Before going to talk about software for Inventory Management, there are other two different words in a sentence i.e., Inventory and Management. Understandably, it refers to an accounting subject. Inventory Management means keeping the records or data in a very systematic form in the books of accounting. Earlier it was done by hands in the ledgers/ accounting books. Which was a little bit difficult for an accountant to keep old ledgers with them all the time. In today’s world technology makes our lives easier by inventing no. of different software for users.
There is much software for Inventory Management in the market. These are those software systems that help in dig up the inventory level, orders, sales & deliveries. And most significantly used in other businesses to generate a work order, bill of material, and other production-related documents. Nowadays companies acceleratedly use inventory management software to avoid product overstock & outages.
Inventory management product companies create well-featured software for users. Numerous key components working together to create a close-knitted inventory of many organization’s systems. These include the features of Recorder Point, Assets Tracking, Service Management, Product Identification, Inventory Optimization. For more understanding prominent parts of inventory management software features are discussed below:-
Features Available in Inventory Management Software
- Recorder Point: It is the first and most important element to commence, in the company’s inventory management system can be map out to tell managers to record a particular product. The software for inventory management helps companies to avoid products out of stock or overabundance of goods.
- Asset Tracking: Any organizational data is can be tracked via different criteria, such as serial number, lot number or revision number system & barcodes, etc. Nowadays, the best software for inventory management often utilizes radio-frequency identification(RFID), barcode, and wireless tracking technology.
- Service Management: Mainly service-oriented companies use the best software for inventory management to track the cost of the goods they use to provide services. For example, cleaning supplies. In this way, they can add prices to their services that reflect the total cost of performing them.
- Product Identification: It is referred to as the product details. Details are keeping with the help of a barcode which is used to input into inventory management software. To read the product barcode, a barcode reader is used and look up information on the products they represent. Whereas Radio-frequency identification (RFID) tags & wireless methods of product identification are also growing in popularity.
Today’s inventory management software programs may use QR code or NFC tags to identify inventory items, & smartphones as scanners. - Inventory Optimization: Obtain the key of inventory optimization metric after looking at the automated demand forecasting & inventory optimization system are discussed as:
- Reorder Point: The Record Point mainly refers to the level of inventory that should trigger a stock order. This inventory optimization part always needs to fill the orders when the stock falls.
- Order Quantity: In this section no. of items that should be reordered, depend on reorder point, stock on hand & stock on order.
- Lead Demand: Lead demand is also known as lead time demand. In this, when stock is sold out during the lead time and the supplier took the time to fulfill the order whereas reordering is also delaying. Now, this is the time until the ordering opportunity arises again.
- Stock Cover: This term refers to that time when no. of days left before a stockout but no reorder is made.
- Accuracy: In this section of inventory management need more accurate forecast data.
Types of Inventory Management Software
Nowadays, in the market, there are several various types and user-friendly inventory management software are available as free and basic tool suites to ultra costly and very accurate programs. The application software for inventory management presenting outstanding categorization as certain program do nothing but listing orders, in comparison to other is more robust & they allow different departments to track & classified those orders, providing the product information, and also even do some custom branding. Categorization is also an important feature that is based on below mentioned dynamic points:
- On-premise inventory management system: Usually these are hosted on the client’s local server and they are covered with a single license. As they require complex setup and periodically some hardware installation so they become more expensive.
- Software-as-a-service (SaaS) inventory management system: These such services are hosted on the vendor’s server but these types of services are needed to be paid per month. In this option, the vendor is not responsible for installation, updating, and maintenance.
- Cloud-hosted inventory management systems: Normally these services are the most affordable ones because these offer a free basic plan. And also due to their universal access and the fact that the client doesn’t need to update them or to pay for maintenance.
Benefits of Using Software to Manage Business Inventory
There are three main essential benefits that esteemed companies experienced while using the best software of Inventory Management, which are explained below:
- Efficiency and speed: For all organizations, it is a very big task to inputting data to take inventory results by performing it manually. To complete the work more efficiently & speedily then there is inventory management solutions are available.
- Document Generation: Document Generation describes a company’s managers able to use the system to automatically generate various documents. For example, Invoices, A/c statements, Bills & purchase orders, etc. They also able to order a new stock automatically in case stock is low.
- Insight Data: The inventory management software or inventory management system able to provides deep observations on data. For example, no. of units available in stock, how many have been sold, and which product is having more fastest-selling.
List of Best Software for Inventory Management
The best software inventory management companies are given below in a chart:
| S.No. | Product/ Company | Category |
|---|---|---|
| 1 | Smart Manager | Inventory Management |
| 2 | ABM Inventory | Inventory Management |
| 3 | adbug | Site Search Solution |
| 4 | BlueBoard | eCommerce |
| 5 | BrooDoo | Inventory Management |
| 6 | Easyship | eCommerce |
| 7 | BrewPlanner | Inventory Management |
| 8 | intuendi | Inventory Management |
| 9 | Eazy Stock | Inventory Management |
| 10 | Art Galleria | Inventory Management |
| 11 | Artlogic | Inventory Management |
| 12 | Artfundi | Inventory Management |
| 13 | Forest Metrix | Inventory Management |
| 14 | Brahmin Solutions | Inventory Management |
| 15 | ZhenHub | Inventory Management |
The above chart helps to know about no. of software for inventory management but there are also some other extremely inventory management software companies in the market like Oracle NetSuite, Vend, Zoho Inventory, TradeGecko, Cin7, Katana, Orderhive, QuickBook Enterprises, Brightpearl, Systum, Now Commerce, All Orders, Financial Force ERP, Stitch Labs, and many more.
- Smart Manager:
Smart Manager is an inventory management software. After all is a WordPress plugin which allows the user to manage all the product, coupons, users, and orders through one screen. It provides a robust dashboard whereas a user can handle WooCommerce and WePC as well. While in upgrades version of it provides an additional feature to operate any custom field and post type. It has endless scrolling that allows users to display records on a centralized page, also enabling a single preview interface and expedited loading. Another key point of smart Manager is offering popular features like inline editing, CSV export, batch update, filter/search records, database sorting & adding, deleting, or saving any existing post type data.
Although most enterprise has its significant components and features but might be possible they need particularly inventory management software solutions for their businesses.
- ABM Inventory:
This software is a cloud-based inventory system created for retail, wholesale and distributors, online retailers, e-commerce business. It is designed to maintain the automated inventory management system is planned for stock & orders automation: lost sales control, decrease in overstock level, &, etc. The inventory management software i.e., ABM Inventory is compatible with any ERP or accounting system.
- QuickBooks Enterprise:
QuickBooks Enterprises is created for tracking inventory module that suits a small to midsize business. The featuring list is very huge such as cycle counts, reporting across multiple warehouses, discounts, pricing & pick, pack & ship, etc. It captures 76% of the accounting market share, according to the latest report. If you’re looking to rejuvenate your inventory tracking process then need to take the QuickBook Enterprises solution. They will streamline the process & reduce the cost to connect your inventory management tool.
- Oracle NetSuite:
NetSuite has its special characteristics. It features huge native tools & elements to help in tracking inventory in multiple locations, re-order points, safety stock, cycle counts, demand planning & distribution requirements planning. The Oracle NetSuite inventory management software is famous for its feature uniqueness in maintaining the appropriate amount of inventory to support service level expectations is critical. It provides many tools to automate this inventory process. Popular for stocking levels, with suggestions appearing instantly in the order items list. Generally, three vital keys are there: automatically calculated key settings, view & manage inventory across your organization, multi-location planning.
This software is also useful for Cycle Counting, Traceability, and Warehousing.
- Vend:
This is particularly designed for retail business solutions. It supports bar code scanning with USB or Bluetooth scanning devices. As per the market analysis report, the global bar code scanner market value is foreseen to grow with a compound annual growth rate of 7.6 % over the next ten years. Now no worries, you can find the need to adopt or upgrade your bar code process soon. And also able to import existing bae codes to the system or create and print new ones if required. A seller sells on multiple platforms, offers many products of similar types, or sells in multiple states. The Vend software for the inventory management system is a strong choice, especially with their support for customized tax costs.
With the help of Vend, able to manage the entire inventory from one item catalog nad to twin an existing item from which also able to make changes if required. Its also saving time from detailing on all the similar items.
- Zoho Inventory:
The Zoho Inventory software is very needful for all ventures currently because of its features. Especially Zoho inventory is important to all those companies who want to grow their businesses by keeping the eye on the sales part. Therefore they need to keep the records of every unit with powerful stock management, order fulfillment, and inventory control software.
It comes in demand in all different kinds of business departments such as the Sales department to increase the sale by maintaining the stock inventory, manage orders, end-to-end tracking, Multiple shipping integrations, accounting CRM integrations, and warehouse management.
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- TradeGecko:
Comparatively, other software is a very powerful inventory management software in a market with the help of its companies that can able to control their businesses. It allows us to take orders, sell more, and work smarter. Especially, TradeGecko’s inventory management system focus on growing eCommerce or wholesale distribution business. Have a glance at the software feature is Inventory Control, Inventory Optimization, Warehouse Management, Order Management, Multichannel Sales, Wholesale Inventory Management, Price List Management, Sales Reports, Shipping, purchase order management, manufacturing, backorder management, CRM, order fulfillment, accounting, batch, and expiry tracking, inventory management report.
- Orderhive:
The Orderhive is very easy to use and fast operating software for inventory management to keep you up to date. It also shows real-time data. And the benefits of Orderhive software for product inventory are to Keep inventory levels optimized at all times, Centralized inventory visibility and actions, Minimize inventory management costs, Automate manual tasks, and save time. Whereas its features are Simplified product management, To-the-point inventory visibility, Just-in-time operations, Real-time inventory reports.
- BlueBoard:
It is cloud-based business intelligence. Especially for control e-commerce dashboard that allows brands and manufacturers (other suppliers are sold the same products via online retailers such as, Amazon, Mediamarkt, Target, etc.) to track, oversee and analyze the distribution of their items, and their competitors across all eCommerce platforms. The Blue Board specifically designed for sales and marketing teams of brands. It also draws on artificial intelligence to deliver custom notifications on online product assortment, customer reviews, competitor pricing, and other distribution channel processes.
And also it offers a wide range of features for items listing management including stock issues, product analysis, price variation detection, and review report. With assortment detection, this software enables brands to perform global store checks for an overview of stock availability across all online platforms. Also, they extend customer engagement and brand visibility by allowing teams to respond to customer reviews. Real-time pricing reports enable marketing teams to draw a thorough analysis of competing products and understand the elements that drive price variations across all channels.
- Easyship:
Inventory management software and managing tools are becoming in demand today for every online business, big or small. Using Easyship software for inventory management in the business from the beginning will help in managing business seamlessly and smoothly. Don’t opt for short-term solutions in spreadsheets; instead, consider investing in long-term solutions such as inventory management software that will more effective for business growth. The main features of Easyship software are shipping management, increase sales, connect with multiple stores & ERP tools, global fulfillment, tax & duty visibility & many more.
Frequently Asked Questions about inventory management
Inventory management is the ordering, storage, and control of the company’s raw materials and finished products. Cash flow and inventory tracking can be a challenge if you do not have the right equipment. And unfortunately, spreadsheets cannot handle the demands of real-time data and inventory control.
Where inventory management software comes from. With inventory management solutions, you can automatically estimate demand, shut down production, eliminate shrinkage issues, increase productivity and reduce costs. Yes, you read that right. See our Nifty Guide learn more about how inventory system software can reduce costs for you and your customers.
If you are monitoring inventory levels for most stores and online sales channels, you should definitely consider investing in an inventory management system. With inventory management software, you can view real-time inventory data, manage new purchase orders, and manage what you can find in the store and warehouse. Additionally, most services offer a mobile inventory management app to make the process even easier.
The short story is short: the right software provides insights that can help you make faster, better business decisions.
Supply chain management (SCM) is an important business process. Basically, the goal is to find ways to make and distribute their products faster and less costly.
Optimizing your supply chain can give your business competitiveness, but managing and tracking all the data, time, and costs associated with your manufacturing and distribution process can be complicated. Fortunately, most inventory control platforms offer solutions to simplify the process. This way, you can make list-related decisions faster and more accurately.
Point-of-sale (POS) systems such as Lightspeed Retail are used to process transactions and record sales. Integrating your inventory management system with your POS system allows you to sync these records automatically with your inventory tracking. Otherwise, you will need to enter the updated inventory count manually. And apparently, who has the time?
Good news! You do not have to break the bank to monitor your inventory. There are many free inventory management systems for small businesses such as POS Made or Skyware Inventory.
However, you may lose the advanced user features and options. So if you need anything more powerful to grow your business, we recommend you upgrade to paid packages.
Maintaining a product life cycle can help business owners understand some aspects of their products in a timely manner. The main stages of the production cycle are introduction, growth, maturity, and decline.
Depending on the platform you use, your inventory control software can help you track inventory at every stage of your product life cycle. That way, you can make smart decisions about ordering or not ordering more stock when running low.
Ending Up
Accordingly above the entire article based on Software for Inventory Management now you can know what is the meaning, features, types with benefits of the best software for inventory management. This inventory management software can be utilized in many aspects such as track inventory level, sales process, orders & deliveries. Also useful to generate production-related documentation like work order and bill of materials.
Inventory management software development companies provide an upgraded way to record inventory as compared to spreadsheets or paper. It is a less time-consuming, speedily, and more accurate solution. Hence this top software for inventory management technology is used by almost every small and large scale company.