Inventory management is a critical component of any successful business. In reality, business owners cannot manually control inventories, particularly large organizations with thousands of products and a high daily transaction volume. In order to manage inventory efficiently, finding the right supporting inventory management software is a must for any business.
What Is Inventory Management Software?
Inventory management software is a cloud-based solution that helps business owners control warehouse inventory levels, orders, cost of products sold, and returns.
People are familiar with the term “inventory management” which can be understood as keeping track of what you have. However, inventory management software is more complicated and deeper with numerous levels. The goal of inventory management software is to track stocks through the acquisition, sale, or use processes; locate them across different warehouses; and calculate the inventory (often in different currencies) so you know how much you have in inventory for accounting purposes.
Why Is Inventory Management Software Important To Business?
Inventory management software will not only improve the efficiency of your warehouse’s tracking and organization, but it will also save you money on hardware. Companies can use the program to tackle problems like low inventory levels or disruptions, as well as better manage orders, sales, and delivery.
Furthermore, in today’s age of technological innovation, an omnichannel marketing approach is becoming increasingly important. Without inventory management software, businesses will be unable to maintain track of inventory and sales across several channels.
Top 5 Best Inventory Management Software For Business
After checking and read all reviews, we can recommend this top 5 best inventory management softwires for your references:
LightSpeed Retail
Lightspeed Retail is a cloud-based inventory management application that caters to the demands of both online and offline retailers. It also has industry-specific features and in-store sales functionality. Its top inventory management features include:
- Make price change in mass and discount automatically
- Track stock levels and SKUs across different locations
- Allows for coupons, promotions, giveaways, and employee discounts
- Real-time updated with your e-commerce and in-store inventory
- Set up reordering policies for customers
- Calculates Cost of Goods Sold
- Compatible with bundled products
- Import catalog files from vendors
- Create and send purchase orders
Magestore
Magestore is one of Magento Inventory Management Solutions. It is a complete and primary functioned inventory control system. It aids retailers in increasing sales while reducing inventory holding expenses. It also offers a number of useful stock management tools, such as:
- Streamline multichannel selling
- Maintain an accurate inventory
- Save audit time by stock movement
- Use barcodes to improve stock visibility.
- Organize your procurement.
- Provide employees with a variety of access options.
- Provide real-time inventory data
Zoho Inventory
Zoho Inventory is an online inventory management software that offers both a free and paid version. Zoho Inventory is the greatest free option for small businesses because it allows you to add items, fulfill orders, and view inventory from any device. Its top inventory management features can be listed as follow:
- Automatically check and order new items when it is out-of-stock
- Notify buyers in real time about their orders.
- Dropshipping and composite items are handled.
- Real-time synchronization of inventory across all channels
- Comes with a customer relationship management (CRM) program
- Can take backorders for items that are out of stock.
- Inventory, customer, and sales reports are all available.
- Available for barcode scanner
NetSuite
NetSuite is an all-in-one business management solution that can assist you with inventories, finances, and marketing. NetSuite is useful for businesses of all sizes and types. It provides some outstanding characteristics that benefit a lot to business:
- Support in multiple languages
- Revenue recognition
- Built-in business intelligence
- Retail inventory management
- Global support
- Forecasting
- Production identification
- Multi-warehouse support
- Integrated POS
- Order management
- Supply chain management
Megaventory
Megaventory helps you to keep track of inventory, ordering, and fulfillment as well as the packing or assembling process. It’s simple to set up so it’s perfect for small and medium-sized manufacturing companies. Here are some typical features that make it the top inventory management software:
- Creates material bills, packing slips, and work orders
- Allows for user access permissions
- Maintains a database of customer and vendor contact information.
- Supports expiry dates and batch numbers
- Bulk and quick updating options
- Material stock alerts will be sent to you automatically.
- Barcode scanning and printing
- Multiple reports including gross profit and inventory value
- Handles dropshipping and consignment sales and purchases
Conclusion
In general, acquiring inventory management software is crucial for any business. The requirements of a manufacturing plant, on the other hand, differ from those of a retail store or a restaurant. As a result, it’s critical to carefully review all of the software’s features to determine whether it’s appropriate for your company. We hope that our suggestions will help you find the correct answer.
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