Inventory management and monitoring are such an important element of running a successful business that there are literally hundreds of software alternatives available to assist you in keeping track of your inventory data. But how do you know which platform to use when there are so many?
For each sort of organisation, we’ve compiled a list of top-recommended inventory management solutions. Ordoro, inFlow Inventory, Upserve, Cin7, and TradeGecko are some of our favourites. But, in the end, the best option for your business is determined by your specific inventory requirements.
Inventory software UK management entails a lot more than just keeping track of what you have in your warehouse or storeroom. Keeping track of what’s in your components department, both individual parts and the combinations of those parts used to construct other products and services, is also part of inventory management.
Finding out what your supplier partners or best customers have in stock is also part of inventory management. If you’re only utilizing a spreadsheet to keep track of all of these data, it can rapidly become tough for small to midsize businesses (SMBs).
Benefits of Inventory Management System
While Excel can track inventory, it is only useful for periodic inventory counts (i.e., the inventory system is only updated at intervals, say after physical stock counts). Inventory software is required to provide a genuine dynamic inventory system, in which stock levels are updated in real time as sales and deliveries are made. The following are some of the advantages:
- Inventory control and optimization have improved.
- Stock takes aren’t as important as they formerly were.
- Accounting made simple
When you’re juggling various sales channels, it’s difficult to exercise appropriate inventory management software strategies. Ordoro, fortunately, makes multichannel selling a breeze.
You may establish master products in your inventory system with Ordoro, which allows you to update descriptions, photos, branding, and more across all (or part) of your sales channels at your leisure.
Ordoro also has vendor management tools that make dropshipping simple. Vendors, for example, can be assigned to certain products in your catalogue.
Then, if a customer orders those things, Ordoro can send the order to the proper vendor automatically, eliminating the middleman (you) and maximizing supply chain efficiency.
2. Cin 7
Most enterprise resource planning (ERP) solutions have modules for every part of your organisation (such as accounting, point of sale, inventory, and shipping), and you’ll be charged for each module you add to your plan. These expenses pile up to make ERP systems prohibitively expensive for all but the largest businesses.
Cin7 breaks the mould by including built-in modules as part of every design. Cin7 includes B2B ecommerce features, manufacturing features, and even a payment site, in addition to a fully integrated POS system. That’s on top of the barcode scanning, inventory tracking, and order fulfilment functions you’d expect from an inventory management software for SME.
Financial accounting, customer relationship management (CRM), Enterprise Resource Planning (ERP), and complicated Inventory Management are all part of the enterprise version.
Each facet is provided as a standalone module, with additional modules available to smoothly combine capabilities across these many domains. SAP’s Business One Professional inventory management system, in particular, performs effectively across multiple verticals, including supply, sales, production, and storage, and is thus suitable for a wide range of businesses.
Fishbowl Warehouse is the greatest inventory software for small business warehouse management, in our opinion. You can track inventory levels for specific parts with Fishbowl Warehouse (not just complete products).
This enables you to track production, storage, and labour expenses for each individual part in your warehouse, resulting in a more detailed, in-depth COGS estimate. Fishbowl works smoothly with QuickBooks accounting software, so you can get help estimating your COGS.
5. Zoho inventory
There’s a lot to like about Zoho Inventory. To begin, Zoho provides a rather complete free plan that allows users to take backorders on out-of-stock items, set up drop shipping, and handle multi-currency transactions. This allows small firms to maintain their inventory organised without having to worry about their budgets.
However, if you want to increase your subscription, you will gain access to more benefits. You can manage numerous warehouses, maintain serial numbers and batches, and sync your account with various Shopify businesses.
If you’ve used QuickBooks before, you’ll recognise this option. Intuit’s famous accounting software is used by small and large businesses around the world, as well as freelance bookkeepers. The software accomplishes the goal of streamlining financial administration and simplifying accounting.
Expense monitoring, tax calculation, invoice management, and sales reporting are all included in the Quickbooks suite. Advanced Inventory Management is one of QuickBooks Desktop Enterprise’s most popular modules.
QuickBooks’s Inventory Management Solutions include everything from material movement to tracking storage and product levels, giving you comprehensive visibility and control over your inventory.
7. Net Suite
The Inventory Management function in NetSuite ERP assists a company in streamlining its supply chain from beginning to end, as well as associated financial management processes. Oracle’s Cloud-based integration platform offers as a one-stop shop for keeping a business on top of its inventory with real-time and detailed inventory control insight.
This Inventory Management solution is steadily growing and is extensively used by many mid-sized and large-scale enterprises due to its simple native tools and effective functions.
Vendhq is a robust point-of-sale system developed to assist shops with inventory management and retail sales. This cloud-based utility is popular for its flexibility and ease of use. It was designed to run mostly on iPad.
This programme, which is primarily aimed at small enterprises, is simple to combine with existing company systems, such as barcode scanners and receipt printers. The software system is notable for customer loyalty, eCommerce, and robust equipment support, and it works for both online and in-store businesses.
To summarise, inventory management software from Centiga can help you streamline your inventory and develop criteria for checking it, ensuring that there are no mistakes. The majority of software also allows you to tailor your inventory procedure to meet your specific needs.
Furthermore, it aids in the real-time updating of information. As a result, if your company uses automation, it will be more efficient.
However while selecting inventory management software, keep in mind all of the above advantages and disadvantages and go for something that can be tailored to your specific needs. A decent inventory management software programme can be really beneficial!