Setting up a commercial business in this super-competitive industry is challenging, labor-intensive, and time-consuming. In addition to monitoring inventory, management should also meet customer expectations, which can be extremely taxing.
Organizations look forward to assisting in the development of advanced software that accurately manages inventory, eliminates overproduction, overbooking, and waste, and lowers costs.
The success of a business depends on having an effective inventory control management system. Currently, some inventory management software options might be the wrong task for the business.
You can choose the fittest inventory management software by taking into account several factors. This guide will assist you in determining your company’s needs and selecting the appropriate software.
Features of Inventory Management
Here is a closer look at the features of an inventory management program and how they’ll help your business.
- Point-of-sale integration: You can monitor transactions at retail stores and on e-commerce platforms thanks to integrations with your inventory management and POS system. The amount is instantly deducted from the total inventory when a product is inspected at a register or added to an online cart for checkout. This feature is crucial for companies with various channels of sales because it hinders the ability to remember transactions that could skew inventory.
- Inventory Category: Many retailers carry a variety of the same product type, such as, for example, T-shirts in various sizes and colors. Inventory management software often includes a catalog that distinguishes products by size, color, and other characteristics and tracks how many smalls, mediums, and larges are in stock, as well as how many of each size is available in various colors.
- Automated reordering: You choose the bare minimum of an item you must have on hand using the order-management tools provided by the software. Your inventory is automatically reordered by the software once it reaches that pre-specified quantity. With the aid of this tool, you can avoid both operating out of stock and having an excessive amount on hand. The most sophisticated programs examine historical sales data and modify reordering points and quantities, taking into account the lead time for items to be ordered from suppliers and shipped out.
- E-commerce integrations: While some businesses only conduct business online, many rely on it to support their physical sales. The best e-commerce platforms, such as Shopify, and online marketplaces like Amazon, integrate with a variety of e-commerce channels.
- Barcode scanning: Users have to understand the quantity of each item they have on hand and also where they are physically kept when stocking a warehouse or a storage area behind your retail store. Staff members can quickly and easily scan goods as they turn up and are placed into storage thanks to barcode scanning. The staff can then quickly locate the item’s storage location and scan it after it sells. Your inventory is automatically updated after each scan. A simple QR reader on a Smartphone can perform some barcoding functions, reducing the amount of hardware you need to buy.
- RFID capabilities: Radio Frequency Identification (RFID) tags, which inevitably track an item’s movement through a warehouse without having to scan it, are supported by the most cutting-edge inventory management software. Items are automatically logged as they enter the loading bay, as employees arrange them in aisles and bins, and as people leave the warehouse for their destination by attaching RFID tags to the items and installing an RFID barcode scanner throughout the storage facility. By doing this, location tracking is further automated, and it prevents inaccurate data from being entered into the inventory management system because of human errors like an employee forgetting to scan an item after having to move it.
InFlow Inventory, as a powerful inventory management software program, enables one to create a reliable and efficient workflow.
It’s developed to assist item-based businesses to track inventory, managing orders, creating invoices, compiling reports, and managing some trade and transaction activities.
Companies of every kind, huge, medium, and small, rely on inFlow to provide their offices with a comprehensive view of the situation using data analysis to support wise choices.
Additionally, it includes barcoding, sales, and procuring solutions. The procedure can be optimized with the aid of built-in analytical reporting tools, and the product has integrations with a variety of outside software vendors and e-commerce platforms.
InFlow inventory is a cloud-based application that can be used on mobile Android and iOS devices. It is installable locally on windows machines.
Organizations in a variety of fields, including web development, professional sports, telecommunications, manufacturing, retail, and manufacturing use the product. The pricing ranges from $69 per month.
Small companies (retail, manufacturing, and warehouses) that use third-party applications like QuickBooks, Salesforce, and Shopify can benefit greatly from Fishbowl inventory management software.
Fishbowl is well-known in the manufacturing industry, in addition to its core inventory features; it also offers sales order management, bill of materials, and shipment tracking.
Instead of paying a fee for a monthly subscription, Fishbowl charges an upfront licensing fee of $4,395. If you keep perishable goods on hand, you can track items by serial number, lot, and expiration date. Product barcoding is made available by the platform’s integration with scanning hardware.
For growing and small businesses that require space for their software to diversify, it is a good option. A true SaaS solution for its clients was recently made available by Fishbowl with the release of an online edition of all its inventory management software. The following features are included in the software’s online version, according to the company:
- The remote system and barcode scanner features of the Fishbowl Online mobile platform.
- There are numerous integrations, including those with Amazon, Shopify, WooCommerce, Stripe, QuickBooks, QuickBooks Online, and Xero.
- Stock alerts, reordering, shipping, and receiving are all included in full-featured inventory management.
An e-commerce platform, a warehouse management tool, and point-of-sale software can all be integrated with Cin7’s cloud-based inventory management software.
It’s a price-competitive platform that can scale up with your company as it expands, starting at $299 per month. This excludes the need to swap to a new structure when adding sites or storage areas.
Barcode, batch, first-in, first-out, and serial tracking are just a few of the tracking techniques that Cin7 provides.
Strong reporting capabilities built into Cin7 give you access to information about your inventory as well as pertinent data from other integrated systems, like your accounting program.
4.Lightspeed Inventory Software.
One of the most cost-effective inventory management programs we analyzed, Lightspeed has a monthly starting price of $69 only.
The top price tier, which is $229 per month, is still reasonable. Lightspeed supports a catalog of customized product variants by size, color, material, and other factors, making it an excellent choice for smaller firms with a variety of products.
Multiple locations can use serial tracking with Lightspeed. It has tools for managing orders that make it simple to reorder supplies from suppliers.
Custom reorder points allow you to program the software to automatically create new purchase orders when your stock drops below a predetermined level. You can set prices and provide discounts or promotions using the system, which also gives you price control.
The cloud-hosted inventory administration platform Finale Inventory is made for high-volume, multi-channel e-commerce and warehouse control applications.
The software provides a centralized inventory solution that allows businesses to obtain a precise inventory count for their product lines, as well as those stored in various warehouses.
The system has features for managing orders, wireless barcode scanning, creating barcode labels, and inventory accounting, as well as an analytics dashboard that makes it simple for businesses to monitor their inventory.
Including online marketplaces like Amazon, eBay, Etsy, and Shopify as well as accounting programs like QuickBooks, Finale Inventory incorporates more than 40 different software solutions. Clients can sign up for just a free 14-day trial of the software to test it out before signing up for a plan that starts at $99/month.
The intuitive user interface from the legacy system is still present in QuickBooks Commerce, formerly known as Trade Gecko. Another affordable option is QuickBooks Commerce; depending on the level of service you choose, the cost varies from $70 to $150 per month.
It seamlessly integrates with QuickBooks accounting software, as you might anticipate. Inventory tracking is supported across numerous places and sales channels by QuickBooks Commerce. Overall, for small businesses, it is a straightforward but efficient inventory management solution.
Pogi by SimplyRFID and QuickBooks are now integrated. The software platform keeps track of information from RFID tag scans that reveal the location and history of inventory.
For mid-sized and big businesses with numerous locations or intricate supply – chains, such as manufacturers who depend on tracking raw resources entering the facility and finished goods leaving it, RFID tags are incredibly valuable.
Users of QuickBooks inventory management have an easy and simple way to import vital information about the location of inventory and the status of important deliveries.
7.Monday.com Inventory software.
In addition to being a tool for time and project management, Monday.com is also loaded with features for inventory management. By using Monday.com, you and your company can:
- Customer support.
- Setting up collaborations internally and externally.
- Manage multiple workloads at once.
- Employee management.
To create harmony throughout your entire business, Monday.com Work OS is specifically intended for integration into other software systems. Since Monday.com can accommodate the requirements of any project, process, or workflow, it is appropriate for groups and businesses of all sizes.
The best part is that you don’t have to be an expert computer user to set everything up because the Work OS offers a no-code/low-code open platform for developing widgets, workloads, system integration, and applications. The pricing plan starts at $24.00 and there is also a free trial with access to limited features.
8.Upserve Inventory Software.
This is for those who work in the beverage and food sectors. The features listed below are available to users of the Upserve inventory management software.
- Integrated logbook.
- Tip adjustments.
- Shift notes and workforce management.
Upserve, which ranks among the best food inventory management programs, gives managers and business owners access to POS systems with an iOS or Android operating system.
With a centralized platform to manage their entire business, this cloud-based inventory management solution enables companies to increase efficiency, track orders easily, and boost profits.
Additionally, since Upserve is a system for managing restaurant inventory, users can set access levels so that managers can securely confirm changes to checks and establish automated tip levels. The pricing goes at $59.00 per month with no free trial.
9.Ordoro- e-commerce Inventory Software.
Ordoro as the best inventory management software for e-commerce is used for scaling sellers, providing users with the means to compete with big-box stores. When it comes to managing your online inventory, Ordoro is fantastic for sellers looking for:
- An open API.
- Advanced analytics.
- Handling dropshipping inventory.
- Shipping management.
With features like automated dropshipping, omnichannel inventory management, and shipping label creation, Ordoro enables you to integrate your various sales channels and enhance your fulfillment workflows.
The fact that Ordoro can be used without cost is by far its greatest benefit. Users have access to a free 30-day Onboarding session, which is available without any setup fees or monthly subscriptions. The prices start at $59.00 per month with a free version too.
10.Spocket-Dropshipping Inventory Software.
Sprocket is a drop shipper’s best friend and the go-to resource for business owners who use this method of distribution.
Spocket enables you to:
- Import products.
- Get automatic inventory updates.
- Get automated order fulfillment and track orders in real time.
- Easily find research and sell products.
To launch their dropshipping business, sellers can use Spocket to search among multitudes of US and EU suppliers. Before making a purchase, they can order product samples and gather information using Spocket. This is the tool for you if you want to start your Dropshipping business as swiftly as possible. Its pricing plan is $54.99 per month with a 14 days trial.