by Inventory management Software is an essential part of any business, no matter how small or large, for wholesale, retail or manufacturing. Your responsibility is to meet customer expectations and deliver goods on time. This requires efficient inventory tracking and management. If you don’t take care, it can become even more cumbersome and challenging.
It could also impact your warehouse costs and fulfillment capabilities. Even worse, you could be exposed to the risk of investing in stocks that do not sell.
Don’t be discouraged, there are solutions.
It is inventory management software.
You can handle these problems efficiently and effectively thanks to its unique and valuable features that make it easy and reduce risk.
Let’s learn more about this software to help you succeed in your business.
What is inventory management?
Inventory management software allows companies to manage and control their inventory. This includes stocks, buys, and sales. It allows you to track all information and maintain effective stocks.
Software can help you organize product logistics and automate different processes like trading, ordering and transportation.
It eliminates manual tasks, improves efficiency, cuts down costs and saves time. It also provides valuable insights that will help you to accelerate your business success.
There are many types of inventory management software on the market. These can be customized to suit the needs of the business, industry and type of inventory. Cloud-based inventory software is even more effective and can be updated and synchronized in real time.
Modern inventory management software has the following key features:
- Optimizing inventory
- Asset tracking
- How to organize a warehouse
- Identification of the product
- More
What are the different types?
Software for inventory management can be used to integrate multiple tasks within an organization. It uses the most advanced technologies for ordering, purchasing and shipping.
There are many types of software that can be used for different purposes.
- Software for inventory management on-premise
- Small businesses that need to periodically send data and keep fewer products can use periodic systems
- Barcode systems for quickly and efficiently finding and moving stocks
- SaaS systems hosted on the vendor’s server, with a paid subscription
- RFID software is used to scan and manage products more efficiently, but it can be expensive.
- For larger businesses that require inventory data to be continuously recorded, perpetual systems can be a great option.
- Cloud-hosted software is best for all businesses, as it is inexpensive and can be accessed anywhere with no maintenance or updates.
We will now discuss the last: cloud-based inventory software, which has been quite popular these days because of the mentioned reasons.
Why is inventory management software important?
Here’s the solution.
For a growing business, it is crucial to maintain a proper inventory. This is not an easy task. It takes time and effort to organize, store, warehouse, trade, ship, and track the assets.
It can limit productivity and lead to time lags. As a business, it is not a good idea to sell too many products or create backorders. This could have a negative impact on your sales and revenue.
To reap the following benefits, you will need an efficient inventory management system
Automate inventory tasks
Advanced tools can be used to automate the entire management process. Integrate to track and manage sales, purchases, warehouse records, stock levels, and inventory.
Productivity increases
You can track metrics and keep track of product status in your warehouse, which will give you a better idea of the progress of your business. This will allow you to save time and increase your productivity.
Customer satisfaction
You will be able to serve your customers better because of all the information you have. You can buy stocks quickly, accept orders faster, and ship products promptly.
It increases customer satisfaction because of its fast processing. Customers are more likely to return to it again and to be loyal customers.
Product management improved
You need extra stock to meet customer demand. Businesses could be at risk of stocking too many products due to poor product management.
They could also end up limiting cash resources, creating losses, or incurring warehouse costs. These issues can be solved by inventory management software, which allows you to control your products and eliminate any resource blockage. It also maintains the correct pricing.
These benefits are not the only ones. The software also eliminates storage problems, speeds repeat purchases, performs accurate accounting, monitors shipping and purchase, stocks transfers, reports accurately, is prone to theft, and much more.
Which industries must maintain inventory?
Today’s marketplace is more dynamic and competitive than ever before. Inventory management software is essential if you are to be successful in your business.
This software is needed by different industries:
- Distribution of food
- eCommerce businesses
- Electronic devices
- Consumer goods for sport, beauty, sports, home-ware and kitchen essentials.
Researching inventory software can lead to a variety of options, which can make it a stressful and time-consuming task.
You can save your time and energy by using the inventory management software below to find the right one for your business based on your unique needs.
Cin7
Cin7 is trusted by thousands of sellers and retailers as it allows them to manage their inventory efficiently, increase sales and grow their businesses.
Cin7 allows you to link your inventory locations, sales channels and orders into one automated solution. It provides the tools necessary for your warehouse, finance, operations, eCommerce and warehouse managers to be effective.
Flexible features allow you to sell products online, wholesale, and retail. You can manage everything accurately and efficiently source through purchases, contract manufacturing or simple manufacturing.
You can set accurate pricing, payment terms and quotes, provide unique product catalogues, and help B2B customers shop at your wholesale store. You can manage every transaction, from bulk orders to EDI orders.
Cin7 organizes your warehouse and allows you to configure fulfillment. It reduces selling stress for eCommerce businesses by automating stock tracking, order management and shipping.
You can integrate with Cin7 to manage your orders and shipping, inventory, workflows and accounting. Cin7 can be integrated with many popular tools, including Amazon, Shopify and Xero.
Veeqo
Veeqo gives you complete control over your inventory, regardless of how many warehouses or sales channels you have. It has the best features available to ensure that your customers have an exceptional experience.
Your inventory can be updated across multiple websites, physical stores and marketplaces to ensure accuracy. You can sell anywhere you like and receive stock level updates instantly. Veeqo offers multichannel inventory features like inventory syncing and multi-warehouse routing.
You can manage all your orders from one platform. This will ensure that you don’t miss any orders and oversell them. Features include returns management, helpdesk integrations and smartphone application.
Veeqo’s simple-to-use platform helps you pack, pick and manage your products. You can also use it to scan barcodes, pick automation, Veeqo scanner and get warehouse reports.
Track deliveries, automate repetitive tasks and ship orders quickly in bulk from multiple sales channels. This includes printing shipping labels, tracking parcels, auto carrier selection and integrated shipping labels.
Veeqo integration includes 40+ solutions, including eCommerce platform, more than 20 shipping carriers and 3 accounting software, point-of-sale systems, 3PLs and many other features.
Veeqo is available on both Android and iOS. It lets you control everything from your fingertips. Veeqo Scanner, an enterprise-grade barcode scanner, is also available to assist you.
Unleashed
Unleashed gives you instant visibility into your production, inventory and suppliers. You can also control them efficiently. This platform is ideal for wholesalers, distributors, and manufacturers.
With their many features, they help you manage everything. You will always know how many stocks you have in each location thanks to their perpetual inventory control.
No matter how many warehouses or products you have, stock levels should be kept low and manageable. Use Unleashed to control stock levels, avoid stock-outs, increase sales orders quickly, master margins and use strategic pricing to manage stock globally.
You can track the serial number and batch numbers, product bills, assembly bills, auto-assemblies and auto-assemblies to provide greater transparency in the complex manufacturing process. You can see accurate production costs and maintain healthy profit margins.
Distributors and wholesalers can manage multiple warehouses from one place with Unleashed. They can also simplify stock take, buy and sell in multiple currencies and scan barcodes. You can track how your business performs by using the updated KPIs provided by their Business Intelligence tools.
With 20+ reports, you can dig deeper into your business data to see and analyze what is working and what you should improve. The Unleashed Sales app gives admins and salespeople the exact inventory data they need.
Allow your trade customers to use the B2B shop and save time on individual sales. Unleashed provides advanced security features that include account-controlled user access and 2-step verification. Integrate with Xero and Salesforce to automate your functions.
Brightpearl
The digital operation software from Brightpearl has been designed to be retail-tailored, and is built to support Omnichannel merchants. It allows them to increase sales, adapt to changing market dynamics and exceed customer expectations.
Brightpearl has a vast infrastructure that allows you to automate and centralize key operations like inventory, post-purchase order management, fulfillment and shipping.
To save time and cut costs, centralize offline and online sales channels, suppliers and inventory locations. Automate labor-intensive and other critical processes in the workflow, from shipping, order fulfillment to inventory allocation, purchasing, billing, and accounting.
Transform your business operations data into actionable, useful insights using financial views, real time analytics and forecasting on customers, products, and sales channels. This will help you make faster and better business decisions.
You can make quick adjustments to accommodate market shifts, business expansions and changing consumer needs. Brightpearl’s flexible functions allow you to scale quickly without compromising business operations or time lags.
QuickBooks
QuickBooks allows you to manage your business on multiple channels. It allows you to list and manage your products across multiple platforms. This will help you increase brand awareness and grow your customer base.
You can track fulfillment across sales channels and locations in one place. You can also take control of all activities to ensure that your product listings, data and orders are up-to-date.
QuickBooks is one of the most powerful accounting software available. It provides insight into your income, expenses, profits margins, revenue and other information. Automate tasks such as invoicing, budgeting, bank reconciliation, budgeting and removing data entry.
You can organize everything quickly and be ready for tax time with minimal effort. To maximize deductions, simply capture all receipts and keep track of them with their mobile app.
Connect your bank and credit card accounts to QuickBooks to get instant insight into your cash flow. You can view profits, losses, and balances in one place with just a few clicks. This will simplify your bookkeeping.
QuickBooks lets multiple users use the software simultaneously and tracks every activity. It allows accountants, bookkeepers, colleagues, and others to efficiently perform their tasks.
QuickBooks uses industry-standard security features to protect your data. It also backs everything up automatically so you can access it from any device, at any time, and on any device. You can customize accounting solutions using tools such as time tracking, cloud accounting and inventory management.
Orderhive
Orderhive is an easy-to-use, yet powerful inventory management software that allows you to streamline your operations so you can concentrate on growing your business.
You can serialize your inventory in batches and lots, auto-synchronize across sales channels and quickly locate it using the software. No matter how many SKUs you have, or how few, the software can simplify your product management.
You can manage your product catalogues, including variant, bundled and simple products. You can create barcodes, print barcodes, set pricing options and manage inventory locations.
You can track your stock, commitments and due arrivals in real time, as well as sync offline and online inventory and automate rules. You can also manage batch numbers and expiry with multi-warehouses such as Amazon FBA or 3PL.
You can reduce the chance of overselling or underselling by monitoring outgoing and inbound inventory. You can set out-of-stock or low-stock alerts and reorder levels. Also, you can track packing, picking and shipping products out from warehouses. You can also reorder and backorder items and quickly adjust stock and pricing.
Keep informed and stay current with real-time reports that provide accurate and timely information on stock audit, stocks and COGS. You can integrate Orderhive with many solutions, including Amazon, eBay and Stripe, WooCommerce. Bluedart. FedEx, USP, FedEx and more.
Zoho
ZOO is your all-in-one inventory management tool. It helps businesses manage their inventory, track inventory, and handle tax.
You can group, customize, track, and control all your products with one application. You can group products by their attributes, track their movements, monitor their serial numbers, and keep tabs on expiration dates and their movement at different warehouse locations.
You can maintain a great customer experience by handling all aspects of operations, from ordering to shipping without having to fill in data. You can easily create packing slips, print labels, convert sales orders to invoices, and send them via email.
You can easily manage vendor transactions and bills, and prevent data theft and relationship compromises. This allows you to create price lists and update them automatically. You can also track unpaid and paid bills, create backorders, initiate drop shipment, and keep an order history.
Integrations such as post-shipment to notify your customers every time; shopping carts; and marketplaces to increase sales to grow your business; Crossfire EDI for order processing automation; accounting solutions such as Zoho Books; CRMs such Zoho CRM.
Automate your business with features such as barcode scanning and the ability to modify URLs via web-hooks or Deluge Script. Zoho allows you to quickly generate reports that can be used to assess your business’s performance, group items with SKU generator, or reorder low stock items.
DEAR Systems
DEAR A cloud ERP system allows businesses to connect with various sales channels, manage them, grow their business, and more. It’s a great inventory solution for many businesses, including retail, wholesale, and manufacturing.
The multi-module inventory software automates the process and accelerates business growth. It simplifies your operations by consolidating all features into a single software that can manage sales across multiple channels.
The dashboard makes it easy to make informed decisions about manufacturing, production, sales, and billing. To eliminate financial risk, you can integrate VAT-compliant inventory with accounting software.
Their retail POS system is intuitive, simple-to-deploy and powerful. It can help you sell on various platforms and organize your storefront. Their Warehouse Management Software (WMS), allows for easy fulfillment and lowers costs. DEAR automates everything, from workflow to reporting.
It also makes it easy to pay B2B for all invoices or finalized orders. Everything can be managed easily, including production planning, purchasing scheduling for raw materials and capacity planning.
Conclusion
The days of spreadsheets are gone. New technologies allow you to quickly, securely, and easily manage your inventory.
Inventory management software can be used to automate everything, including stock purchase, storage, order fulfillment, billing, payment, and monitoring your business performance.
