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A key prerequisite to running a successful business is getting the right goods to the correct place at the right time and in the best condition.
How is that possible if the item you sell isn't in stock?
You can do a lot wrong but the right inventory management software will put you in the best possible position.
This will give you a clear picture of your inventory, how much you have and how to get it to where it is needed.
You don't need to continue investing in software that doesn't work. Find a solution that works. You can reduce operating costs and increase revenue. But most importantly, you can ensure customer satisfaction.
Here is a list of the top inventory management software that I have found to be most suitable for various types of businesses. Find the right match for you company by reading on.
#1- Zoho Inventory Reviews – The Best Multi-Channel Retailers
Zoho Inventory is a powerful inventory management software that can be used to expand your business through multiple channels.
It streamlines business operations and allows users to efficiently manage inventory, purchase orders sales orders, and shipping. It is a GST-ready software that automatically populates itself when there's an invoice, purchase, bill, or sale.
Integration with digital marketing sites such as Shopify, Amazon, Shopify and Etsy is also possible. Your sales team will be able to manage both online and offline orders seamlessly and quickly.
The tool also comes with an end to end tracking system that tracks every item's movement from your warehouse to the point of sale. Another advantage is the ability to receive real-time shipping rates as well as in-transit information.
Zoho Inventory can be described as an AI-powered system that offers many powerful features that can all be tailored to your business' needs.
Zoho Inventory's key features include:
- Optimization of inventory
- Multi-channel management
- Management of reorders
- Identification of the product
- Analytics/Reporting
- Mobile access
- Management of retail inventory
Zoho Inventory offers different plans to meet the needs of multi-channel businesses. You can currently choose from four options, each month, payable per organization:
- Free Plan : $0
- Standard: $59
- Professional: $99.
- Premium: $159
- Elite:$239
These are the annual rates. The prices will rise slightly if you pay monthly.
#2-Cin7 Review-The Best For Enterprise Resource Planning
Cin7 is more than just inventory management. It is a cloud-based, comprehensive software that integrates with other modules such as point-of-sale and warehouse management software.
The best solution for enterprise resource planning platforms (ERP) is this one. It features built-in modules that can be used to manage every aspect of your business. These modules are part of the subscription plans. It features a fully integrated point of sale (POS) system as well as many B2B ecommerce features and a payment portal.
Standard with most inventory solutions, you also get barcode scanning, inventory tracking, and order fulfillment benefits.
Cin7 integrates with over 100 third-party apps, making it possible to manage your entire business from one platform.
With its cross-channel syncing support and advanced demand forecasting, you can efficiently manage your inventory across multiple markets.
You get Cin7:
- Inventory management
- Support for POS software
- Management of orders
- Manufacturing and warehousing of tools
- Branch transfers
Cin7 offers you four pricing levels, each based on the size of your business:
- Small Business: Starting at $299/month
- Business starting at $539/month
- Advanced starting at $999/month
- Enterprise: custom pricing
For a more precise quote, you will need to contact the company.
#3 – QuickBooks Commerce Review: The Best For Wholesale Business
Is this the right product name? You're not wrong.
QuickBooks Commerce was once known as TradeGecko. Despite the change in name, the software is still available for wholesale businesses.
You can easily track products across all your locations, warehouses, sales channels and locations. You can also create a B2B website for e-commerce, which allows all of your clients to pay the agreed price.
You can also add a “Pay Now” button to your invoices. This will make it easy for clients to pay you as soon as they get your invoice.
QuickBooks Commerce simplifies your order management and supply chain. It has a mobile app that allows you to sell from anywhere. The barcode scanning feature makes it easy to add items and modify orders.
Software automates repetitive ordering tasks. This includes creating custom workflows for different types of orders, sending trigger emails and Slack notifications.
QuickBooks Commerce offers the following features that will help you manage your inventory and orders better:
- Optimization of inventory
- Multi-channel management
- Management of reorders
- Warehouse management
- Analytics/reporting
- Identification of the product
- Mobile access
QuickBooks Commerce is $50 per month and your QuickBooks Online subscription. This is a great option if you are already using QuickBooks. You might be able to save a bit more money if you don't have QuickBooks.
Intuit has a special deal for new users. QuickBooks Online users can add Commerce to their account and receive three months for half off ($25 per monthly).
For $50 per month, anyone who doesn't have QuickBooks Online can still get the Essentials version. This includes Commerce and QuickBooks Online.
QuickBooks is a popular accounting program, so this will be an easy solution to inventory management for many people.
#4 Upserve Review – The Best for Restaurants
Restaurants have specific inventory requirements, so Upserve is able to meet their challenges.
Upserve allows users to track expiration dates, and focus on special supply chain requirements. It was specifically designed for restaurant use.
You can even create your own recipes and personalize each recipe by accurately reading the ingredients (and their amounts) on the software. Upserve automatically subtracts the quantities from the inventory levels once a customer orders the dish.
This feature can also help you determine the best prices for your menu items, and pinpoint areas where there might be excess food waste.
Upserve offers a built-in POS software, but it can only be used with their proprietary hardware. This isn't an issue if you look at its inventory management capabilities, especially for restaurants.
Plus, you get:
- Real-time inventory tracking
- Costing of recipes
- Support for multiple locations
- Vendor management
- Order in one click
- Barcode scanner in-app
Upserve offers its customers three subscription options:
- Core – $59
- Pro – $199
- Pro Plus: $395
You can also request a demonstration of the software.
#5 – Ordoro Review – The Best for eCommerce Websites
Ordoro can be used to manage inventory and ship your products.
Integrate all your online sales channels, assign barcodes and SKUs to manage purchase orders and update quantities automatically on fulfillment of orders via the software. It can also handle inventory updates and returned merchandise authorizations (RMAs).
Dropshipping makes it an ideal choice for sites that need vendor management features.
Ordoro makes it easy to automatically manage all dropship requests from vendors, both manually and automatically. It also has a vendor portal, which allows suppliers to place orders right from the platform.
This software can also be used to implement a non-traditional strategy for inventory management. This software allows you to either strategically oversell or limit the inventory items that are visible to customers. This creates a false sense of scarcity and encourages people to place orders sooner.
Odoro gives you access to many useful features and tools such as:
- Barcode scanning
- Advanced analytics built-in
- Automatic inventory syncing
- Multi-channel support
- Notifications and inventory alerts
- Kitting
Ordoro offers three plans with rich features, including:
- Express: Starting at $59 per month
- Pro: Starting at $499 per month
- Enterprise: Starting at $999 per month
The company offers the opportunity to schedule a demo for free.
What I Did to Look for the Best Inventory Management Software
Inventory management software is much more than just a solution. It can be a lifesaver for your company.
It is possible to systematically source, store and sell inventory for both finished and raw materials. It covers all aspects of the supply chain, including retail, warehousing, shipping, and stock movements.
A manufacturer might use the term supply chain, while a restaurant may use it to refer to raw materials. You'll discover a variety of inventory software options available. Make sure you choose the right one for your job.
When evaluating your options, keep these things in mind.
Business Types and Requirements
While inventory management software can be used in many different industries, not all of them are suited to particular business models and initiatives.
It's not hard to see: Wholesalers have different inventory requirements than physical retailers.
Every business has different needs. For smooth operation of your inventory process, you need to know what features software needs.
Are you selling your products in-person, or online? Are you selling your products through an online or offline marketplace?
Although a prospective software product may have many innovative features and support different sales channels, if it doesn’t have the features or supports the sales channel that you use, it is useless.
Possible Incorporations
Many inventory management software programs can be integrated with other platforms. This allows you to save time and ensure smoother operations in inventory management.
Be sure to compare the software with other products and services before you make a decision.
Imagine that you are selling products on Amazon. You'll need to keep track of all your stocks listed in real-time. You should ensure that the solution you are interested in purchasing can be integrated with Amazon. You can always look at other solutions if it doesn't.
Process Automation
This rule is straightforward: Select a software program that provides as many automated features as possible. The whole purpose of inventory management software is to simplify our lives.
To determine which steps of your inventory management process can be automated and which must be manually done, you need to go through them all.
You could automate reordering additional units when inventory is low. You can also update your inventory according to fulfillment orders. This will depend on the settings that you have chosen for the software.
Customer Support
There will be a learning curve when you use inventory management software. Your software vendor may be able to offer expert advice at the beginning, during an upgrade or when you encounter a problem.
You can find online resources, chats and other customer support tools.
Choose a company with a strong reputation for outstanding customer service. Before you make a purchase, be sure to review and comment on customer experiences.
Conclusion
You shouldn't take lightly the decision to choose the right inventory management software for your company. You must consider not only the features and pricing but also the needs of the users.
Inventory management software comes in many shapes and offers different functions to suit different industries and businesses.
Solutions that meet a range of needs are my top recommendations.
- Zoho Inventory — The best for multi-channel retailers
- Cin7 — The best for enterprise resource planning
- QuickBooks Commerce — The best for wholesale business
- Upserve — The best for restaurants
- Ordoro – Best for ecommerce sites
Use my recommendations and guide to help you find the best inventory management software for your company.
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By: Neil Patel
Title: Best Inventory Management Software
Sourced From: neilpatel.com/blog/best-inventory-management-software/
Published Date: Tue, 21 Sep 2021 18:00:00 +0000