Inventory management is crucial whether you run a small or large enterprise in manufacturing, wholesale, retail, or any other sector. Effective inventory management and tracking is essential for meeting customer expectations and ensuring timely delivery of products. Without proper care, it gets far more complicated and difficult. Therefore, it may have an impact on your warehouse’s capacity and shipping costs. It is possible to lose a lot of money on an unpopular stock.
The good news is that these issues can be fixed. And the solution is inventory management software. Unique and helpful features that expedite processes and lower risk ensure that these challenges may be dealt with quickly and effectively. Let’s find out what makes this program so special and how it may help your business grow.
What is inventory management?
This software keeps track of a business’ inventories, purchases, and sales in real time. Maintaining accurate stock levels and streamlined product pricing are just two of the many benefits of using this system.
Trading, ordering, transportation, costing, storing, assembling, shipping, and delivery are only some of the tasks that can be automated by the software.
Besides boosting production, cutting costs, and shortening turnaround times, it also does away with the necessity for human labor. It also has helpful insights that can speed up your business’s progress. Today’s businesses have a wide variety of options when it comes to purchasing cutting-edge inventory management software that serves their specific needs. Cloud-based inventory management software that can be updated and synchronised in real time is even more convenient.
The most important features of modern inventory management programs are:
- Increasing stockpile size
- Warehouse organization
- The Tracking of Assets
- Product identification, stock control, and more
What are Distinct Types of Inventory Management?
Inventory management can streamline many operations for a business by using most cutting-edge technological solutions for stocking, ordering, purchasing, shipping, receiving, reordering, tracking, and turnover.
Software comes in many forms and can be used for many purposes:
- Localised stock management applications.
- Systems with periodic updates for smaller businesses with fewer items to handle and periodic data submission needs.
- In order to scan and manage products more efficiently, businesses must pay a membership fee to use RFID tagging. Software that resides on the vendor’s server.
- Perpetual systems are especially useful for large businesses that need to keep track of inventory information on a regular basis.
- Affordable, easily available, requiring no maintenance or upgrades, software hosted in cloud is best solution for business of all kinds.
Here, we’ll go over another choice—cloud-based inventory management software—which has recently exploded in popularity for the aforementioned reasons.
Then again, you could be thinking..
Why do you need an Inventory management Software?
The reply can be found below:
It is crucial for a growing company to stock up on enough supplies. And naturally, the process as a whole is not easy. Time, energy, and materials are all consumed in the process of storing, warehousing, selling, shipping, arranging, and tracking the assets.
You should never oversell products or have customers wait for backordered items, but manual processes make this more likely to happen. It might potentially impact your business financially.
To get the benefits listed below, you require an efficient inventory management system.
Inventory Task Automation
The software’s cutting-edge technology might make it possible to fully automate administration. All of your purchasing, selling, warehouse data, and stock levels may be managed and monitored with the use of an integration.
You can tell how well your company is doing by keeping tabs on key performance indicators and knowing the current state of goods in your warehouse. In turn, this increases productivity since you spend less time on mundane, time-consuming tasks.
Having access to so much data will allow you to provide superior support to your clientele. You can time your inventory buys better, take on more orders, and get them out the door earlier. Customers that experience less waiting time between placing an order and receiving their goods are more likely to become repeat buyers.
Improved Product management
Having enough stock on hand to fulfill customer orders is an ongoing challenge. A common cause of surplus stock is ineffective product management. Cash flow is restricted, losses are sustained, warehouse fees are incurred, etc. when this is done. Inventory management software regulates your products, clears up any bottlenecks in your resources, and keeps the prices accurate.
In addition to these benefits, the application has a low theft rate, speeds up repeat purchases, accurately accounts for financial transactions, keeps tabs on shipments, purchases, and stock changes, and produces detailed reports.
Which Sectors need to Maintain Inventory?
The modern marketplace is much faster and more cutthroat. In light of this, having inventory management software is crucial to the success of any business. These are some of the industries that have found this program to be useful:
- eCommerce businesses.
- Electronic devices.
- Market share for online grocery stores.
- Products ranging from electronics to those related to sports, health, beauty, home, and kitchen.
Further investigation into inventory software may reveal a plethora of options; this can be both time-consuming and irritating.
Top 9 Cloud-Based Inventory Management Softwares for Small to Big Businesses
Review the following inventory management systems to find the best fit for your business.
If you’re looking for a time-saving replacement for managing your stock, Sortly is your best bet. With this QR-code (or barcode) based inventory app, even the smallest item can be easily tracked, categorized, and updated, making it a great fit for small businesses.
Also, if you have an existing stock on hand, you may get started right away by importing it via a CSV file. In addition, Sortly offers smart teamwork by means of differentiated levels of access for different team members.
Moreover, all stock is updated in real time and synced with the cloud, or offline management can be opted for. In addition, you can set up timely reminders and get automated low-stock warnings. You can also create activity-based reports and export them to other formats like PDF, CSV, etc. Last but not least, Sortly provides a free tier with limited features in addition to a 14-day free trial on paid memberships.
Cin7 is trusted by thousands of retailers and sellers because it streamlines inventory management, boosts sales, and allows them to grow their company. You may streamline your business operations by incorporating all of your items, inventory, sales channels, orders, workflows, warehouses, and reports into a single platform with the help of Cin7. It gives your accounting, operations, eCommerce, and inventory control departments the resources they need to thrive.
You may sell your wares online, in retail stores, and to wholesale customers thanks to the adaptable design. Take charge, keep track of everything, and get supplies via purchasing, contract manufacturing, or basic production. Wholesale customers expect accurate pricing, fair payment terms, and accurate bids; in addition, they expect access to distinct product catalogs and other support services. Gain full visibility over every single transaction, from EDI orders to wholesale buys.
Moreover, as orders come in and are processed, the Cin7 flexible fulfillment system keeps your warehouse in order. By streamlining inventory management, order processing, and shipment, it makes running an online store easier. More than five hundred integrations with other systems are possible through this system. These include order processing, shipment tracking, inventory management, process automation, and financial reporting. The list of services that may be integrated with Cin7 is extensive and includes Salesforce, Amazon, Shopify, Xero, QuickBooks, Accent, Synnex, 3PL Center, Shippit, PayPal, and many more.
With Veeqo’s centralized platform, you can manage your stock across all of your stores and sales channels with ease. It has state-of-the-art features that will allow you to provide your customers with the greatest service possible. Incorporate real-time inventory data from a wide variety of online and offline stores and marketplaces. Distribution to any location you want, including real-time stock updates. Veeqo’s multichannel inventory management features include, among others, stock synchronisation, multi-warehouse routing, and stock forecasting.
Also, never again will you oversell or forget about an order thanks to using a unified platform for managing orders from all of your sales channels. Features like as wholesale administration, an app for mobile devices, and interfaces with customer service support desks are included.
The intuitive interface of Veeqo improves warehouse productivity by streamlining processes including product packing, picking, management, and shipment. It has supplementary features such a barcode scanner, automated picking, Veeqo scanning, and warehouse reporting.
Additionally, all of your repetitive tasks, like as sending out orders from many sales channels, keeping track of where they are, and automating the entire process, can be handled from a single location. The ability to print labels, track packages, choose a carrier for deliveries made by automobile, and use those labels in conjunction with the service are all provided.
Moreover, over 40 different systems can be integrated with Veeqo, including e-commerce platforms, over 20 shipping carriers, 3 accounting software, POS systems, and 3PLs. The Veeqo app, which is accessible for both iOS and Android, allows for complete control at the touch of a finger. They also provide you with a Veeqo Scanner, a commercial-grade barcode scanner.
Your company’s production, inventory, suppliers, and consumers may all be efficiently managed with the help of data made available by Unleashed. Distributors, wholesalers, and manufacturers can all benefit from using this platform. You may save time and energy while also improving productivity and maximizing profits with their assistance thanks to their comprehensive set of features. They provide round-the-clock tracking of stock levels and whereabouts. Maintain quick and accurate stock counts and levels regardless of the number of warehouses or items you’re responsible for.
There are several potential advantages to putting Unleashed to use, including the ability to manage margins, issue quick sales orders, implement smart pricing, and keep tabs on inventory across multiple supply chains. Keeping tabs on the production process’s many moving parts by recording data like serial numbers, batch numbers, product bills, auto-assemblies, and assemblies is essential. Always aim for healthy profit margins, and keep a close eye on what it costs to produce.
Moreover, distributors and wholesalers may use Unleashed to manage warehouses in various locations from a central hub, automate stock counts, accept payments in multiple currencies, scan barcodes, and more. Check in on your company’s progress using modern Key Performance Indicators and the BI tools that go along with them.
You can monitor and delve further into your business data with 20+ reports on your operations to find out what’s working and what needs to be optimised. Use the Unleashed Sales app to provide your managers and salespeople with accurate stock data.
Make it possible for your business clients to find answers to their own questions while shopping in your B2B store. Unleashed takes extensive security steps, such as user-account-controlled access and two-factor authentication, to protect your company data and client information. Automate processes by connecting to apps like Xero, Salesforce, Prospect CRM, and more.
To help Omnichannel merchants be more nimble in their day-to-day operations, Brightpearl has developed specialized digital operating software. It helps them boost sales, respond quickly to changing market conditions, and go above and above for their customers. You can automate and centralise critical business activities like accounting, purchasing, point-of-sale (POS), customer relationship management (CRM), business intelligence, and supplier management with the help of Brightpearl’s powerful architecture.
Additionally, if you want to save time and money, you should combine your many sales channels (both online and offline), suppliers, stockpiles, and clients into one database. Shipping, fulfilling orders, allocating inventory, purchasing, invoicing, and accounting are all labor-intensive processes that can be automated across the board.
Better and faster business decisions can be made by transforming data from business operations into financial views, real-time analytics, and product, customer, and sales channel predictions.
Moreover, allow for quick adjustments in the event of unforeseen shifts in the market, the expansion of your business, or a change in your customers’ wants and demands. Agile features of Brightpearl allow for expansion to occur with minimal disruption to ongoing operations.
With QuickBooks, you can control your company from anywhere. To expand your consumer base and exposure, you can post your products on multiple sites and easily manage them. If you want to make sure that your product listing, data, and orders are constantly up to date, you need to be able to track fulfillment and inventory across locations and sales channels in a single place.
You can do a lot of financial analysis for your business with QuickBooks, including looking at your profit margins, revenue, and other costs and revenues. Incorporate robotics into your billing, accounting, bank reconciliation, budgeting, and data entry procedures.
In a snap, you can get everything in order and be ready for tax season. If you want to optimize your deductions and stay in compliance, all you have to do is keep all of your receipts and use their mobile app to keep up to date. As soon as you connect your credit card and bank accounts to QuickBooks, you’ll get a more complete picture of your financial flow. Viewing financial documents like P&Ls and balance sheets only takes a few mouse clicks.
The multiple user mode in QuickBooks makes it possible to keep tabs on business activity while still allowing for individual user access. It makes it easier for your bookkeepers, accountants, and coworkers to conduct their jobs.
Moreover, if you use QuickBooks, your data is protected by robust, standard industry safeguards, and it is backed up automatically so you can access it from any location and any device. Make use of time tracking, cloud accounting, inventory management, and payment processing as part of your individualized accounting solution.
With Orderhive’s simple-to-use yet robust inventory management software, you can put your energy toward growing your business while simultaneously improving efficiency. The software allows for the serialisation of stock in lots and batches, as well as their subsequent synchronisation across different distribution channels, and immediate identification. Whether you’re managing thousands of SKUs across multiple locations or simply one across a single store, the virtual product storage dashboard will make product management much easier.
Deal with product catalogs in addition to standalone, packaged, and variable items. Intelligent labeling and classification, as well as the ability to manage several inventory locations and define different pricing choices, are all at your disposal.
Synchronize offline and online stock and automate rules to keep tabs on your supplies, commitments, and scheduled deliveries in real time. Coordinate the use of multiple storage facilities, including Amazon’s FBA and a third-party logistics provider, and keep track of batch numbers and expiration dates.
Keeping an eye on incoming and exiting stock can help prevent stock-outs and surpluses. Reorder, backorder, and rapidly change stock and price; track packaging, picking, and delivery of products from warehouses; create automatic purchase orders; stock count forms.
Moreover, use up-to-the-moment reports on inventory audit, stocks, COGS, backorders, pricing history, purchase history, and movement summaries to stay informed and make smart business decisions. Multiple services, such as Amazon, eBay, Stripe, WooCommerce, Bluedart, Xero, USPS, and FedEx, can be linked to Orderhive.
For all your stock management needs, Zoho has you covered. It helps businesses with inventory management by coordinating orders, keeping tabs on stock, and managing taxes. Organizing, configuring, and keeping tabs on inventory can all be done within the same program. Products can be organized into groups according to their attributes, and inventories can be tracked as they move between storage facilities and checked for expiration dates and serial numbers.
Uphold a first-rate customer lifecycle by controlling order processing and shipping without requiring additional data collection at each stage. Make sales orders into invoices, transmit them by email, and keep tabs on their progress all with just a few clicks.
Manage vendor payments and invoices without breaking a sweat, and do it without risking the loss of sensitive information or damaging existing partnerships. This calls for setting up pricing lists with automatic updates, keeping tabs on invoiced amounts paid and owed, setting up back orders, beginning drop shipping, and maintaining an order history.
Moreover, tools like Crossfire EDI’s automated order receiving capabilities, accounting software like Zoho Books, and customer relationship management platforms like Zoho CRM can all contribute to the growth of your firm.
Appreciate the convenience of automation tools like URL rewriting via web hooks, barcode scanning, Deluge Script, and more. With Zoho, you can set reorder points for low stock, combine items with the SKU generator, and generate reports quickly to monitor business performance.
9. DEAR System
DEAR is a cloud-based enterprise resource planning system that facilitates integration, management, and expansion across several sales channels. Manufacturing, wholesale, and retail establishments can all benefit from this system because of how well it manages their stock. With the help of this multi-module inventory management, you can streamline operations, increase productivity, and speed up expansion of your business. Having all aspects of sales channel management in a single piece of software is a huge time saver.
Moreover, you can make better decisions about production, sales, and more thanks to transparent dashboard, where all invoices and other data are visible. Integrating VAT-compliant inventory and accounting software can help businesses reduce their exposure to risk. Sell across channels with ease and efficiency using their retail POS system, which is user-friendly, quick to use, and feature-rich. Their state-of-the-art Warehouse Management Software helps save money and makes delivery easy (WMS) DEAR takes advantage of automation all the way through, from the workflow itself to the precise data it produces. It also makes it easy to settle bills and finalize transactions between businesses. Production scheduling, scheduling of raw materials acquisition, and capacity planning are all within your control.
No more Excel docs here. Managing stock is now easy, safe, and efficient thanks to modern and evolving technologies. Use inventory management software to maintain track of your company’s stock, orders, fulfillment, accounting, invoicing, payments, and performance metrics.