Inventory Management Software – overview
Inventory Management refers to the process of ordering, storing and using a company’s inventory, or stock – raw materials, components and finished products. The practice uses a variety of data to keep track of goods as they move through the manufacture, purchase and sales cycle, including lot numbers, serial numbers, cost of goods, quantity of goods and the dates that they arrive, and leave.
Inventory management software systems, which often integrate with accounting and ERP (Enterprise Resource Planning) systems, keep track of goods in inventory, sometimes across multiple warehouse locations. The software also calculates the cost – often in multiple currencies – so that accounting systems always have an accurate assessment of the value of the goods.
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The most popular Inventory Management Software – 10 of the Best
1. Zoho Inventory is a web-based inventory management system, designed for small to medium-sized businesses. It features standard inventory management modules, including inventory optimisation, reporting and analysis, vendor managed inventory and lot traceability.
It also features built-in shipment estimates, tracking and delivery confirmation features that allow users to invoice, ship and track products. In addition, the system integrates with multiple-commerce sites such as eBay and Amazon.
As a Zoho product, it is tightly integrated with the Zoho Finance Suite. It works well with all operating system, and there is a native mobile app for Android, iOS and Windows devices.
2. MarketMan is cloud-based collaboration software that helps restaurant owners to manage processes and operations with their suppliers. The solution is designed for full and quick service restaurants, bars, coffee shops, food trucks, and bakeries. MarketMan helps small to large businesses manage the buying of goods and supplies, update and track product catalogues and prices, and facilitate delivery requests, and accounting.
The automated supply ordering feature within the purchasing module allows users to reduce errors and eliminate faxes, phone calls and manual data entry. Orders can be placed and managed using any computer or mobile device connected to the internet. MarketMan also aids users in managing food costs, and budgets, including setting purchasing limits.
The solution includes an inventory module that enables users to manage their complete inventory in the cloud. The application keeps track of every movement in real-time, including inventory status updates and automatic alerts and reminders. Users can set budget limits, and delivery dates, as well as track shorts, credits, subs and any billing irregularities.
Suppliers using MarketMan can streamline their entire order handling process, and have orders automatically entered into their ERP (Enterprise Resource Planning) system. The solution eliminates hand-written orders and generates reports for improved decision making. Suppliers can also set-up a product catalogue with images, barcodes, prices, and more.
3. TradeGecko is a cloud-based inventory management program, available on monthly subscription, aimed at small to medium-sized retailers, wholesalers and distributors. The system combines inventory management operations and online e-commerce.
With TradeGecko each product is given its own individual page which enables managers to track its performance and manage inventory levels, with automatic reorder reminders generated when stocks are low.
However, TradeGecko is much more than just a procurement solution. It also offers a B2B e-commerce portal which allows businesses to sell wholesale directly to retailers through customisable storefronts. It also offers demand forecasting, CRM (Customer Relationship Management) order fulfilment, and accounting and sales reporting capabilities.
4. Brightpearl is a cloud-based omnichannel retail management platform which delivers automation, reduces cost, and provides superior results, enabling customers to manage their inventory, orders, purchasing, accounting, CRM, POS (Point of Sale), and order fulfilment in one platform.
The solution keeps every retail channel up-to-date in real-time, ensuring that organisations are not overselling or missing sales opportunities. Furthermore, it connects to online ecommerce retailers like Magneto, Shopify, Amazon and eBay to help retailers centrally manage their omnichannel business.
Brightpearl enables companies to understand business profitability better through real-time reporting, enabled by the fact that all purchasing, inventory, and sales data is consolidated in one place.
5. SellerCloud is a web-based inventory management platform which synchronises all online inventory and distribution, and provides real-time reporting and shipping information. The system includes single-source catalogue management, which provides one entry point for all product specifications, and enables product data to be retrieved from multiple sources, including Amazon listings and vendor feeds.
Other procurement capabilities include its automatic inventory facility, which supports multi-warehousing management, and inventory tracking from receipt to shipping, and the generation of low stock alerts.
SellerCloud also has a wide range of sales functionality, which includes multi-channel retailing, end-to-end order automation, and shipping confirmations. Other features include sale reporting for products across all channels, and integration with the QuickBooks accounting solution.
6. Financial Force ERP is a cloud-based system for sales and service-orientated companies of all types and sizes, designed to provide a complete financial management solution.
The software has a number of inherent applications, including General Ledger, Accounts Receivable and Payable, billing, inventory, revenue recognition, fixed assets, and financial reporting/analytics.
FinancialForce offers centralised billing capabilities to facilitate accurate invoicing for products, services, subscriptions, projects and contracts, and supports automated revenue recognition calculations and postings, so users can assess real-time revenue impacts. It also provides built-in intercompany reconciliations and automates elimination journals.
The solution, in addition, allows users to access role-based interfaces and analyse data with real-time dashboards.
7. Erply is a web-based, fully hosted POS and retail management system. The software centralises and manages all areas of a retail organisation, including POS, the sales back office, inventory management, accounting and customer CRM. The system is scaleable, so that it can be used in a one-man business, or by multi-national retailers, with key features including centralised price list management, customer and supplier databases, the ability to create and manage sales campaigns, and the facility to handle customer loyalty programs and generate coupons.
8. Skubana is an all-in-one cloud solution for managing an entire e-commerce business. The software is always evolving based on customer feedback and requests, and provides a hub of tools for most aspects of an e-commerce business.
With one-click integrations with all of a user’s sales channels and shipping carriers, including Shopify, Magneto, Amazon, UPS, DHL, and Fedex, Skubana eases the process of coordinating warehouses, dropship vendors, and third-party warehouses and distribution centres.
Skubana combines most e-commerce software into one, centralised cloud platform. It is accessible via any internet-enabled web browser, and provides real-time reflected information including orders, inventory, and analytics.
9. Ordoro is a web-based inventory management system that specialises in multi-platform shipping. Designed with small to mid-sized retailers and item-based businesses in mind, Ordoro allows users to integrate all of their e-commerce accounts – including Shopify, eBay, Amazon and Magneto – into one platform.
Ordoro also integrates with users’ accounts from major shipping carriers like UPS and Fedex, which streamlines the shipping process and lets users find cheaper commercial shipping rates.
With Ordoro’s integration capabilities, users can monitor their inventory levels across all of their e-commerce accounts in one place. Its unified inventory management system also features kitting capabilities, which allows users to bundle products into kits.
10. Sellbrite is a cloud-based inventory management system designed for small and mid-sized companies. It offers order management, product management, channel analytics, and inventory control functionalities within a single suite.
Sellbrite helps users manage their online sales by providing them with the ability to list their catalogue of products to various marketplaces. The shipping management functionality of the software enables users to ship their products from various channels, with the help of Ship Station and Amazon integrations.
The solution features inventory management, which allows users to stay updated on inventory levels and control available inventory. Data is automatically updated and synchronised across all listings to reflect real-time inventory levels.
Customised reporting and dashboards track and monitor available stock and inventory levels, meaning users are better equipped to make decisions regarding their inventory control process.
Choosing the best Inventory Management Software
When choosing an appropriate system, it is important to recognise that some solutions are tailored with enterprise-level environments in mind, whereas others are designed for small and medium-sized organisations. Make sure that the software you have chosen fits your particular circumstances.
Inventory Management Software solutions can be complicated and comprehensive retail technology applications, so it is crucial to work with a software vendor who is not only accessible through the set-up and installation process, but provides ongoing support beyond.
It is, therefore, important to choose a vendor who is easy to reach, whether online, over the phone, or through booked consultations, to ensure that the inventory management system is always functioning at maximum capacity.
Types of Inventory Management Software
Inventory Management Software systems are typically categorised by method of deployment – on premise, Saas (Software-as-a-service) and cloud-hosted.
Inventory Management Software can help streamline many areas of a company’s operations. In addition to maximising ROI, Inventory Management Software can help to facilitate more rewarding relationships with customers, vendors, and employees by alleviating the burden of tracking inventory whilst trying to manage daily operations.
While there are standalone products available, inventory management products typically integrate with broader accounting and ERP solutions, recognising the core interdependency between stock control and a company’s wider business processes.