What is Inventory Management Software?
Inventory management software is a digital tool that allows businesses to track, manage and organize their inventory levels, orders, sales and deliveries. This software ensures that the right amount of stock is available at the right time, reducing the risk of overstocking or stockouts. This article will discuss the ways in which inventory management software helps businesses, why it’s important to have, some popular software options and more. Check out the resources below to learn more.
Best Inventory Management Options
1. NetSuite
NetSuite is a popular inventory management software that offers comprehensive inventory management, order management, demand planning and procurement. Businesses can expect real-time inventory visibility and analytics. Pricing is customized based on the business size and needs but typically starts at $999 per month.
2. Zoho Inventory
Multi-channel inventory management, order management, shipping integration, and real-time inventory tracking are features you can expect from Zoho Inventory. It also integrates well with other Zoho apps and popular e-commerce platforms. Free plans are available for businesses with limited transactions, and paid plans start at $59 per month.
3. TradeGecko
TradeGecko offers businesses inventory and order management, multi-channel sales, reporting and analytics. It also provides seamless integration with QuickBooks for accounting. Plans start at $39 per month for the Lite version, with more advanced options available at higher price points.
4. Fishbowl Inventory
Businesses will find Fishbowl Inventory attractive for its warehouse management, manufacturing inventory management, barcoding and shipping integration. Its best suited for small to mid-sized businesses. You can expect to pay a one-time license fee starting at $4,395, with optional annual support and updates available.
5. Cin7
Cin7’s management software provides customers with cloud-based inventory management, point of sale, B2B e-commerce and third-party logistics integration. It also supports multi-location inventory management, with plans starting at $299 per month.
6. Ordoro
Ordoro is designed with small to mid-sized e-commerce businesses in mind, boasting inventory management, shipping and fulfillment, supplier management and analytics. Plans start at $59 per month for basic inventory management, with additional features available at higher tiers.
Understanding Inventory Management Software
One of the biggest hurdles that many businesses face is taking stock of their products and efficiently organizing it. That’s why inventory management software is such a game-changing tool for businesses all over the country. Inventory management is the practice of planning the buying, storing and selling of stock to keep important details organized regarding stock amount, delivery, customer service and more.
Here are some of the most significant ways that this cutting-edge management software can help businesses:
Streamlines Operations
Inventory management software makes keeping your business organized a breeze. By automating inventory tracking, order management and other processes, manual labor is significantly reduced which saves time and money.
Improves Accuracy
Human error is an unavoidable element of working in a business. But inventory management software reduces the likelihood of serious human error. It provides real-time data on inventory levels, sales and orders, allowing businesses to make informed decisions based on accurate accounting.
Enhances Customer Satisfaction
Customer satisfaction is one of the most important elements of running a successful business. Inventory management software facilitates better availability of products, improved fulfillment times, reduced delays and an all-around better customer service experience.
Reduces Costs
By optimizing inventory levels, businesses can reduce storage costs and avoid losses from obsolete or excess stock.
Boost Your Business Today
Inventory management software is a vital tool for businesses looking to optimize their operations, reduce costs and improve customer satisfaction. Whether you’re a small startup or a large enterprise, choosing the right software can provide significant benefits and support your business growth. Before deciding which option is best for you, consider what your needs are as a company, how much you’re willing to spend and what your ultimate end goals are.