Find out more about Inventory Management Software
What is Inventory Management Software?
Inventory management software is used to track inventory levels, sales processes, orders, and deliveries. It can also be utilized to generate production-related documentation such as work orders and bill of materials. Companies make use of this system to avoid overstocking of products and outages. Inventory management software offers an improved way to organize inventory information compared to spreadsheets or paper. This solution resembles distribution software because it helps distributors spend less money on inventories, thus giving them an edge over competitors. Main features of this software include order management, asset tracking, service management, and product identification. The advantages of inventory management software include reduced costs, enhanced efficiency, warehouse organization, upgraded data, security, and ability to track trends. If you wish to learn more, read our reviews of the leading apps in this category, especially TradeGecko which is currently on the top of the list.
Most Popular Inventory Management Software
Best Inventory Management Software
How To Choose The Best Inventory Management Software
Companies that deal with large amounts of physical products need a reliable and efficient inventory management software. But since there are hundreds of solutions in the market, it can be a hard task to select the right one for your needs. This buyer’s guide describes the list of basic features of inventory management software for small business firms or enterprises, identifies the various types of online applications available, and helps you easily navigate the complex selection process and choose the best Inventory Management Software for your company.
Get to know each product with free trial
A good course of action is to sign up for at least a few free trial plans from the vendors that are popular. With that method you will have the opportunity to test the important elements and you will get a good overview of the capabilities of each app. The best thing to do when looking for the best Inventory Management tools is to try services that currently have the highest results in our SmartScore and Customer Satisfaction Rating in the Sales software category: TradeGecko reviews, Sellbrite, Stitch Labs, Brightpearl, Contalog, and Goods Order Inventory Pro.
Inventory management tools buyers can be categorized into the following types:
- Type of Industry – Inventory software is different for different industries such as retail, manufacturing, and distribution. Each software offers unique features for a particular industry. Even within a specific industry there are different solutions. For instance, retail inventory apps are offered for auto parts, gas stations, restaurants etc. However, some solutions can be used across any retail sector.
- Company size – Inventory control needs are different for an individual store, across five or six locations, and across an 80-unit franchise. Therefore, select a system suitable for your company’s size to ensure your requirements are met without needing to pay for robust features that you are not going to use.
- Software requirements – Some companies are satisfied with a specialty inventory management solution, while others look for full-suite applications that offer other key features such as business intelligence, supply chain management, project management, estimating, and accounting.
What are Examples of Inventory Management Software?
- TradeGecko: A leading inventory management system offering elegant, cloud-based services for handlign sales and supply chains in companies of all scales and niches.
- Brightpearl: A popular multichannel retail management system that handles orders, inventory, customer data, and generates real-time profitability reports.
- Zoho Inventory: A great member of Zoho’s productivity suite enabling e-commerce companies to manage inventory and keep track of their orders.
- Financial Force ERP: A smart inventory management solution for mid-market organizations, providing also organizational solutions and streamlining communication between departments.
- Stitch Labs: A very intuitive e-commerce tool for retailers and wholesalers, able to streamline inventory and manage orders across multiple channels.
Types of Inventory Management Software
There are many different types of inventory management software, varying from free and basic tool suites to ultra costly and accurate programs. Features can also be categorization criteria, as certain programs do nothing but listing orders, while others are more robust and they allow sales departments to track and categorize those orders, provide dynamic product information, and even do some custom branding. Deployment is also an important factor based on which there are:
- On-premise inventory management systems. These are covered with a single license, and are hosted on the client’s local server. They qualify as the most expensive ones, due the fact that they require complex setup and occasionally some hardware installation.
- Software-as-a-service (SaaS) inventory management systems. These are usually paid per month, and are hosted on the vendor’s server. The business owner is not responsible for installation, updating, and maintenance.
- Cloud-hosted inventory management systems. Most of these offer free basic plans, and qualify as the most affordable ones due to their universal access and the fact that the client doesn’t need to update them or to pay for maintenance.
Key Features of Inventory Management Software
These are the main features to expect from your next inventory management system:
- Product categorization. This feature enables you to migrate products from one group/channel to another, and to categorize them by name, type, price, supplier, supply channel, and so on. On top of it, you get to exercise full inventory control, since you can track every product, and forecast and support demand.
- Sales/purchase orders. Inventory management software makes it possible to manage purchase and sales from a single system, ideally such that is packed with order tracking tools, inventory controls tools, invoice management tools, and so on.
- Electronic scanning. This feature is more than helpful, as it enables electronic data interchange, and caters for global selling trends. Scanning and tracking assets electronically is a whole new level of inventory control, allowing also electronic shipment and complete warehouse tracking.
- Automatic ordering. Automated ordering saves companies both their time and their manual efforts for managing billing and tracking their projected sales in an optimized way. This type of multichannel inventory management is welcomed for every retailer, regardless of whether he is selling only one product or many of them.
- Dynamic product information. By dynamic product information, we actually mean access and full inventory control of your stock, and a close eye on every product available. In such way, products can be managed easily, and the sales information about them can be easily integrated with the rest of the company’s software architecture.
Benefits of Inventory Management Software
These are the three main benefits companies experience when using a solid inventory management system:
- Efficiency and Speed. An inventory management system makes it easy to do a range of tasks from inputting data to taking inventory. It can take days to perform a manual count of inventory, but an inventory management solution can help you accomplish the task in a few hours.
- Document Generation. Managers can use the system to automatically generate a range of documents such as account statements, invoices, checks, and purchase orders. They can automatically order a fresh batch of products if they run low on stock.
- Insightful Data. An inventory management system offers insightful reports on data such as how many units are in stock, how many have been sold, and which are the fastest-selling products.
List of Inventory Management Software Companies
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Our platform makes us of our special SmartScore™ mode to examine all the software in the Sales Software category to help you get the best possible service. It includes the following elements: main components, collaboration elements, custom elements, integration, how easy a software is to use and learn, help & support, security, mobility, media rating. Currently, Pipedrive is the leader in this category and is recommended by our experts. Following extensive examination it had the best results among its competitors and we strongly suggest that you consider it as one of the choices for your business.
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Each vendor in the Sales Software category will have a different group of pricing plans for its service and every package will include a different set of features. Below we list the overal pricing for the cheapest plan provided for each service. Please note that advanced features may have an extra cost.
An analysis of what kind of devices and operating systems are supported by these B2B tools in the Sales Software category, including mobile platforms and web-based solutions.
Find out what languages and geographies are served by the best B2B solutions in the Sales Software category, including solutions aimed at international markets and prepared for multi-cultural groups of employees.
Examine what pricing models are provided by the vendors in the Sales Software category to check which one matches your business preferences and budget best. Note that some services can support free or freemium accounts for you to test first.
A brief look at what groups of companies a specific B2B solution in the Sales Software category provides for, from small businesses and non-profits to large enterprises.