In this episode of the Ecommerce Finance Podcast, Stephen Brown and Scott Scharf discuss the critical aspects of selecting and implementing an inventory management system for ecommerce businesses. They explore the importance of inventory management as a key asset, the methodology for selecting the right system, and the expectations for implementation timelines. The conversation also covers when to consider an inventory management system, the differences between ERPs and inventory management systems, and the necessity of documenting processes for successful implementation. Takeaways Inventory is often the biggest asset in consumer product businesses. Many entrepreneurs struggle with inventory management due to reliance on spreadsheets. Selecting an inventory management system requires a clear understanding of business needs. Demos should focus on specific processes relevant to the business. Implementation of inventory systems often requires external expertise. Budgeting for implementation costs is crucial for success. Hiring an operations manager can significantly improve system adoption. Pain points in inventory management often indicate the need for a new system. Trusting but verifying your 3PL is essential for accurate inventory tracking. Documenting processes ensures consistency and efficiency in operations. Sound Bites "Trust but verify your 3PL." "Hire someone to help you with this." Chapters 00:00 Introduction to Inventory Management Systems 03:16 Challenges in Inventory Management 06:25 The Importance of Comprehensive Processes 09:23 Selecting the Right Inventory Management System 12:37 Methodology for Choosing an Inventory System 18:27 Implementation Expectations and Budgeting 25:56 Implementation Timeline and Feedback Mechanisms 31:52 The Role of Operations Management in E-commerce 37:15 Inventory Management Systems vs. 3PLs 39:01 Evaluating ERP Systems for E-commerce 47:41 Documenting Processes for Successful Implementation Guest InfoScott Scharf [email protected] https://www.linkedin.com/in/scottscharfcc/ Work with UsStruggling to make sense of your ecommerce financials? Let LedgerGurus handle your accounting so you can focus on growth.Take control of your inventory accounting and unlock real profitability with our inventory consulting services.

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