What Is Inventory Management Software?
Inventory management software provides you with more than just records; it also provides you with the data and insight you need to make better decisions. The following are some of the most commonly asked questions.
Inventory management software helps save inventory expenses while also improving customer service. Its lofty objective is to assist in getting the appropriate amount of merchandise to the right place at the right time for the best price.
Many simple activities, such as monitoring items and orders, are performed by inventory management software (also known as inventory planning software). It may also use that foundation to optimize inventory levels and placements, as well as analyze the demand and provide recommendations. In many firms, it has evolved into a vital decision-making aid.
List of Inventory Management Software’s.
Ginesys is India’s first cloud-based retail ERP software provider, with eCommerce fulfillment, GST and accounting software, wholesale and inventory management, sales, and distribution management, loyalty and rewards management, complete billing POS, discount coupons and loyalty management, and more all available under one roof.
Ginesys retail software is appropriate for a variety of store types, including multi-brand stores, franchisees, large format stores, direct-to-consumer (D2C) brands, exclusive brand outlets, major retail chains, and shop-in-shops, and more. Fashion and clothing, lifestyle brands, luxury fashion labels, huge fashion retail chains, pet care brands, and supermarkets are among the client segments.
Production processes, wholesale and inventory management, sales and distribution, retail finance and taxation, eCommerce fulfillment, loyalty and rewards management, billing and store administration, and many more functions are also available.
Katana Manufacturing ERP:
Katana Manufacturing ERP is a manufacturing ERP that provides you a real-time view of all of your business’s moving components, including sales, inventory, and more. Katana combines a visual interface with a sophisticated real-time master planner to make inventory and manufacturing management simple while linking to all of your favorite services.
Real-time master planning – Katana tracks stock movements in different warehouses and during the manufacturing cycle to help you maintain appropriate inventory levels. For your make-to-order operations, you can also create BOMs and product recipes to manage materials and keep an eye on availability, or you may fulfill the order from available product stock.
TranZact is a GST-compliant cloud-based ERP software created by a team of IIT IIMs with a focus on the needs of Indian SME manufacturers. Purchase, Sales, Quotations, Inventory Management, Material Resource Planning (MRP), and Production are among the major business operations managed by TranZact. The program interfaces seamlessly with Tally to eliminate account double-entry and human mistakes.
It has a business intelligence module to assist users in making data-driven choices. It helps employees to plan production while keeping track of inventory. Through the dynamic dashboard, it also provides unique reports that help in a comprehensive Business Overview. The timeline may be used by team members to keep track of all transactions in real-time. All GST-compliant business papers may be created and maintained properly by users.
Businesses may compare quotations and ratings to find suitable counter-parties. Employees may also use TranZact to safeguard data with AWS multilayer security and access control.
Unicommerce provides highly accurate and technologically superior eCommerce supply chain solutions to over 10,000+ global marketplaces and brands, including SUGAR Cosmetics, Hamilton Housewares, Enamor, Xtep, Iconic, TCNS, mCaffeine, FabAlley, Chumbak, Flomattress, TCNS, House of Anita Dongre, Aurelia, Bakersville, Portronics, FabAlley, Headphonezone, Superbottoms, etc. to name a few brands.
NetSuite is a cloud accounting software that gives you a full picture of your financial performance and cash flow. General ledgers, cash management, tax management, accounts receivable and payable, fixed asset management, and payment management are all included in the system.
NetSuite is a cloud-based solution that requires an active internet connection to use. The app does not require any installs or downloads to operate. Users may obtain analysis on receivables, payables, sales, total bank balance, and more using the key performance indicator. NetSuite is a financial management software that may be used by businesses of any size and in any sector.
Breeze ERP is a small and medium-sized business ERP that allows customers to connect all of their business activities in real-time while maintaining complete control and visibility.
Breeze is suited for industries such as manufacturing, retail, and distribution.
Businesses get a comprehensive solution with Breeze, which includes GST-ready modules including accounting, finance, payroll, retail & POS, inventory management, sales & invoicing, CRM, Project Management, and Services Management, so they can focus solely on development.
Enterprise Resource Planning (ERP) is a powerful tool for coordinating, controlling, and optimizing business activities. It aids in the streamlining of all processes under one roof and the improvement of the company’s overall efficiency. You can simply create campaigns, improve workflows, and lead teams on one page using TYASuite Cloud ERP Software. It is a complete solution that can integrate with all of the company’s procedures.
myBillBook provides data security solutions to help company owners set up role-based authorization policies for varied data users. MyBillBook’s log management features provide administrators with real-time visibility into everyday labor actions. Experts may also monitor and track process flows to detect production bottlenecks using the feature set. It also aids in the execution of risk analysis methods on in-house systems, preventing malware assaults and enhancing sensitive data control.
Advanced analytical features in myBillBook assist accounting professionals in reducing tabulation mistakes that create data conflicts and degrade process quality. It gives teams data analysis capabilities to help them automate invoice capture, approval management, and clearing. Users can obtain transaction data from unified accounts payable and general ledger using reporting tools.
GoFrugal POS is a hybrid point of sale (POS) system that assists businesses in a variety of sectors with managing distribution and invoicing processes as well as automating financial transactions. The application may be installed on-premises or in the cloud.
The inventory management feature in GoFrugal allows users to create inventory reports, fill client orders, and set up automatic ordering. Users may also access a common customer database, which allows them to keep track of transactions, payment history, and personal information about clients like birthdays and anniversaries.
Users may grant sales commissions, apply discounts to goods, and define security levels for various employees using the point of sale (POS) module. A retail accounting module featuring a general ledger of accounts payable, and accounts receivable are also available in GoFrugal. This module also allows users to execute payroll.
Annual or semi-annual licenses are available for GoFrugal. Apps for Android and iOS smartphones are available. Phone, email, and an online knowledge base are all available for assistance.
AlignBooks is cloud-based accounting software for chartered accountants and small to medium-sized enterprises. In comparison to alternative LAN infrastructure, anti-virus protection, and data backup technologies, the online edition of AlignBooks helps users save money. Customers who wish to save money by managing many corporate accounts at the same time can benefit from the offline version.
Benefits of Inventory Management Software
- Improved Inventory Accuracy: With good inventory management, you can keep track of what’s in stock and order just what you need to satisfy demand.
- Inventory management lets you keep track of what’s in stock and what’s on backorder so you don’t oversell things.
- Savings: Stocks are expensive until they are sold. Storage, handling, and shipping expenses, as well as insurance and personnel pay, are all part of the carrying costs. Inventory is also vulnerable to theft, natural catastrophe loss, and obsolescence.
- Avoiding Stockouts and Carrying Too Much Inventory: Better planning and management may assist a company to reduce the number of days an item is out of stock, if at all, and avoid carrying too much inventory. In our “Essential Guide to Inventory Control,” we go through how to deal with stockouts.
- Greater Insights: You can immediately notice sales patterns or track recalled items or expiry dates with inventory management and stock control.
- Better Vendor and Supplier Relationships: Inventory management also offers information on which items sell and in what quantities. Use that information to bargain with suppliers for better rates and conditions.
- More Productivity: Effective inventory management saves time that could be spent on other tasks.
- Improved inventory turnover leads to higher earnings as a result of a better understanding of both supply and demand.
Competitive Advantages of Using Inventory Management Software
- Automate Manual Tasks: Scannable barcodes and RFID tags can help with inventory management, receiving, and fulfillment. Using software lowers manual entry mistakes and relieves employees of tedious chores.
- Greater Visibility with Real-Time Data: The correct inventory management software will provide you with real-time data on all SKUs and locations. It will send this information to all of your devices, regardless of where you are.
- Improved forecasting: Data collecting and analytics software can give insights into trends. You may also enhance your stock predictions by understanding patterns.
- Data-Driven Stock Decisions: Use inventory management software’s analytics capabilities to create data-driven stock decisions. Reduce inventory and carrying expenses to save money.
- Support Uninterrupted Production: By estimating demand as well as lead time, you can assure that production is never stopped.
- Sync Inventory Across Multiple Locations: Get a complete picture of your stock levels across all of your warehouses, distribution facilities, retail outlets, and suppliers.
- Optimize All Inventory: Using a good inventory management software system, you can keep the proper mix of stock and quantities at the lowest possible cost of ownership. It will help you avoid having too much or too little on hand.
- Scale Inventory as Your Company Expands: You can’t manually track 1,000 SKUs across 15 sites. That is a duty that inventory management software can perform.
How to Choose an Inventory Management System
There are a few fundamental stages to choosing the finest inventory management software:
- Define the issues you’re having with inventory management.
- Consider who will utilize the program and any interconnections, such as (Electronic Data Interchange) EDI. See “Choosing the Right Inventory Management System” for assistance in determining your specific software requirements.
- Look for software that includes automatic replenishment, cycle counting, and traceability, among other things.
- Inventory planners require near-real-time data collection, reporting, and analytics in today’s environment. Reviewing case studies of other firms’ inventory experiences might be beneficial when picking a solution.