Inventory management is crucial for your small business. Here is how to find the right platform.
- Inventory (stock) management software provides visibility into your inventory, helping you stay on top of ideal quantities to keep filling orders without having a lot.
- Inventory management software automates critical tasks and reduces the chance for human error, especially through integrations with key systems like accounting software and point-of-sale solutions.
- Your industry and business operations will determine the features of inventory (stock) management software you will need.
- This article is for business owners who want improved ways to track, maintain, and order inventory while automating critical tasks.
Effective stock management is vital to any business that stores goods or raw materials. While inventory management has typically been a manual interaction, current innovation has dispensed with the requirement for a manual inventory management framework that is focused and error-prone work. Today, inventory management scheduling is available to smooth the cycle, reduce errors, and help organizations smooth the way they stock and order the items they sell.
We will discuss in this topic is:
- What is inventory management software?
- How does inventory management (stock administration) software work?
- What are the benefits of inventory management software?
- What are the fundamentals of inventory management scheduling?
- What are the fundamentals of inventory management scheduling?
- What should retailers look for in inventory management software?
- What should manufacturers look for in inventory management software?
- What About Warehouse Stock Management Software Features?
- What are the main stock management software solutions?
- Why stock administration is important?
What is inventory management software?
Stock management software automates inventory management, streamlining the tasks required to effectively track inventory, manage order replenishment, and update accounting data.
“Fundamentally, [stock management] software should tell you at any time what’s going on with your inventory.
Since stock management software is essential to a business’s daily operations, selecting a reliable and efficient solution with the features you need is essential.
How does inventory management software work?
Today, most inventory management software is cloud-based and offers numerous advantages. “You want to have a cloud framework,” Ali urged. “[The software] needs to be cloud-based or in a web browser, so you can see it on cell phones.”
This is exactly what you should be familiar with in stock management scheduling:
- Choosing a top-tier inventory management scheduling provider is critical: A third-party cloud provider takes care of the product, so it’s critical to choose a provider with high support principles.
- A great vendor partner will significantly reduce the burden of software management.
- You’ll typically subscribe to inventory management software – You can expect to pay a monthly subscription fee to access cloud-based inventory management software. Many factors will affect your price, including the size of your business, the number of locations, the number of orders you receive, and the size of inventory you have at any given time.
stock administration software has several features: Inventory management software includes features that support tracking items as they move in and out of your stores and warehousing facilities, a process known as inventory control. Inventory control features help you keep the right amount of stock. Plus, they include integrations that can track orders in real time and update your accounting software automatically.
What are the benefits of inventory management software?
Inventory management software can streamline inventory control, tracking your incoming and outgoing products, whether you’re a retailer, manufacturer, or stockiest. Good inventory software, backed by comprehensive inventory management processes, real-time updates to give you a complete view of your existing inventory, even if it’s spread across multiple locations.
Main benefits of inventory management software:
- Inventory Tracking – stock administration software integrates with other crucial systems to improve inventory control by tracking your inventory in real time, showing you where it is and how it is moving through your ecosystem. This eliminates human error, something a manual spreadsheet system is notorious for.
- Reordering: The best inventory management software gives you a clear record of your entire inventory and streamlines reordering to ensure you never run out of critical items.
- Accounting Integration – The best accounting software integrates with inventory management systems, preventing double data entry and eliminating another opportunity for human error and confusion. Additionally, some inventory management programs have separate accounting features.
What are the fundamentals of inventory management scheduling?
When choosing stock administration scheduling, think about your industry and the new conditions of your business tasks. For example, some inventory management software is designed specifically for retailers and lacks key features that manufacturing companies would need. You must understand your needs before you buy.
What should retailers look for in inventory management software?
According to Bryce Bowman, an independent business consultant and founder of People First Planning, retailers should look for the following features in inventory management software:
- Point of sale (POS) system integration – The best POS systems integrate with inventory management software (or have their own inventory management features) to help retailers automatically track when a product is sold , either in a physical store, in an email. trading platform or through another sales channel. When a product is scanned or picked up in an online cart, the POS system updates the stock administration system automatically, accounting for the sale in real time. Along with automatic order replenishment, this feature allows retailers to ensure they always have an adequate amount of stock to fill orders quickly.
- Catalog inventory – Retailers must be able to catalog inventory by unit type and distinctive features like size, color, and more. For example, if you sell shoes, you should be able to narrow them down to a specific type. Your system should identify if you have a quantity of 10 black, five red, etc.
- Automated Reordering – When your inventory level is low, it’s critical to order earlier to avoid out-of-stocks, especially for best-selling items. Many inventory management systems offer automatic reordering. Set your minimum quantities for each item. When that number is reached, the system automatically generates a purchase order to send to your supplier to update your stock level. Intelligent stock administration systems can also automatically optimize your reorder points and order quantities per item based on historical sales data to keep your inventory level at ideal amounts.
- E-commerce integrations: Most retailers now sell across all sales channels: physical storefronts, e-commerce websites, online marketplaces like Amazon Marketplace, and more. Your stock schedule should track sales across all channels so you don’t inadvertently try to fill more requests than you have available.
Integrations with your ecommerce channels will help ensure that you don’t run into this problem.
What should manufacturers look for in inventory management software?
Manufacturers tend to have more advanced needs because they have to keep track of raw materials and finished goods. According to Bowman, the key features that support manufacturing stock administration include:
- Product Cost Analysis: Product cost analysis tools track your raw materials and finished goods, reordering needed components when they reach minimum levels. They also help forecast labor and operating costs, including equipment acquisition and maintenance costs.. Look for an inventory management system that can generate a bill of materials with descriptions of these costs.
- Forecasting: Demand forecasting is an stock administration technique in which historical production and sales data are analyzed to predict future order management needs. Software with a forecasting feature will analyze your data to determine optimal order points, hiring recommendations, and even the shift times needed to meet your goals and continue to grow.
- Ecommerce Integrations: Ecommerce tools aren’t just for retailers. Today, more manufacturers sell directly to consumers. Finding inventory software with eCommerce integration is essential for manufacturers, even if they don’t currently sell directly to consumers online, because they can use it to optimize sales to retail customers. In addition, they allow you to expand sales channels in the future.
What About Warehouse Stock Management Software Features?
Warehouse stock administrations a specific subset of stock administration software that comes with important considerations.
- Barcode – Warehouse management systems often use barcodes to track product entry and exit from storage facilities. Workers can scan items as they are received, when they are moved to a specific isolation and container, and then scan them again when they are ready for shipment, tracking all movements automatically. Some barcode features require only a simple quick response reader on a smartphone, reducing the overhead associated with scanner hardware.
- Radio Frequency Identification (RFID) capabilities – By placing RFID tags on items in your warehouse, you can track movement without scanning hardware. RFID tags and readers placed throughout the warehouse automatically track products when they come near a reader, eliminating the need for a worker to manually scan items in and out. This further smoothest the request fulfillment process and eliminates the risk of workers misplacing or misplacing items.
- Inventory management mixes – Although distribution center management is a subset of a broader stock administration methodology, the two are closely related and must be coordinated. Look for a warehouse stock administration framework that integrates seamlessly with your larger istock administration program (most vendors offer this option).
What are the main stock management software solutions?
stock administration is a field rife with competition. From large companies to startups, your business has hundreds of options. Researching your options and understanding your needs is crucial.
Look for other businesses in your area. What are they wearing? Talk to them and ask how it is working for them.”
To get started, consider the following options, which are considered to be among the best stock administration software solutions.
- Lightspeed – Lightspeed is a lightweight yet effective POS system with built-in stock administration software suitable for small businesses, especially those in the retail industry. It offers integrations and application programming interfaces (APIs) with many of the leading accounting software programs. Read our detailed Lightspeed review to learn more.
- Oracle NetSuite – Oracle NetSuite stock software is best for large businesses, though it does offer a basic pricing package. It also includes a unified accounting platform useful for tracking finances. Read our full Oracle NetSuite review to learn more.
- QuickBooks Online – QuickBooks accounting software offers relatively limited stock administration features with its Plus and Advanced plans. For SMBs already using QuickBooks for their accounting, it’s a sensible solution. Read our full QuickBooks online review to learn more.
- Acumatica – Acumatica is a complete enterprise resource planning (ERP) platform that includes accounting and stock functions. Visit the Acumatica website for more information.
- Cin7 – Cin7 stock administration software is suitable for medium to large businesses that need an easy-to-use system to support inventory tracking, reordering, and accounting. Visit the Cin7 website for more information.
- SAP: – SAP is the reference ERP platform and stock administration software for large companies and enterprise-level corporations. It is complex but extremely complete.
- Syspro – Syspro offers flexible i stock management software and an ERP platform suitable for businesses of all sizes. It includes a powerful reporting tool that can be used to monitor your inventory and accounting. Visit the Syspro website for more information.
- Zoho Inventory – Zoho stock is stock management software that integrates seamlessly with other Zoho products. It is best for businesses that already use Zoho’s suite of software solutions. Visit the Zoho Inventory website for more information.
Why stock management is important?
stock management is one area where technology has revolutionized the way businesses operate. From gaining visibility into your entire stock or stock to reducing human error by automating critical tasks, stock management can take the legwork out of running your business.
Finding the right platform for your business can be challenging, especially with countless options claiming to be your best solution. By focusing on the needs of your business and combining it with research and reviews from potential vendor partners, you can make the best stock management decision for your business.