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Inventory management software is a computer program that tracks, manages, and shares reports on stock's level, sale, order, and purchase using a digital database. It includes recording incoming material information, online inventory cataloguing, periodic data entry for invoices and purchase orders. Inventory software also helps with physical counting of materials on hand, and quantities needed for production. The inventory tool allows users to calculate costs associated with the inventory and monitor performance metrics.
Inventory management software is the most important element of a supply chain, and its main purpose is to track inventory levels, orders, product sales, and delivery status. The usage of this software automates the whole process, and it also drastically reduces human errors. It means you can use your resources and time to take care of tasks that need your urgent attention. Moreover, it provides some beneficial insights into ordering the right inventory at the right time and in the right quantities.
Stats Around Inventory Management Software Implementation
Inventory management software is important because it helps businesses keep track of their stock levels, sales, and orders in real-time. This allows businesses to make informed decisions about when to reorder products, how much to order, and which products are selling well and which are not.
Additionally, inventory management software can also help businesses reduce their carrying costs by minimizing excess inventory, and it can also improve customer service by ensuring that products are always in stock and available for purchase.
Every inventory software has some advanced features depending on its targeted market.
Based on the Frequency of Updating the Inventory
In this system, up-to-date inventory data is obtained and tracked by updating the inventory instantly during entry and exit from the warehouse. Inventory values change instantly at each transaction, giving an accurate report. It is a continuous process to maintain inventory levels. But this method of inventory management is costly and complex to implement and needs high-end computers and connectivity with warehouse operations.
Perpetual inventory management works on a periodic cycle basis, like monthly or yearly. It involves the calculation of closing stock and tallying it with opening stock. This method helps to know the value of inventory at a given point in time. Inventory values are obtained manually by physical count. It is not a continuous process; hence it is prone to error, and data is mostly outdated.
Based on Channel
When a business sells its products to one channel such as Amazon, Shopify, or BigCommerce, it usually manages a single pool of inventory, a single set of product listings as well as a single set of sales data. The main aim is to control costs and ensure that there is no discrepancy between the listed items and the goods that are only available in the warehouse, delivered and restocked. All this can be managed effectively with the help of an inventory management system, and it also helps in avoiding shipment delays and reducing unnecessary expenses.
Multichannel inventory management or multi-source inventory is how a business track stock levels, orders, and forecasting across all sales channels. It includes inventories that serve retail, wholesale, e-commerce, and marketplaces. When a business is growing at a rapid rate and there is an increase in the order volumes across various channels, the manual and unorganized listing of orders can lead to higher costs.
Inventory management software mitigates the risk involved in multichannel inventory operations and the automated, centralized help in maintaining precise product count along with timely deliveries to customers.
Based on Method
In this type of management, inventory is tracked and calculated manually. It requires rigorous training for those who handle inventories and generate reports. In addition to that, an operator needs to count items, which increases the error rate.
In automated Inventory management, the whole process of data entry, updating, and tracking the stock is taken care of by computers. There are three types of automated inventory tracking systems:
Based on the Deployment Type
Inventory Management Software is classified into two types. They are:
Offline inventory management software is installed in your system, and you can track inventory in your warehouse or shop through a single interface. It is not connected to the internet, and you can use it to manage your stock purchase, usage, and delivery offline.
The online inventory management system is a cloud-based software and could be logged in through a web browser or a pre-installed application. Online inventory management software enables real-time tracking/recording of products and synchronizes multiple warehouse data in the cloud database.
Inventory Management Software Types | |
---|---|
Offline Inventory Management Software | Online Inventory Management Software |
Deployed on Premises | Deployed on Cloud |
System installed | Access through any device |
Internet not required | Internet required |
No real-time tracking | Real-time tracking |
Single warehouse inventory control | Multiple warehouse inventory control |
Requires specialized hardware | No specialized hardware required |
High cost for setup | Low cost for setup |
Single store operations | Multi-location warehouses and stores |
Inventory management software used across industries and business have been classified as:
Inventory management software for eCommerce
eCommerce companies are among the regular users of the Inventory management system. Inventory management tools assist with the following tasks of eCommerce businesses:
Inventory Management Software for Manufacturing
Manufacturing companies manage a tremendous amount of inventory data daily, whether material required, production status, or quality report. An inventory management system helps manufacturing units to:
Inventory Management Software for Small Business
The success of a small business largely depends on its efficiency in inventory management. Inventory management software helps small businesses in the following ways:
Inventory Management Software for Hotels
Inventory management software helps hotels in the following ways:
Inventory Management Software for Jewellery Stores
The jewelry industry requires frequent updating of data, so it is necessary to have specialized inventory software. Inventory management software for Jewellery stores helps with the following:
Inventory Management Software for Warehouse
An effective inventory management software can take care of all the activities related to warehouse operations. Warehouse Inventory Management Software assists in the following ways:
Inventory Management Software for Pharmacies
Inventory management systems help manage items ranging from medicines to syringes and medical equipment. Pharmacy inventory management software enables users to:
Inventory Management Software for Retail Store
Inventory management software supports retail stores in the following ways:
Inventory Management Software for Nursery
Small or independent nurseries use of inventory management software in the following ways:
Inventory Management Software for Labs
Keeping track of inventories in a laboratory is a challenging task. However, inventory management software can be used to perform the below-mentioned task.
Inventory Management Software for Real Estate
Using manual methods can be challenging to keep track of a wide range of properties, contacts, and property listings. Inventory management software can help your real estate business in the following ways:
Inventory Management Software for Textile Industry
Inventory management is necessary for the smooth running of a textile business; hence you can use inventory software to do the below-mentioned tasks
Inventory Management Software for Restaurants
Restaurant inventory control is essential to organize food storage, avoid budget mismanagement, and minimize additional costs. Thus, inventory management software can be used to:
Inventory Management Software for Garment Industry
Every garment retailer requires an effective inventory management process to get a 360 view of their business. Hence Inventory management software can be used for the following:
Inventory Management Software for Government Agencies
Rather than wasting time on manual inventory management, government organizations should focus on important tasks at hand. Therefore, inventory management software can ease out their work in the following ways:
Inventory Management Software for Grocery Store
Inventory management software helps grocery stores in the following ways:
Inventory Management Software for Hardware Shop
Inventory management software aids hardware shops with the following ways:
Here is the list of best inventory management software for business
Top 10 Inventory Management Software | |||
---|---|---|---|
Inventory Software | Best For | ||
TradeGecko | Multi-Channel Inventory Management | ||
Fishbowl | Manufacturing and Wholesale Inventory Management | ||
DEAR Inventory | E-Commerce and Small Business Inventory Management | ||
Brightpearl | Retail Inventory Management | ||
inFlow Inventory | Small Business Inventory Management | ||
SAP Business One | Enterprise Inventory Management | ||
Oracle NetSuite | Cloud-Based Inventory Management for Wholesale Distribution and E-Commerce | ||
Zoho Inventory | Small Businesses and E-Commerce | ||
Acctivate | Inventory and Order Management for Small to Medium-Sized Businesses | ||
Unleashed | Small to Medium-Sized Manufacturers and Wholesalers |
Here are some important factors to consider when choosing inventory management software.
The price of inventory management software starts at as low as ₹500 per year with the most advanced functionalities. Any basic inventory management software helps record and manage business transactions like sales, purchases, returns, & quotations, and it also sends reminders to clients about their unpaid bills.
On the other hand, the advanced versions can manage your inventory across different locations and take payments in numerous currencies. Those allow you to create and email stock details and automatically update inventory levels. Premium versions of inventory management software also come with the feature to generate reorder reports. Hence you'll get exact details of the available stock and order accordingly.
Author: Kalpana Arya
(Showing 1 - 20 of 138 products)
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The highly recommended software solutions for inventory management are ERPLY Inventory management, MicroDot Inventory Management and Modern Inventory Management.
Inventory management software is used in e-commerce companies, hotels, retail stores, pharmacies, the government sector, and many other sectors to manage, track and control the stock.
Inventory management software is used for organizing, tracking and automating inventory counting processes in warehouses.
There are several inventory management software solutions that are developed using VB.NET and SQL Server, including Inventoria, StockControl, Inventoria Professional and Stock Manager
By BizNext
Price On Request
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Zoho Inventory is a goods, supplies, and storage management software for all kinds of businesses. This inventory manage... Read More About Zoho Inventory
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Primaseller is an order and inventory management software, which helps eCommerce businesses simplify their multichannel... Read More About Primaseller Inventory Software
By Unicommerce
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₹2,000/Quantity
Unicommerce is an inventory management software designed for the requirements of E-commerce businesses. The software o... Read More About Unicommerce Inventory Management
By NCH Software
Price On Request
NCH Inventoria is a web-based inventory management software, equipped with a wide variety of inventory management tools... Read More About NCH Inventoria
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Astral is an online inventory Management Software that looks after the needs of maintaining the stock of a given busine... Read More About Astral Inventory Management System
By NeoITSoft
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Inventory management software that is designed specially to meet the requirements of small and medium sized enterprises... Read More About Bigstore Inventory Software
By Dcs Infoway
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A new generation user-friendly Accounting and inventory management software, which can be used and installed without muc... Read More About Dcsinfoway Inventorybiz
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Meshink online inventory Management Software is a comprehensive solution to manage inventory efficiently. The Meshink in... Read More About Meshink Inventory Management System
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An online and mobile based best inventory management software that facilitate enterprises with efficient management of o... Read More About Online Web based Inventory Control Software
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TBS Material Management is a stock management software that helps you in managing the whole inventory process right from... Read More About TBS Material Management
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Consumable Management is a critical software for a business as it streamlines the process of managing consumables. Manag... Read More About Consumable Inventory Management system
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By Sahiwala
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Stock management is the function of understanding the stock mix of a company and the different demands on that stock.RPl... Read More About RPlus Stock Management Software
By JP Software
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Silky Soft Saree Software Silky Soft is a robust integrated business and accounting and inventory software system that w... Read More About Silky Soft Saree Software
Last Updated on : 21 Jun, 2023
Inventory management software is also known as stock management software which manages and tracks the stocked goods of a company. Using inventory software for small and large business organizations which can easily manage the constant flow of goods
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Inventory Management Software Cost | ||
---|---|---|
Best Inventory Management Software | Price | Ratings |
Vyapar Billing Software | ₹599.00 /Year | 4.7 |
Dynamics 365 Business Central | ₹4059.00 /Month | 4.4 |
Arka Inventory | ₹15000.00 /Year | 4.7 |
Zoho Inventory | ₹1800.00 /Month | 4.3 |
Primaseller Inventory Software | ₹5530.00 | 4.5 |
Unicommerce Inventory Management | ₹2000.00 /Quantity | 4.4 |
Meshink Inventory Management System | ₹11000.00 /year | 4.7 |
Sahiwala Material Management Software | ₹12900.00 /Quantity | 4.2 |
SV
SONAKSHI VASHISHT
review for Vyapar Billing Software
"Nice product, easy to manage billing and accounting. Features of vyapar software made my work easy."
SN
Shantaram Naik
review for Arka Inventory
"It is very help full for business accounting and we are very very satisfied with performance and continues support from the team."
A
Anthony
review for BizNext ERP
"This manufacturing ERP software is highly secured and guarantees hundred percent data security using SSL support."
VA
Vipin Agarwal
review for Zoho Inventory
"I spoke with Michael Ziemba at Techjockey, After several questions about my needs and requirements, he promptly put me in contact with several top rated vendors."
SS
Sahana Sarkar
review for Unicommerce Inventory Management
"Value for money Time-saving Reduce the chance of over-selling of the products Evasion of stock-outs and excess stock "
Logistics Management Software| Courier Management Software| Warehouse Management Software| Transport Management Software| Fleet Management Software| Delivery Management Software| Car Rental Software| Inventory Control Software| Weighbridge Software| Freight Management Software|
There are many software options available for inventory management which include TradeGecko, Fishbowl, DEAR Inventory and Brightpearl.
There are four types of an inventory systems that includes Perpetual Inventory System, Periodic Inventory Management, Manual Inventory Management and Automated Inventory Management.
Some of the best software for inventory management are Zoho Inventory, Primaseller Inventory Software and Coupa Inventory Management
Stock and inventory management software is a comprehensive software designed to record, track and control inventory from entry to exit phase. It includes tracking finished products, raw materials, components, and work in progress throughout the factory, warehouse, and store.