – for businesses with internal distribution networks
Multiple location solution – for the management of multiple locations to track and balance inventory across locations
You may find that you need a software that fulfils more than one of these but the point is to identify the need. From here, do your research on the best types of software available based on your needs.
Then, once you’ve considered in broad terms what type of wholesale business management software will best suit the structure of your business, it’s a good idea to drill down on the specific functionality you need.
Once you get into the detail of the unique needs of your business with your ERP software for small business provider then you’ll get an understanding of how far functionality can be customised for your business. From off-the-shelf solutions as a starting point through to custom-built solutions. For many smaller business there is a middle ground (and middle budget) that provides the opportunity to customise existing software for your business needs.
With specific focus on inventory tracking functionality, here are four key features to look out for when researching wholesale business management software and speaking with potential partners.
Barcode scanning – provides the ability to automate picking, packing, shipping and receiving operations. Barcode scanning can be executed easily via smartphones which means there is no costly initial hardware outlay that was the case only a few years ago
Landed cost tracking – the landed cost is the total price of a product to get it to the buyer. It includes the original price of the product, transport costs, customs and currency conversion (if goods are shipped overseas), duties, taxes, insurance, crating, handling and payment fees. Wholesale businesses need to accurately track this to understand their margins.
Sales tools – Providing accurate tracking and reporting to your sales team in real-time means that they are able to keep customers up to date with the right information. Such as ensuring stock is on hand in the quantities required and that it can be delivered to the end customer when they need it. Having all of this information at their fingertips builds trust between your sales team and your customers.
Lot tracking – refers to a system that can accurately track product lots along the entire supply chain. Not necessary for every type of wholesale company, where needed, it enables users to track which customers received specific shipments of products and the date received. This is important if what you’re shipping is perishable or have a shorter shelf-life.
So once you know what you are looking for, it’s a good idea to consider the business benefits. Once you do this you will probably be asking yourself “why wouldn’t you implement wholesale business management software?” Let’s take a look at some of the capabilities of wholesale business management software.
Launch and scale sales channels – Sell online, at trade shows or anywhere you choose, with the confidence to know that your stock levels are accurately reported in real-time.
Take the pressure off staff – Wholesale inventory software will automate purchasing and sales, taking the pressure off your team.
Grow your business – With extra head hours gained through the automation of purchasing and sales, your team can focus on tasks that will help grow your business, instead of being overloaded with admin.
Understand your wholesale buyers – Know what your buyers need and when so that you can manage supply and demand efficiently.
More on ProfiitPlus software for wholesale business management.
