Inventory management is an important part of every business, big or small, in manufacturing, wholesale, retail, or any other field. It’s your job to meet your customers’ needs and deliver items on time, which requires good inventory management and tracking. But if you don’t pay attention, it gets much more boring and hard. As a result, it may affect how many orders you can fill and how much it costs to run your warehouse. You could even lose a lot of money on a stock that doesn’t sell. But don’t give up, because there is a solution out of these problems. It is also inventory management software.
It makes sure that you can deal with these problems quickly and well by giving you unique and valuable features that help you streamline and take risks. Let’s find out more about this software and how it might be able to help your business grow.
What Is Inventory Management?
A company’s current inventory, purchases, and sales can all be tracked and managed with the help of inventory management software. Maintaining efficient stock levels and streamlined product pricing are only two of the many benefits of using this track. In addition to assisting with logistic product management, the software can assist numerous processes, including buying, selling, transporting, pricing, warehousing, assembling, shipping, and delivering goods.
The time, money, and effort spent on physical labour are all reduced or eliminated as a result. More than that, it provides valuable information to assist speed up your business’s progress. These days, there is a wide variety of inventory management software and apps available on the market, each tailored to a specific business vertical, set of operations, and set of assets. Since it can be updated and synchronised in real time, cloud-based inventory management software is much more practical. Key features of current inventory management systems include:
- Setting up the warehouse
- Product identification
- Inventory optimization
- Tracking assets
- even more
What Are Its Different Types?
Utilizing the most advanced technologies for storage, ordering, purchasing, shipping, receiving, reordering, tracking, and turnover, inventory management software can facilitate the integration of a company’s numerous responsibilities. Well, there are numerous sorts of software available that serve different purposes, including:
1- RFID software helps scan and manage products more efficiently, but it is pricey.
2- Larger businesses that need continuous inventory data recording benefit greatly from the use of perpetual systems.
3- Software hosted in the cloud is perfect for businesses of all kinds since it is inexpensive, accessible from anywhere, and requires no maintenance or upgrades.
4- On-premises inventory management software
5- Periodic systems for small businesses that must regularly give data and maintain fewer products on hand.
6- Barcode systems for rapidly locating and moving inventory
7- The fee-hosted hosting of software as a service (SaaS) solutions on the vendor’s server.
Cloud-based inventory management software, which has recently acquired popularity for the abovementioned reasons, will be the subject of this section. Nevertheless, you could be thinking,
What Is The Need For Inventory Management Software?
Maintaining appropriate inventory is crucial for a developing business. And the whole thing isn’t going to be easy. It takes a significant amount of time, personnel, and effort to track assets from storage, warehousing, trading, shipping, and organising.
Manual labour diminishes efficiency and adds time delays, and as a business, you never want to oversell your products or suffer from backorders. It could affect your sales and profits. This is why you need an efficient inventory management solution to get the following advantages:
Increases Productivity
When you know how your products are doing in your warehouse and can keep track of metrics, you can see how your business is doing. So, you might save a lot of time that you would have spent on repeating tasks and doing things by hand. This could make you more repetitive.
Inventory Task Automation
The software is able to automate the entire management process by utilising strong tools. For instance, you can integrate to manage and track purchases, sales, warehouse data, and stock products.
Customer Satisfaction
You will be able to better serve your customers as a result of all of the information at your disposal. You can purchase stocks at the right time, take more orders faster, and ship and deliver products more quickly. Customer satisfaction increases as a result of the speedy processing of their orders, and they are more likely to return and make another purchase to become a loyal client.
Better Product Management
To meet customer needs, you should always have a little extra stock on hand. Poor product management can cause businesses to have too much of a product. In this way, they risk running out of money, incurring money, incurring to pay warehouse fees, and so on. Inventory management software takes care of these issues by keeping track of your products, preventing resource bottlenecks, and making sure your prices are correct. Aside from these benefits, the software reduces storage problems, speeds up repeat purchases, does correct financial accounting, monitors shipping, purchases, and stock transfers, does accurate reporting, has a low theft rate, and much more.
What Industries Need To Maintain Inventory?
The modern business environment is more swift and cutthroat. As a result, having inventory management software is crucial to your business’s success. Specifically, the following sectors need this programme:
- Technology-based gadgets
- Sports equipment, medical supplies, cosmetics, furniture, cookware, and other household necessities
- Distribution of Food
- Businesses based on the Internet
It can be a tedious and unpleasant software to investigate the many inventory software options accessible. You can save time and energy by researching and selecting the most unique inventory management software for your organisation from the options based below.
1. Veeqo
Veeqo’s one platform gives you full control over your inventory, no matter how many warehouses or sales channels you use. It is full of the best-in-class features that will help you give your customers a great experience. Keep track of your inventory in real time across many sites, physical locations, and markets. You can sell anywhere you want, and you can get real-time updates on how much stock you have. Veeqo also has features for multichannel inventory, such as synchronising inventory, routing between multiple warehouses, inventory forecasting, and more.
Use a single platform to manage orders for all of your sales, so you never miss or oversell orders again. You also get features like return management, integrations with helpdesks, a smartphone app, and wholesale management. Use Veeqo’s simple platform to make your warehouse more productive. It makes it easy to pack, select, manage, and ship your products. It also has features like a barcode scanner, automated picking, a Veeqo scanner, and warehouse reporting.
Ship orders quickly in bulk from many sales channels, keep track of deliveries, and automate all of your time-consuming tasks in one place. Shipping labels can be printed, packages can be tracked, auto carriers can be chosen, and shipping labels are already built in. Veeqo works with more than 40 different solutions, such as eCommerce platforms, more than 20 shipping carriers, 3 accounting software, point-of-sale systems, 3PLs, and others. The Veeqo app, which is available for both iOS and Android, lets you manage anything with your fingertips. They also give you the Veeqo Scanner, an enterprise-grade barcode scanner, to help you out.
2. Cin7
Cin7 is used by thousands of sales and sellers worldwide to streamline their inventory management, boost revenue, and manage their companies. In order to streamline your business’s many manual procedures, you need a powerful tool like Cin7 to connect all of your products, stock, sales channels, orders, processes, warehouses, reports, and so on. It equips the departments in your organisation responsible for finances, operations, e-commerce, and the warehouse with the tools they need to succeed.
It has flexible features that let you sell your products in a variety of settings, including online, in retail stores, and at wholesale. Manage complete order and efficiency in all aspects of production by resorting to purchasing, contract manufacturing, or fundamental production methods. When selling wholesale, it’s important to be able to set accurate prices, payment terms, and quotations, design specific product catalogues, and offer supplementary support to your B2B clients. Take full charge of all your business dealings, from EDI orders to wholesale purchasing.
When orders start coming in and you start processing shipments, Cin7 can help you get your warehouse in order. Automating stock monitoring, order processing, and shipping helps sell sales-related stress for online stores. Over 550 connectors are available for use with the programme to manage the shipping of orders, shipments, inventory, operations, and finances. Cin7 may be integrated with a wide variety of popular tools, including but not limited to Salesforce, Amazon, Shopify, Xero, QuickBooks, Accent, Synnex, 3PL Center, Shippit, PayPal, and many more.
3. Brightpearl
Brightpearl’s retail-tailored digital operation software is developed to support Omnichannel organisations and their operational agility. It aids them in generating sales, adapting to changing market conditions, and exceeding customer expectations. Furthermore, Brightpearl assists in the automation and centralization of critical operations such as inventory, post-purchase, order management, fulfilment, warehousing, shipping, accounting, purchasing, POS, CRM, business analytics, and supplier management.
Consolidate your physical and online sales channels, suppliers, inventory locations, and customers into a one system to save time and money. Automate time-consuming operations such as shipping, order fulfilment, inventory allocation, purchasing, invoicing, and accounting. You can transform your business operation data into valuable, actionable insights to help you make better and faster business decisions by using financial views, real-time analytics, and projections on products, customers, and sales channels. Allow for quick changes in the event of unexpected market events, business expansion, or increased client demand. Brightpearl’s agile capabilities allow you to easily scale without losing business operations or facing time delays.
4. DEAR Systems
DEAR is a cloud-based business resource planning (ERP) solution that enables firms connect with several sales channels, manage them, and develop. It is a great inventory management solution for manufacturing, wholesale, and retail enterprises. This multi-module inventory management software expedites the growth of your business with its remarkable features and time-saving automation. In addition, it simplifies operations by merging features for managing sales across several channels into a single software package.
With readily accessible invoices and other data on the intuitive dashboard, you can make informed decisions regarding manufacturing, production, and sales. To reduce financial risks, you may combine inventory and accounting software that is compatible with VAT. Sell their clear, simple-to-deploy, and robust retail POS system to facilitate sales on several platforms and business organisation. Reduce costs by streamlining fulfilment with their outstanding Warehouse Management Software (WMS). DEAR uses automation extensively, from process to exact reporting. In addition, it supports B2B payments for all invoices and completed orders. You can effortlessly manage everything, including production planning, the schedule for purchasing raw materials, and capacity planning.
5. Orderhive
Orderhive’s easy-to-use but powerful inventory management software assists you in optimising operations so you can focus on developing your business. Serialize inventory in lots and batches, auto-sync it across several sales channels, and use software to quickly identify it. You can simplify product management by using the virtual product storage dashboard, whether you have hundreds of SKUs or just one, several storefronts or just one.
Manage your product catalogues, which contain standard, bundled, and variant items. You may set up a variety of price options, export and import bulk product data, create and print barcodes, manage various inventory locations, and take advantage of smart labelling and classification. Track your stocks, obligations, and due arrivals in real time, integrate offline and online inventory, and apply automatic rules. Manage batch numbers, expiry dates, and multi-warehouses like Amazon FBA and 3PL.
Keep an eye on departing and incoming inventory to avoid underselling or overselling. Set out-of-stock and low-stock alerts, reorder levels, automatic PO creation, stock count forms, track packing, picking, and shipping products out of warehouses; reorder, backorder, and change stock and pricing instantaneously. You may stay up to date and make smart business decisions with precise, real-time information on inventory audit, stocks, COGS, backorders, pricing history, purchase history, and movement summary. Orderhive is compatible with a wide range of platforms, including Amazon, eBay, Stripe, WooCommerce, Bluedart, Xero, USP, FedEx, and others.
Final Words
People no longer use spread sheets. Instead, new and developing technology makes it simple, quick, and possible to manage track of your inventory. So, use inventory management software to easily keep track of stock purchases, storage, accounting, orders, fulfilment, billing, payments, and the success of your business.