At listcos.com, we care about your business needs for software and service requirements. Trying out different inventory management software options can be a bit tedious. Our research team has compiled a list of the top 5 software solutions for your inventory management need. This article will help small, medium and large organizations understand the importance of inventory management and what automation options are available in the market that can make your operations more efficient and profitable.
What is Inventory Management?
Inventory management is the process of tracking, managing and organizing a company’s inventory of goods or products. This includes monitoring inventory levels, tracking inventory movements and sales, and reordering products when stock levels get low.
The main goals of inventory management are to ensure that the company has sufficient inventory to meet customer demand, while avoiding overstocking which can lead to excess costs and waste. Effective inventory management also helps to minimize the cost of holding inventory, such as storage and insurance, and prevent stockouts which can lead to lost sales and unhappy customers.
Inventory management typically involves a range of tasks, including:
- # Forecasting demand: Predicting how much inventory will be needed to meet customer demand.
- # Tracking inventory levels: Monitoring inventory levels and usage to ensure that there is enough inventory to meet demand.
- # Reordering inventory: Placing orders with suppliers to replenish inventory when stock levels get low.
- # Managing inventory storage: Ensuring that inventory is stored properly and safely, and optimizing storage space to minimize costs.
- # Analyzing inventory data: Reviewing inventory data to identify trends and patterns that can be used to improve inventory management processes.
Overall, effective inventory management is essential for businesses of all sizes and helps to ensure that they can meet customer demand, optimize costs, and improve overall business performance.
Software for all your inventory management need
Inventory management software is essential to developing your inventory tracking and management process, especially as your business expands.
Inventory management software provides an overview of your entire inventory, helping you maintain optimal quantities so you can continue to fulfil orders without having too much of a particular product. it automates critical tasks and reduces the potential for human error, especially through integration with key systems such as accounting software and point of sale.
This is how inventory management software can save your hard-earned business money.
Inventory management software is a powerful resource for businesses that want to stay competitive and control costs.
Automation can ;
- Reduce the need for excess inventory,
- Automate tedious inventory management tasks,
- Improve customer satisfaction.
One of the great benefits of using inventory management software is its ability to help you determine optimal inventory levels, meaning you always know exactly how much stock you need. This advanced inventory tracking reduces resource waste caused by unnecessary purchases and frees up storage space. In addition, time spent on manual tasks is minimized, which saves labour costs and frees up resources for other activities, such as marketing campaigns or customer service projects.
Why your Business deserves an automated inventory management system
An ideal inventory management software can save money and time, allowing you to focus on other business areas.
- Ability to create reports, set alarms and notifications.
- Integration with accounting and delivery software. This ensures a smooth process and helps prevent mistakes.
- Barcode and RFID compatibility. This makes it easier to track your inventory and speeds up the ordering process.
- Ability to track stock levels, reorder points and delivery times.
- Equivalent customer service. This is important if you encounter problems or need additional technical support.
Choosing the best inventory management software for your business can be a challenging task. Here are some key factors to consider when selecting an inventory management software:
- # Features: Look for a software that offers features that meet your business needs. Consider what functions you need the software to perform, such as inventory tracking, stock management, order management, purchase order management, and sales forecasting.
- # Ease of use: The software should be user-friendly and easy to navigate. It should also be easy to install and integrate with other systems and software used in your business.
- # Scalability: Choose software that can grow with your business. It should be able to handle a growing inventory and the increasing complexity of your operations.
- # Integration: Consider software that integrates with other software you are using, such as accounting or ERP systems. This can help reduce the need for manual data entry and streamline your operations.
- # Security: Look for software that provides robust security features to protect your data, such as data encryption, firewalls, and access controls.
- # Customer support: Choose a software vendor that provides good customer support, including technical support and training. You want to ensure that you can get help if you run into any issues with the software.
- # Pricing: Finally, consider the cost of the software and the pricing model. Look for a software that fits your budget and offers a pricing model that suits your business needs, such as subscription-based pricing or one-time license fees.
By considering these factors, you can select an inventory management software that best suits your business needs and helps you to manage your inventory more effectively.
Here is a list of the 5 best inventory management software that can help you manage your inventory with ease
Katana
Katana is an ERP system that helps companies track inventory in real time and automate the allocation of raw materials and products for quick and easy fulfillment of sales orders. It monitors demand and adjusts your production schedule to align your production operations for maximum efficiency.
Features :
- Live inventory management
- Real-time master planning
- Easy contract
- manufacturing
- Omnichannel order management
- End-to-end
- Traceability
Price:
Katana offers payment plans starting from 1188$ to 9588$ annually and their monthly plans start from 129$ to $999. You can choose one plan according to your business requirements
Useful for: Small-scale manufacturing businesses
Website: https://katanamrp.com/
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Ordoro
Ordoro is a software company based in Austin, Texas. It offers an all-in-one online platform that helps e-commerce sellers manage their inventory and order fulfillment. Ordoro allows you to assign suppliers in batches, quickly replenish stocks and analyze storage costs in one application. The platform also offers integrated support, including shopping carts, fairs and carriers.
Features:
- Unify Inventory
- Shred Spreadsheets
- Sync Inventory
- bundle multiple products as an individual unit for sale
- barcode scanning
- Tracks all metrics, from cash tied up in inventory to best and worst-selling products
Price:
Ordoro offers Monthly Plans starting from 59$ to 149$.
You can choose a plan according to your business requirements. Their ‘Essential’ pack is Free which gives you Bulk print unlimited shipping labels and packing lists, you can get up to 88% off top carrier shipping rates, and more!
Useful for: small-to-medium size businesses with the same back-office tools that large-scale corporations have — at an affordable price.
Website: https://www.ordoro.com/features/inventory-management
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Upserve by Lightspeed
Upserve Inventory by Lightspeed is an all-in-one Back of House purchasing and inventory management solution designed to optimize restaurant and restaurant chain operations. Upserve Inventory by Lightspeed is designed to work with your restaurant’s POS to reduce waste, lower food costs and improve your restaurant’s bottom line. The cloud-based platform and applications are integrated with sales for automatic inventory replenishment, real-time food pricing and one-click online shopping from all your suppliers.
Features
- Integrated to your POS for profitability reporting
- Automatic Inventory Replenishment
- Real Time Food Costing
- Connects with all your Suppliers
- Plug and Play
Price
Upserve by Lightspeed offers monthly plans from $69 to $399.
Plan pricing for their top module, ‘Enterprise’ is available upon request, where you can customize the plan to suit your business needs.
Useful for: Restaurant and Restaurant chains looking for efficient POS system which helps them reduce waste and increase profitability.
Website: https://www.lightspeedhq.com/integrations/upserve-inventory/
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Dear Systems
Founded in 2012, DEAR Systems has released significant feature expansions every year since then and now claims to be a full-cycle cloud ERP alternative that plays in the same league as expensive heavy hitters like ORACLE-Netsuite and SAP. Over the years, DEAR has refined and improved the original inventory management, sales and accounting modules. Typical manufacturing software vendors simply cannot cover the same wide range of business needs.
Features
- Access Rights Management for Specific Locations
- Drop Shipping
- Stock Adjustments
- Full Purchase and Sales History
- Product Families
- Transfer Stock Between Locations
- Unlimited Bin Locations
- Product Stock Level
- Lot / Batch Expiry
- Inventory Movement Summary
- Product Price List
- Inventory Aging
- Finished Goods Analysis
Price
Dear Systems Monthly Plans starting from 325$ to 650$ while their Annual plan starts from 3575$ to 7150$
Useful for
Mid and Large scale enterprises operating in the business of retail, manufacturing, e-commerce, wholesale, distribution, Food manufacturing, health and supplement
Website: https://dearsystems.com/features/inventory-management/
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Striven
Striven is an all-in-one business management software that includes everything you need to increase revenue, work efficiently and improve operations. Its inventory management service helps manage the supply chain, from inventory and warehousing to accounting and sales integration. Whether you are a heavy-duty manufacturer with multiple warehouses or a single shop trying to track your inventory and orders, Striven has you covered. Stay informed and ensure inventory is never lost or misreported.
Features
- Order management
- Stock status report
- Stock location
- Barcodingng
- Low stock alert
- Inventory Valuation
Price
The standard plan starts from 10$ to 20$ per month and the Enterprise plan starts from 20$ to 40$
Useful for: Small Businesses looking for efficient ERP systems for their operations.
Website: https://www.striven.com/solutions/features/inventory-management-software
Choose the best software partner for your inventory management need. Use the reviews, ranks and company details on listcos.com to take the best decision for your business.
5 replies on “List of Top 5 Software that helps you in Inventory Management”
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