Top 7 Inventory Management System
Inventory management’s goal is to guarantee that there are enough goods on hand to meet demand without overstocking or understocking. Inventory management entails the operations of purchasing, storing, and selling stock in order to reduce expenses and increase revenues for your company.
Proper inventory management ensures higher productivity and the ability to make the best judgments at all times. It also ensures that profits rise and that your business is well-organized.
What is an Inventory Management System?
Inventory is always changing. Sales, refunds, new receipts, and even damage and theft affect your inventory levels throughout the day. Inventory management and control are the most critical jobs in successful retail or wholesale firm, notwithstanding their difficulty.
Overselling is less likely when you have an inventory system in place. You also know the expiration date and the manufacturing date, ensuring that you get rid of the goods before it expires. An inventory management system also makes it simple for your company to keep track of inventory, which can help you figure out how to enhance your company in the future.
What is inventory management software?
Inventory management software streamlines the processes required to properly maintain inventory, manage reordering, and update accounting data by automating components of inventory and warehouse management.
Inventory management software is essential for building a system for tracking and controlling your inventory, particularly as your company grows.
Benefits of Using Inventory Management Software
A strong inventory software, backed up by thorough inventory management methods, updates in real-time to offer you a complete picture of your current inventory, even if it’s spread out across many locations.
Below are the benefits of using inventory Management Software;
1, Inventory tracking
Inventory management software works with other critical systems to improve inventory control by tracking inventory in real time and telling you where it is and how it interacts within your ecosystem. This removes human mistake in the process, which is renowned in a manual, spreadsheet-based approach.
At its best, inventory management software not only keeps track of your whole inventory, but it can also automate reordering so you never run out of important products. It can also be set up to assist you to order enough things to keep fulfilling orders without retaining “deadstock,” or merchandise that has expired or has been sitting idle on your shelf for a long time.
3, Accounting integration
Many inventory management systems can be integrated with accounting software or have accounting features built-in. This reduces the possibility of double-entry of data, as well as another source of human mistake and confusion.
Must-have Features of a Good Inventory Management Software
When looking for an inventory management software solution, make sure it has these features and capabilities.
When it comes to inventory, it’s critical that one of the features of inventory management software is the ability to adapt to your business’s needs. Because no two businesses are the same, the inventory management system must allow you to customize and specify criteria based on your specific requirements.
The automation feature of inventory management software must allow you to assign duties to the system. Even if you think you can handle inventory jobs manually at first, it won’t be long before your inventory grows complex, and you’ll need to rely on a software solution to keep track of everything.
Automation ensures that there are few or no errors, allowing you to focus on other responsibilities rather than having to think about every minor detail of inventory management.
iii, Reporting of the business activities
The ability to generate useful reports that offer you a clear view of inventory is one of the most important features of inventory management software. Reports play an important part in decision-making, and they may help you save money, boost productivity, and raise profitability. Inventory management reports help you increase inventory management’s overall efficiency.
iv, Centralized inventory management
The program should allow you to centrally manage your company’s inventory. A good inventory management software isn’t made up of a number of distinct components that work together. It’s about ensuring that all modules are linked together so that data can be accessed from a single location. A trustworthy inventory management system will allow you to integrate all of your business’s numerous elements and modules so that you can access real-time information from a single source.
v, Control over user access and permissions
The inventory management system should include a control function that allows you to specify access permissions for your staff. Not every employee requires access to the entire inventory. Some people may only need access to stock levels, while others may need access to costs, and so on.
You can control who can see and update your inventory using good inventory management software. This allows you to keep your data safe and offer staff access just when they need it, preserving data integrity.
Top 7 Inventory Management System
Here are some of the most prominent and popular inventory management software vendors on the market:
Inventory management software is suitable for midsize businesses and larger ones that need a user-friendly system to support inventory tracking, reordering, and accounting.
Lightspeed Retail is a web-based inventory management tool designed to meet brick and mortar and e-commerce stores’ needs. Its industry-specific options and in-store sales functionality earn it the top spot in our best retail stores category. This combination point of sale (POS) and inventory management program is built for small retail shops with stock tracking tools, tons of integrations, and excellent e-commerce capabilities.
This easy-to-use platform provides a central inventory database and business-to-business (B2B) showrooms where clients can view and shop your products.
With inFlow, you get simple yet powerful software for manufacturers, B2B wholesalers, online sellers and retailers. Its robust reporting capabilities and shoppable B2B showrooms make it the best choice for B2B companies.
With advanced features and plenty of integrations, Orderhive is an affordable solution that can easily become your all-in-one inventory, order and fulfillment partner..
This Is the go-to inventory management software and ERP platform for large businesses and enterprise-level corporations. It is complex but extremely comprehensive: It can do it all.
This Offers a flexible inventory management software and ERP platform that is suitable for businesses of all sizes. It includes a powerful reporting tool that can be used to keep tabs on your inventory and accounting.
This is an Inventory management software that is seamlessly integrated with other Zoho products. It is best for businesses that already use Zoho’s suite of software solutions.
Benefits of effective inventory management
- Peak season efficiency
- End of year efficiency
- Reduced warehouse costs
- Trusted information systems
- Theft and loss reduction
- Easy to reorder
Early problem detection