Inventory management software tools are a solution that helps businesses manage inventory and keep their warehouse in proper shape. From re-stocking of goods to supply chain management and proper price management, everything is taken care of in an effortless way by using this software. Inventory management software automates inventory management and thus streamlines the tasks required to track inventory more effectively, it can manage reordering and can update accounting data.
Inventory management software is critical for daily business operations, so selecting a reliable, effective tool with various features is important.
How does inventory management software work?
Today, most inventory management software is cloud-based and offers many advantages. Here is what you must know about inventory management software:
Selecting a high-quality inventory management software vendor is important. A cloud provider manages the software by selecting a vendor with high service standards. An excellent vendor partner reduces the burden of software management.
A monthly subscription fee is required for cloud-based inventory management software access. The monthly rates range from $100 per month to $3,000 per month for advanced platforms. The monthly rates are based on the business size, number of locations, numbers of orders received, and size of inventory that is maintained at any time.
Features of inventory management software
The feature of tracking items supports item tracking as they come and go from your storefronts and storage facilities, which is known as the process of inventory control. Inventory management control features help you maintain the right amount of stock. They include integrations that track orders in real time.
Inventory management works on first-in-first-out (FIFO) and last-in-first-out (LIFO) valuation methods.
FIFO values inventory for businesses which can lose money if their products expire or become obsolete. LIFO is used for valuation for perishable items and uses present prices to calculate cost of goods sold.
Best inventory management software
Unicommerce: This software is simplifying e-commerce that is sold to 15000+ sellers, retailers, and brands by employing superior inventory management solutions across online and offline sales channels to assist them in achieving higher sales margins, lower operating costs, reduced manpower costs, improved data visibility, and many more. Some reputed clients of Unicommerce include Hamilton Housewares, Enamor, Jack & Jones, Chumbak,Liberty shoes, the House of Anita Dongre, MCaffeine,Sugar cosmetics, etc.
NetSuite inventory management
This inventory management software automates manual processes which are associated with traceability, replenishment cycle counting and managing inventory across many locations. With single view of items inventory and order, businesses carry less inventory on hand and can free up cash. . Demand-based replenishment uses historical sales and seasonability to automate reorder points. Forward and backward tracing capabilities linked to finished goods are linked to customers and suppliers, allowing complete traceability.
Zoho is an advanced online application which enables you to manage orders and inventory. With multi-channel selling, shipping integrations, and powerful inventory control, you can now optimise inventory and order management from purchase to packaging and processing payments.
eLabInventory is also an advanced inventory and sample management lab software which goes beyond imagination. This is a highly customised solution that offers standardised documentation, efficient inventory storage, a full audit trail for each item, and many more.
EZRentOut is cloud-based inventory management software that tracks rental items with ease. It maximises your ROI and enhances efficiency and productivity. It saves time with mobile applications. It carries out faster barcode and QR code scans for seamless order creation. It keeps tabs on the entire rental fleet across multiple locations. Its integrations with QB and Xero will fulfil your bookkeeping needs as well.
GoFrugal Technologies has been providing point-of-sale software for retail, restaurant, and distribution businesses since 2004 as a complete business automation solution coupled with mobile apps and cloud solutions. This software is benefiting 25,000 retail businesses across 50 countries.
Acumatica is a complete enterprise resource planning platform that also contains inventory management and accounting features.
Cin7: Cin7 is an inventory management software that is suitable for midsize businesses and larger companies that require a user-friendly system to support inventory tracking, reordering, and the accounting needs of a business.
SAP: SAP is the go-to inventory management software with an ERP platform suitable for large businesses and enterprise-level corporations. It is complex but extremely comprehensive.
Syspro: Syspro provides flexible inventory management software and an ERP platform that is suitable for businesses of different sizes. It is powered by a reporting tool that keeps tabs on your inventory and accounting needs.
Lightspeed is a lightweight but effective POS system with in-built inventory management software that is suited for small businesses, especially those in the retail industry. It offers integrations and application programming interfaces with leading accounting software programmes.
Oracle NetSuite is inventory management software that is suited for large businesses, though it is offered on a unified accounting platform that is useful for tracking financials.
Benefits of Inventory Management Software
Inventory management software streamlines inventory control, tracking incoming and outgoing goods for you as a retailer, manufacturer, or warehouser. Good inventory management software provides a comprehensive management process that can be updated in real time to give a complete view of existing inventory, even if your goods are scattered across multiple locations.
Inventory Tracking: Inventory management software gets integrated with other systems to improve inventory control by tracking inventories in real time and showing you where they are located and how they move throughout your ecosystem. This reduces human error for which a manually spreadsheet is not very well known.
Reordering: It is the best inventory software that offers a clear record of complete inventory and streamlines reordering to ensure that you are never out of stock for your crucial items. It also helps you order enough items to continue fulfilling orders without holding deadstock, which is excess inventory that may expire or remain dormant for an extended period of time.
Accounting Integration: Generally most of the accounting software integrates with inventory management systems thus preventing double entry of data and thus eliminating another opportunity for human error and confusion. Some of the inventory management software has stand alone accounting features.
Conclusion- Inventory management is an important tool to manage and track your inventory. This tool organizes and gives every detail of each goods even if they are scattered to different locations. Inventory management reorders the goods which run out of stock.
Most Popular Inventory Management Software For Small Business
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