Inventory management solutions assist organizations in keeping track of order fulfillment, sales orders, purchases, incoming stock, and inventory status in order to run operations smoothly. SaaS tools like these provide you with an all-inclusive picture of your company’s activities.
Inventory management software helps you make smarter business decisions and offers you an advantage over your competitors since it helps you satisfy your customers’ expectations and keep track of your stock. Here are some of the greatest software options available.
Inventory management is tracking all incoming and leaving supplies and items. Almost every firm that creates or sells things keeps inventory on hand. Retail merchandise, for example, may be stored in a warehouse or shop by entrepreneurs. Manufacturers require assembly supplies and trace product circulation from warehouses to shops or sellers.
What Is the Best Approach To Keep Track of Inventory?
While there are several techniques for inventory tracking, inventory software makes inventory management more accessible and precise.
Many inventory management software alternatives are available, each with functions such as item tracking, warehousing, manufacturing, supply chain, and order fulfillment. As a result, the ideal inventory software for your business is frequently determined by the nature of your organization and its inventory requirements.
Top Inventory Management Software
Ordoro is a simple inventory management system for online stores. With this tool, you may leverage their kitting functionality to bundle several SKUs into a single unit for sale and auto-sync inventory quantities across all integrated channels. Ordoro’s manufacturing workflow supports inventory management by generating bills of materials and issuing manufacturing orders to manufacture sellable products. When it’s time to refill inventories, it can send purchase orders to your suppliers using the app, and it can manage inventory stored with a 3PL by integrating it with Ordoro.
InFlow is a cloud-based inventory management solution for small to medium-sized businesses that includes everything you’ll need to stay ahead of orders. It enables users to track stock and costs across various locations, set reorder points to avoid stockouts; pick, pack, ship, and monitor orders from any device. Businesses can also use it to generate and scan barcodes to speed up operations and provides assemble kits or products from the bill of materials. Sales are centralized via e-commerce integrations, making tracking and reporting easier.
Cin7 Orderhive is an inventory and order management software and POS system that enable B2B, B2C, online, and brick-and-mortar businesses to reduce costs, optimize stock, and maximize margins and cash flow. It empowers users to automate inventory updates on Amazon, Etsy, eBay, Shopify, WooCommerce, and other platforms. The platform offers to optimize multi-channel fulfillment operations and enables users to keep track of actual costs and sync their accounting software in real-time. Cin7 Orderhive can be integrated with your favorite third-party logistics providers and warehouses.
Zoho Inventory is a cloud-based inventory management solution that is available on a mobile app for Android and iOS. Its features include Item and order administration, inventory control, warehouse management, multi-channel selling, and way more. Businesses may use Zoho Inventory’s sophisticated dashboard feature to generate reports that give them rapid access to business indicators including inventory levels, order fulfillment rates, product sales, purchase order history, and more. The software offers integration with its users’ favorite online sales channels, shipment tracking software, shopping carts, and other Zoho apps.
Megaventory is a medium-sized business-focused order and inventory management software based on the cloud. The main features it offers are focussed on providing inventory to various locations, keeping track of stock levels, verifying supplier availability, and ensuring the on-time return of inventory. Users can utilize the order fulfillment tool to manage sales orders from customers, as well as purchase orders from suppliers. It also helps with the preparation of sales quotes, shipping quotes, drop-shipping, and consignment details. Megaventory also generates detailed, customizable reports that assist users in keeping track of their inventories.
Upserve by Lightspeed is a POS management system with a robust set of capabilities suited for iPad and iPhone that helps to modernize and streamline restaurant operations. Upserve combines an easy-to-use interface with strong POS features, such as online ordering, contactless payments, inventory management, and tableside devices, to enhance profitability and optimize its users’ restaurant operations. It also offers an inventory countdown function that warns servers that items’ inventory is running low and automatically make orders to refill the stocks when they run out.
QuickBooks Commerce is a comprehensive cloud-based inventory and order management platform for modern online businesses. It enables users to monitor every product, order, and customer in one place by combining manufacturing, sales channels, inventory locations, and currencies. The platform empowers its clients to create purchase orders, backorders, stock takes, and adjustments, but also to keep track of pack sizes, batches, and expiration dates with ease. QuickBooks Commerce also features thorough reports, customer insights, and projections in order to measure and predict business performance.
Katana is a manufacturing ERP that allows you to have insights into your business in real-time. This live inventory management tool allows you to set up reorder points, and prioritize sales and manufacturing orders to streamline your material and product inventory. Katana keeps track of raw materials and finished goods availability in real-time, as well as stock movements across your whole production cycle in several warehouses, allowing you to keep optimal inventory levels everywhere.
How Can Inventory Management Software Help My Company?
Choosing the best inventory management software system for your company may help you save time and money. Inventory software automates inventory management, allowing you to keep track of how much merchandise you have in store in real-time. You may also combine inventory software with barcode scanning to expedite shipment processing in your warehouse.
Using inventory management software may help you save money and increase efficiency. It keeps track of when you need to restock and generally includes comprehensive reporting to see which goods are doing well. Inventory software may provide demand forecasting in some circumstances, allowing you to avoid the extra expense of excess inventory.
How Much Does Inventory Software Cost?
Most inventory software is now cloud-based, and you pay a monthly or yearly fee. Annual payments may be eligible for a 10% discount from software suppliers. Standalone inventory tools charge based on the number of orders. Still, POS systems with inventory capabilities provide tiered plans with a broader range of functionality as you progress to higher levels.
Furthermore, programs may impose restrictions on the number of users, warehouses, and shop locations. Again, while adding more terminals, POS systems charge additional costs. Inventory management solutions are available for free or for a monthly fee of $300 or more. Higher-priced plans cater to businesses with significant sales volumes and may include additional features such as enhanced analytics, integration, or automation tools.
There are literally hundreds of software alternatives to assist you to keep track of your inventory data since it is so critical to a successful business. But ultimately, your company’s inventory needs will determine which solution is best for you.