Top Inventory Management Software

Top Inventory Management Software

Inventory management software is a software system for tracking inventory levels :-

orders, sales and deliveries.

Top Inventory Management Software

Top Inventory Management Software – 2019 Reviews & Pricing

It can also be used in the manufacturing industry

to create a work order,

bill of materials and other production-related documents.

Companies use inventory management software to avoid product overstock and outages.

It is a tool for organizing inventory data that before was

generally stored in hard-copy form or in spreadsheets.

Inventory management software is made up

of several key components working together to

create a cohesive inventory of many organization’s systems.

These features include:

Reorder Point :-

Should inventory reach a specific threshold, a company’s inventory management system can be

programmed to tell managers to reorder that product.

This helps companies avoid running out of products or tying up too much capital in inventory.

Asset tracking :-

When a product is in a warehouse or store,

it can be tracked via its barcode and

other tracking criteria, such as serial number, lot number or revision number.

Systems. for Business, Encyclopedia of Business, 2nd ed.

Nowadays, inventory management software often utilizes barcode, radio-frequency identification (RFID),

and/or wireless tracking technology.

Service management :-

Companies that are primarily service-oriented

rather than product-oriented can use inventory

management software to track the cost of the materials they use to provide services,

such as cleaning supplies.

This way, they can attach prices to their services that reflect the total cost of performing them.

Product identification :-

Barcodes are often the means whereby data on products

and orders are inputted into inventory management software.

A barcode reader is used to read barcodes and

look up information on the products they represent.

Radio-frequency identification (RFID) tags and wireless methods of product identification are also growing in popularity.

Modern inventory software programs may use QR codes or NFC tags to identify inventory items and smartphones as scanners.

This method provides an option for businesses to track inventory using barcode

Top Inventory Management Software – 2019 Reviews & Pricing

scanning without a need to purchase expensive scanning hardware.

Inventory optimization :-

A fully automated demand forecasting and inventory optimization system to attain key.

Inventory optimization metrics such as:

Reorder point: the number of units that should trigger a replenishment order.

Order quantity: the number of units

that should be reordered

based on the reorder point, stock on hand and stock on order.

Lead demand: the number

of units that will

Stock cover: the number of days left

before a stockout if no reorder is made.

Accuracy: the expected accuracy of the forecasts.

History :-

The Universal Product Code (UPC)

was adopted by the grocery industry in April 1973 as the

standard barcode for all grocers, though it

was not introduced at retailing locations until 1974.

This helped drive down costs for inventory management because retailers in the

United States and Canada didn’t have to purchase multiple barcode readers to scan competing barcodes.

There was now one primary barcode for grocers and other retailers to buy one type of reader for.

In the early 1980s, personal computers began to be popular.

This further pushed down the cost of barcodes and readers.

It also allowed the first versions of

inventory management software to be put into place.

One of the biggest hurdles in selling readers and barcodes to retailers was the fact that they didn’t

have a place to store the information they scanned.

this hurdle was overcome.

Once barcodes and inventory management programs started spreading through grocery stores,

inventory management by hand became less practical.

Writing inventory data by hand on

paper was replaced by scanning products

and inputting information into a computer by hand.

Starting in the early 2000s, inventory management software progressed to the point where businesspeople

Top Inventory Management Software – 2019 Reviews & Pricing

no longer needed to input data by hand but could instantly update their database with barcode readers.

Also, the existence of cloud based business software and their increasing adoption by

businesses mark a new era for inventory management software.

Now they usually allow integrations with other business backend processes,

like accounting and online sales.

Purpose :-

Companies often use inventory management software to reduce their carrying costs.

The software is used to track products

and parts as they are transported from a vendor to a

warehouse, between warehouses, and finally to a retail location or directly to a customer.

Inventory management software is used for a variety of purposes, including:

First :- Maintaining a balance between too much and too little inventory.

Second :- Tracking inventory as it is

transported between locations.

Third :- Receiving items into a warehouse or other location.

Fourth :- Picking, packing and shipping items from a warehouse.

Fifth :- Keeping track of product sales and inventory levels.

Sixth :- Cutting down on product obsolescence and spoilage.

Seventh :- Avoiding missing out on sales due to out-of-stock situations.

Manufacturing uses :-

Manufacturers primarily use inventory management software to create work orders and bills of materials.

This facilitates the manufacturing process by helping manufacturers efficiently assemble the

tools and parts they need to perform specific tasks.

For more complex manufacturing jobs, manufacturers can create multilevel work orders

and bills of materials, which have a timeline of processes that need to happen in the proper order to build a final product.

Other work orders that can be

created using inventory management software include reverse

work orders and auto work orders.

Manufacturers also use inventory management software for tracking assets,

receiving new inventory and additional tasks businesses in other industries use it for.

Advantages of ERP inventory management software :-

Cost savings :-

A company’s inventory represents one of its largest investments, along with its workforce and locations.

Inventory management software helps companies cut expenses by minimizing the amount of unnecessary parts and products in storage.

It also helps companies keep lost sales to a minimum by having enough stock on hand to meet demand.

Increased efficiency :-

Inventory management software often allows for automation of many inventory-related tasks.

For example, software can automatically collect data, conduct calculations, and create records.

This not only results in time savings, cost savings, but also increases business efficiency.

Warehouse organization :-

As businesses move away from pen and paper processes to automated solutions,

visibility becomes a key factor in inventory management.

Inventory management software can help distributors, wholesalers, manufacturers and retailers optimize their warehouses.

If certain products are often sold together

or are more popular than others, those products can be

grouped together or placed near the delivery area to speed up the process of picking.

In Year 2018, 66% of warehouses

“are poised to undergo a seismic shift, moving from still

prevalent pen and paper processes to automated and mechanized inventory solutions.

With these new

automated processes,

cycle counts will be performed more often and with less

effort, increasing inventory visibility, and leading to more accurate fulfillment,

fewer out of stock situations and fewer lost sales.

More confidence in inventory accuracy will lead to a new focus on optimizing mix,

expanding a selection and accelerating inventory turns.”

Updated data :-

Up-to-date, real-time data on inventory conditions and levels is another advantage inventory management software gives companies.

Company executives can usually access the software through a mobile device, laptop or PC to check current inventory numbers.

This automatic updating of inventory records allows businesses to make informed decisions.

Top Inventory Management Software – 2019 Reviews & Pricing

Data security :-

With the aid of restricted user rights, company managers can allow many employees to assist in inventory management.

They can grant employees enough information access to receive products,

make orders, transfer products and do other tasks without compromising company security.

This can speed up the inventory management process and save managers’ time.

Insight into trends :-

which suppliers they come from,

they are stored is made

possible with inventory management software.

By analysing such data, companies can control inventory levels and maximize the use of warehouse space.

Furthermore, firms are more prepared for the demands and supplies of the market,

especially during special circumstances such as a peak season on a particular month.

Through the reports generated by the inventory management software,

firms are also able to gather

important data that

may be put in a model for it to be analyzed.

Disadvantages of ERP inventory management software :-

Expense :-

Cost can be a major disadvantage of inventory management software.

Many large companies use an ERP as inventory management software,

but small businesses can find it difficult to afford it.

Barcode readers and other hardware can compound this problem by adding even more cost to companies.

The advantage of allowing

multiple employees

to perform inventory management tasks is tempered

by the cost of additional barcode readers.

Use of smartphones as QR code readers has been a way that smaller companies avoid the high

expense of custom hardware for inventory management.

Complexity :-

Inventory management software is not necessarily simple or easy to learn.

A company’s management team must dedicate a certain amount of time to learning a new system,

including both software and hardware, in order to put it to use.

Most inventory management software includes training manuals and other information available to users.

Despite its apparent complexity, inventory management software offers a degree of stability to companies.

For example, if an IT employee in charge of the system leaves the company, a replacement can be

comparatively inexpensive to train compared to if the company

used multiple programs to store inventory data.

Benefits of cloud inventory management software:-

Real-time tracking of inventory :-

For startups and SMBs, tracking inventory in real time is very important.

Not only can business owners track and collect data but also generate reports.

At the same time, entrepreneurs can access cloud-based inventory data from a wide range of

internet-enabled devices, including smartphones, tablets, laptops, as well as traditional desktop PCs.

In addition, users do not have to be inside business premises to use web-based inventory

program and can access the inventory software while on the road.

Cut down hardware expenses :-

Because the software resides in the cloud, business owners do not

have to purchase and maintain expensive hardware.

Instead, SMBs and startups can direct capital and profits towards expanding the business to reach a wider audience.

Cloud-based solutions also eliminate the need to hire a large IT workforce.

The service provider will take care of maintaining the inventory software.

Fast deployment :-

Deploying web based inventory software is quite easy.

All business owners have to do is sign up for a monthly or yearly subscription and start using the
inventory management software via the internet.

Such flexibility allows businesses to scale up relatively quickly without spending a large amount of money.

Easy integration :-

Cloud inventory management software allows business owners to integrate with their existing systems with ease.

For example, business owners can integrate the inventory software with their eCommerce store or cloud-based accounting software.

The rise in popularity of 3rd party marketplaces, such as Amazon, eBay and Shopify, prompted

cloud-based inventory management companies to include the integration of such sites with the rest

of a business owner’s retail business, allowing one to view and control stock across all channels.

Enhanced Efficiency :-

Cloud inventory systems increase efficiency in a number of ways.

Top Inventory Management Software – 2019 Reviews & Pricing

One is real-time inventory monitoring. A single change can replicate itself company-wide instantaneously.

As a result, businesses can have greater confidence in the accuracy of the information in

the system, and management can more easily track the flow of supplies and products – and generate reports.

In addition, cloud-based solutions offer greater accessibility.

Improved Coordination :-

Cloud inventory programs also allow departments within a company to work together more efficiently.

Department A can pull information about Department B’s inventory directly from the

software without needing to contact Department B’s staff for the information.

This inter-departmental communication also makes it easier to know when to restock and

which customer

orders

have been shipped, etc.

Operations can run more smoothly and efficiently, enhancing customer experience.

Accurate inventory information can also have a huge impact on a company’s bottom line.

It allows you to see where the bottlenecks and workflow issues are – and to calculate break-even points as well as profit margins.

Disadvantages of cloud inventory management software :-

Security and privacy :-

Using the cloud means that data is managed by a third party provider

and there can be arisk of

data being accessed

by unauthorized users.

Dependency :-

Sinc maintenanc

is managed

by the vendor,

users are essentially fully dependent on the provider.

Decreased flexibility :-

Depending on the cloud service provider, system and software upgrades will be performed based

on their schedule, hence businesses may experience some limitations in flexibility in the process.

Integration :-

Not all on-mises

systems or service

providers can be synced with the cloud software used.

Top Inventory Management Software List 2019 Reviews & Pricing :-

  1. NetSuite = ⭐⭐⭐⭐ Rating With 472 Reviews
  2. Zoho Inventory = ⭐⭐⭐⭐And Half Star Rating With 286 reviews
  3. Orderhive = ⭐⭐⭐⭐And Half Star Rating With 183 reviews
  4. Dear Inventory = ⭐⭐⭐⭐And Half Star Rating With 179 reviews
  5. Fishbowl Inventory = ⭐⭐⭐⭐ Rating With 609 Reviews
  6. SkuVault = ⭐⭐⭐And Half Star Rating With 21 reviews
  7. Agiliron Inventory Management = ⭐⭐⭐⭐ Rating With 18 Reviews
  8. Lead Commerce = ⭐⭐⭐⭐And Half Star Rating With 13 reviews
  9. SalesPad = ⭐⭐⭐⭐And Half Star Rating With 1 reviews
  10. TradeGecko = ⭐⭐⭐⭐And Half Star Rating With 259 reviews

Top Inventory Management Software – 2019 Reviews & Pricing

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