What Is Inventory Management Software?
Inventory management software is a tool that helps you maintain and organize your inventory. It helps you manage the flow of goods in and out of your warehouse and store, ensuring that there are not too many or too few goods. Inventory management software is also helpful during situations where you want to monitor changes in stock levels.
5 Best Inventory Management Software for Small Businesses
What Is An Inventory Management Software?
Inventory management software is a tool that helps businesses to manage all of their products by organizing them and making sure they are tracked properly. It helps companies to keep track of what their inventory is, how much it is, where it can be found, and how much money they will make off each sale. The inventory software also makes sure that the company sells only what they have in stock at any given time. If a product goes out of stock, it is automatically removed from the system so that it can't be sold. With this tool, businesses can make sure that their inventory is always manageable and accurate. Know more about such an inventory management system here.
Inventory Management Software As An Industry-: According to Softwarepath.com's 2020 report, "the demand for inventory management software has doubled with more businesses looking to implement a new solution". The same report mentioned that "inventory distortion results in an estimated $1.1 trillion loss worldwide. 43% of small businesses don't track their inventory, or use a manual process to track it instead." This could be the reason for the losses. The report also notes that "only 18% of small businesses use inventory management software." With the numerous benefits that inventory management software offers, businesses - big and small - are slowly changing to it from manual inventorizing.
Why Do You Need Inventory Management Software?
One of the biggest advantages of using a management system for your inventory is that it makes managing your products a whole lot easier, saving you time, money, and energy. If that is not enough to convince you about why you need inventory management software for your business, then here are some more reasons that might convince you.
It’s hard to keep track of your inventory and manage it with your current software
Zip Inventory will help you keep track of what you have, what you need, and how to get more from your inventory management software
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Such management systems aid in filling orders and tracking inventory. They monitor supply, storage, and sale, and help in resource planning. Some of such inventory management software also has built-in Point of Sale systems or is linked with external POS systems which can give exact records of sale. This can help reduce inventory costs along with bettering the relations with suppliers and customers.
Inventory management system can also have an accounting software inbuilt that helps in reducing costs for the company that arises due to over-stocking, or even under-stocking. Having the right amount of inventory at the right time is crucial to ensure sales are made consistently and no backorders have to be placed. It also aids in reducing labor costs, insurance costs, and transportation costs.
With inventory management software, automation in business is made possible. This can help in reducing any errors, minimizing labor costs, and producing accurate inventory counts. This aids in maintaining the inventory levels.
It’s difficult to find the right system for your needs
Zip Inventory’s list of the best inventory management will help you immensely
Online employee scheduling software that makes shift planning effortless.
Try it free for 14 days.
With lesser errors in the process, the money and time inventory management takes is reduced. This can be put into other departments like warehouse management, asset tracking, etc of the business. This helps in increasing the overall productivity.
The organizational systems for inventory can be optimized with inventory management software. Categorizing as per requirements and prioritizing as per needs is made possible. This helps in making the business more efficient.
An efficient business process will lead to better relations with the suppliers as well as the customers. A good inventory management system will aid in improving the customer experience. It will also ensure the orders are placed in time with the suppliers and purchase orders and invoices are placed timely. This aids in bettering the relationship with the suppliers.
More Data Security-
With all your business data about inventory, purchase, and sales in the system, one has to ensure it remains safe from any cyber crimes. Inventory management software comes with restricted access which will ensure that the important data remains private.
Better Date Visibility-
With all your inventory data from purchase to storage to sale in one place, it is easier for you to understand the minute details as also the trends with respect to inventory, purchases, and sales. This can help you make informed decisions that cause fewer errors and are better at saving time and money.
Better Location Coordination-
If you have multiple warehouses, the inventory management software will help track inventory at all the locations and give you an overview of the whole business with just a few clicks. Even with a single warehouse, the locations can be multiple warehouse, retail/front office, etc. The management system will keep track of each of the locations and give the right data.
How Does Inventory Management Software Work?
Inventory management software is an effective way to keep track of the products that you have and make sure that they are being used in the best way possible. It can help with increased transparency and efficiency, as well. If you're considering using inventory management software, here's what it does-
- It does inventory tracking and tracking data from sales channels that help identify where your product sales are coming from.
- It helps you maintain a good supply chain with reliable product stock levels.
- It helps you improve communication with your suppliers and customers by enabling real-time updates on order management and purchase orders.
Important Features To Look For In Inventory Management Software
Inventory management software is a process used to track the number of products in your inventory and manage their movement. This program can help you find ways to streamline your operations, so you can better run your business efficiently. There are many different types of inventory management programs available on the market that vary by type, size, complexity, and cost. Here are the important features to look for in inventory management software-
- Inventory tracking allows you to know exactly where inventory is across the supply chain, as well as customize pricing and send quotes.
- Order management offers customization of pricing and track orders in order to manage returns, while transfer management moves products from one location for the best return value.
- Transferring inventory in the most valuable way is often the best way to manage inventory and optimize costs. Reporting patterns within your processes help you forecast future demand and sales.
- Evaluating patterns in your process helps you forecast future demand and sales, while also optimizing expenses.
- Purchase orders are an important aspect of inventory management. An inventory software creates and manages purchase orders, allowing for a more efficient process in the long run.
Retailers, Manufacturers And Warehousers-
For retailers, the must-have features in inventory management software are POS integration, Inventory cataloging, Automated reordering, and eCommerce integrations. Key features for manufacturers are Product cost analysis, Forecasting, and eCommerce integrations. For those with warehousing business, the features to look for are Barcoding, RFID capabilities, and Inventory management integrations.
How To Choose An Inventory Management Software?
If you are a business owner looking for a new inventory management software, it can be difficult to know which software is right for your company. There are many options to choose from, but there are also some things that you should consider before making your decision.
- Nature of your business
- Cost and budgets
- Scope of functionality
- Whether or not it integrates with other systems and/or platforms
- The technology used in the software
5 Best Inventory Management Software For Small Businesses
With the increased use of technology, it's important to keep up with the latest trends to stay ahead of your competition. One way to accomplish this is by using paid or free inventory management software. It's a must-have tool for any business that has items they need to be able to sell and stock. Here are some of the most popular inventory management software available today in order to help you decide which one is right for your needs.
Manage your inventory in real-time across multiple channels for your fast-growing brands with Cin7 Orderhive, and widen your eCommerce reach. It is an automation platform that helps you save time and focus on growing a business. Amongst the many features of this software, some are shipping, warehouse inventory system, manufacturing and purchase management, inventory control, and eCommerce automation.
inFlow Inventory has many features that make inventory management easy. It can organize inventory in various ways including units of measurement, serial numbers, dimensions, and weight, amongst other ways. It can also generate and scan barcodes with its inventory scanning system. It can also help with quotes, purchase orders, and invoices. It aids in stock trackings like stock adjustments and product availability. It has various other features too.
With Lightspeed, you can not just track but also automate your inventory. It helps with eliminating manual inventory management and simplifies it by tracking usage, purchases, and sales of the products. It helps to avoid over-stocking, wastage, and spoilage of inventory. It gives real-time stock reporting, alerts for low stock and automates recurring orders. It helps analyze food cost reports and profit margins. It has many more features that help with supply chain inventory management.
With Upserve, you'll automate the manual and time-exhausting parts of restaurant inventory management when you receive inventory and automatically replenish your supply when it gets low. You can also make one-click purchases with the alerts system. It offers automatic tracking and simple reporting which helps you understand inventory variances. It can manage food costs across multiple locations.
Apart from inventory tracking, Zoho Inventory can capture all the sale information immediately and it eliminates double data entry and enables comprehensive reporting. It also categorizes inventory into groups that can help in the analysis and performance tracking. It tracks movement across multiple locations and also expiration dates. It automates the alerts and tasks while also monitors the performance reports.
Why ZipInventory Is The Best Inventory Management Software For You?
While all the above-mentioned inventory management software and similar other software are good,
Zipinventory stands apart from all with its many beneficial features and ease of use. The Zipinventory Features include the following-
- Zipinventory makes it easier for you by providing customizable counts for all your items, as well as separate sheets which prevent any errors or confusion from happening.
- Zipinventory makes it easy to keep track of all your inventory in one place. By taking a mobile app count on the app, you don't need to worry about it counting up or down mid-day. The results are automatically synced with their cloud so there's no more guesswork required!
- Zipinventory reports on the cost of ingredients that have been wasted. This information helps you identify opportunities to do better, in terms of profit margins for your store.
- Zipinventory helps you determine which items in your menu mix are the most popular so that you know what products are running low.
- With Zipinventory, there are instructional videos that help ensure instruction on menu items and prep steps are followed. It makes the result of your meal exactly as it would be if someone else prepared it!
- When inventory counts or any other discrepancies are seen, the Zipinventory alert system will notify you immediately. The purpose of this is to get problems fixed as quickly as possible.