Summary
Depending on how you apply it in your business, you can expect to boost your business by boosting revenues and automating inventory processes. Take time to learn how to optimize the right inventory management software to better your company.
Utilizing inventory management software will help you save money on hardware expenditures while improving tracking and organization in your warehouse. With the application, businesses can simply manage orders, sales, and deliveries and deal with problems like product overstock or outages.
Using inventory software can increase operational effectiveness, customer satisfaction, and overall profitability.
However, comparing all the available inventory management software options could be time-consuming.
To help you get started, I gathered some of the best choices and offered some of my top choices. I’ve organized them based on factors like cost, functionality, and more.
What Is Inventory Management?
Inventory management is the process of monitoring all incoming and outgoing supplies and goods. Almost all businesses that manufacture or sell products keep an inventory. Retail goods, for instance, might be stored by business owners in a store or warehouse. Manufacturers need components for assembly, and the movement of goods from warehouses to retailers or sellers must be monitored.
What Is Inventory Management Software?
Inventory management is more than just keeping an eye on what you keep in your warehouse or retail storeroom; it encompasses a lot more. It also helps keep track of stock inventories, including individual parts and combinations of parts used to construct different items and administrations.
Inventory management is also part of determining what your best customers or supply partners have in stock. If you only use a spreadsheet to keep track of all of these things, it can quickly become difficult for small to medium-sized businesses (SMBs) to do so.
Inventory management software is required in order to connect the product information in your inventory with all of the other data platforms that your business uses. Settling on the right programming bundle for your business can be troublesome as the need might arise to weigh required features against the best pricing.
While “inventory management” may sound like it’s just a simple way to keep track of your possessions, the program actually goes much further. The software should be integrated with at least one additional back-end office system, such as your accounting application.
Inventory management software may be used to calculate the cost of the goods in your inventory for accounting reasons. It is the responsibility of the software to follow such warehouse products through the buying, selling, or using procedures, to find them in one or more warehouses, and to determine the inventory price.
Benefits Of Inventory Management Software
The time spent tracking inventory you buy and sell is reduced with the installation and use of inventory management software. However, inventory management software offers small business owners a number of advantages, such as:
Fewer mistakes
Manual data entry is prone to mistakes. Utilizing inventory software, you may automatically update numerous sales channels and scan barcodes.
Enhanced productivity
Automating technologies take care of tedious chores in the background so business owners may concentrate on more important issues.
Inventory optimization
Keeping the proper balance of stock is essential for both your budget and customer satisfaction. You have visibility into this process thanks to the program.
Higher profits
Accurate inventory management minimizes waste and aids in the detection of theft, while productivity gains enable you to accomplish more without increasing personnel costs.
Enhanced customer experience
Customers receive better service and more sales as a result of a smooth and transparent ordering and delivery procedure.
What It Is Best For
Inventory management software is used by companies to keep track of stocks and boost the effectiveness of their supply chains. This is made simpler by using inventory management technologies, which also provide accurate financial reporting, minimize inventory theft incidences, improve inventory tracking, and increase supply chain visibility for suppliers.
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What Is The Best Inventory Management Software?
We have reviewed several software providers and have listed some of the best options for inventory management software below:
1. Cin7
Cin7 is a powerful inventory management program that includes a wealth of integrations, stock tracking, automatic purchasing, and multi-warehouse management solutions in packages that are affordable for most businesses. Cin7 offers a seamless end-to-end order, inventory, and shipping management solution when combined with online shops and marketplaces, and the shipping software of your choice.
With top-notch stock tracking and warehouse management tools, Cin7 offers complete order, inventory, and shipment management. Stock levels in various warehouses may be synced, and parts for packaged and assembled goods can be tracked.
Purchased orders can be automated based on sales velocity, and orders can be forwarded automatically to warehouses and drop-ship suppliers for fulfillment. The integrated point-of-sale (POS) feature offered by every Cin7 plan allows you to track both in-store and online sales.
A POS for in-store sales, seamless multi-channel online sales possibilities, and fulfillment and purchasing automation are all features of Cin7 that are suitable for quickly expanding online businesses. In addition to comprehensive online courses and knowledge base materials, Cin7 offers 24/7 assistance for all programs.
Pros
- Free for Shopify customers only.
- Free 15-day trial; no credit card needed
- Multi-channel inventory changes in real-time
- integrates with leading shipping and e-commerce platforms
- Automating orders across multiple warehouses, including Amazon FBA
- POS systems built-in to all plans
Cons
- $100 minimum for the setup fee
- only Google Play currently offers mobile applications
- a shipping add-on is necessary
- The base plan has no EDI connections.
- Doesn’t provide a risk-free trial
2. inFlow
This user-friendly platform offers business-to-business (B2B) showrooms where clients can look through and purchase your products, as well as a common inventory database.
With benefits tailored exclusively for B2B and wholesale organizations, inFlow offers all the stock monitoring, purchasing, and fulfillment tools you would expect from sophisticated inventory management software. The stock management solution from inFlow satisfies the needs of both producers and merchants from beginning to end.
It offers multi-warehouse management, drop shipping, and automated purchasing in addition to supporting components, assemblies, and final unit tracking with or without barcodes. The top e-commerce platforms, marketplaces, shipping applications, and third-party logistics (3PL) suppliers are all integrated by inFlow.
The features for B2B and wholesale are where inFlow excels over the competition. Select inventory products can be used to build virtual showrooms, and you can control the information that different clients view, including pricing, minimum orders, and shipping times. Additionally, inFlow enables B2B quotations and invoicing, order routing for sales reps, manufacturing production workflows, kitting for made-to-order goods, and location mapping for effective pick-and-pack procedures.
On business days, inFlow offers live phone help during specific hours, as well as email support, live chat support, a comprehensive online resource center, and video lessons. For startups and growing businesses that focus on the B2B and wholesale markets, as well as for any online retailers and merchants who sell to both consumers and businesses, InFlow inventory management is a top option.
Pros
- 14 days risk-free test; no credit card required
- Two to six hours for setup assistance
- 32 reports and above available
- A feature of the virtual showroom portal for wholesale and B2B sales
- Order routing and labeling by sales reps
- Ideal for B2B and wholesale, one-click quotes, orders, and invoices
- There is a monthly and annual billing options
Cons
- Sporadic telephone assistance
- Only the most expensive plan option offers limitless integrations
- Certain functions are only accessible through a Windows download
- Plans based on monthly sales can be forced to upgrade by growth.
- Only higher plan tiers get access to the virtual showroom.
3. Zoho
Zoho Inventory is an online inventory management tool that provides both robust free and affordable subscription plans. The best option that is completely free is Zoho Inventory, which enables you to add items, complete orders, and view inventory from any device.
For new and expanding enterprises, Zoho offers feature-rich inventory management software at unbeatable prices. All forms of shipping-based enterprises are supported by the end-to-end order management, inventory monitoring, and shipping capabilities provided by Zoho.
Even the “composite items,” as Zoho refers to them, that allow for product bundling and kitting are accessible in the free edition. Any company that sells customized, made-to-order, or subscription box goods has to have this capability.
Only Shopify and Zoho Commerce, as well as the online markets on Amazon, Etsy, and eBay, are supported by Zoho. If these are your preferred sales channels, Zoho should be taken into account.
This cloud-based program can be used on computers, tablets, and mobile devices. Both Android and iOS apps and a web browser can access it. It is FIFO method-compatible.
Autofill purchase orders, one-click dropship management, and multi-warehouse administration are examples of time-saving features. The best part is that Zoho’s top-tier plans accommodate large-scale sellers, allowing you to start small and stay with the platform as you expand.
With a one or two-hour average response time via chat, email, and phone, Zoho also has a sizable online knowledge library. Small businesses and startups in the e-commerce space that utilize Shopify, Zoho Commerce, and other compatible marketplaces will value all that Zoho has to offer for sophisticated inventory, supplier, and order management.
Pros
- 14-day risk-free test
- Several shipping choices
- Logical desktop and mobile applications
- Free and inexpensive options begin at $59 monthly
- Automatic purchase order creation for drop shippers and suppliers that saves time
- Integrates with the apps Sign, Analytics, Zoho Books, and CRM
- Incorporates Shopify
Cons
- Limited consumption with the free plan
- On a free plan, there is no serial or batch tracking.
- Limited integrations with accounting
- Only a few marketplace and e-commerce integrations
- Monthly orders determine pricing, and growth requires plan updates.
4. Ordoro
Ordoro is a complete inventory management system that automates all facets of multi-channel sales, from shipping to supply chain management and inventory tracking based on parts. In addition to syncing retail inventory through POS connections with Square, Shopify, and other platforms via open API, Ordoro syncs inventory levels and shipping status in real time with almost every e-commerce platform and online marketplace.
Ordoro stands out from the competition for many users because of its purchase automation. Additionally, it generates one-click purchase orders based on sales projections or reorder quantities and automatically transmits orders to various warehouses and dropship partners for fulfillment.
In terms of manufacturing and order bundling, Ordoro is a titan. Custom items, made-to-order products, and subscription boxes benefit greatly from kitting features that track raw materials, component shipments, and final goods that are prepared for shipping.
Starting at 9 a.m., Ordoro offers live phone help until 6 p.m. Along with help tickets and an online knowledge base, the hours are Monday through Friday.
Ordoro is perfect for multi-channel e-commerce companies that need to track raw materials and parts for kitted items, sync inventory across all sales channels, and manage dropship and supplier purchase orders with ease.
Pros
- synchronize inventory, orders, and delivery with most online shops and marketplaces
- Sell and monitor packed, kitted, and assembled goods.
- Automate multi-warehouse management and dropshipping
Cons
- Plans for stock are expensive.
- There is no remote management software or mobile stock counting app.
Get The Best Software for Inventory Management
The finest inventory management software for your business is one that accommodates the way you make purchases and makes sales. It’s crucial to assess software based on your unique sales channels and your inventory valuation approach because an e-commerce shop selling on Amazon has distinct requirements from a small manufacturer.
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