Inventory management is a streamlined procedure for acquiring, storing, and managing a company’s inventory. Why manually enter data into spreadsheets or ledgers when you can utilize a sophisticated automated inventory tracking system? The major purpose of investing in an inventory management system is to find a happy medium between overstocking and understocking.
How do you reach this equilibrium? By scrutinizing market supply and demand patterns! Conducting research aids in the maintenance of inventory stock levels. You may implement an inventory management system in any type or size of the organization.
There are a few things to consider before diving into the most popular forms of inventory management systems. Obviously, various groups deal with different forms of inventories that influence how their operations run. Furthermore, once an overarching strategy is adopted, inventory systems within those strategies must be considered.
If you’re already on your way to discovering inventory management software, check out our comparison guide to see some of the market’s best performers.
Why do you require an inventory system?
Any business that handles stock will require a system to manage and control it correctly. Without one, you’ll be operating purely ad hoc, and you’ll rapidly find yourself in circumstances where your company is overstocked or understocked.
Inventory systems inform you how many components or materials you’ll need to make or assemble your final product. If you do not have this information, you may wind up with surplus stock, eroding your bottom line, or inadequate stock to fulfill client demand.
However, while you will require an inventory management system, the one you select is totally up to you. There are several methods to choose from, ranging from simple techniques to full solutions.
Checkout: 15 Best Content Management Software in 2023
Inventory Management Systems That Work
Do you want to improve the efficiency of your supply chain? Or acquire a better grip? Investing in an inventory management system can enable you to accomplish all of this and more.
1. UpKeep
UpKeep is inventory control software that assists you in managing your inventory and overseeing order fulfillment. The platform centralizes your inventory counts, so you know precisely where each item is and how many things need to be replenished. This solution does not include a mobile app, but it is mobile-optimized for the web and will operate on any mobile device.
Why I chose UpKeep: Don’t be misled by their ‘in-person’ services (such as technician planning and work orders); UpKeep is a comprehensive inventory management software that is ideal for any online firm. When supply levels are low, the program automatically updates your inventory counts and gives you push and email reminders. You may also manage several locations using the platform. They specialize in multi-location manufacturing firms, allowing you to sell items and replacement components online.
Characteristics
The free plan includes extensive asset management, which allows you to add technical documentation, photographs, text, and even video material for each of your items. Their inventory management software allows you to manage product quantities and expenses directly from their mobile-friendly interface. When a product is added to an invoice or work order, inventory counts are automatically updated.
UpKeep integrations are restricted to subscription plans. They are not available on the freemium plan.
2. Fishbowl Inventory
Fishbowl Inventory leverages automation to help your business flourish, from inventory optimization to having total insight across several levels. It serves medium- to large-sized organizations and efficiently aids in the optimization of production and warehousing operations.
It enables you to manage payment transaction procedures, multitask, and produce purchase orders and receipts.
Top Advantages
- Increase efficiency by automating critical company operations, allowing staff to focus on other activities.
- Effective Multitasking: Manage various inventory activities simultaneously, from purchase orders through production receipts and other transactions.
- Manage and monitor inventory levels to precisely anticipate buy reorders in the event of low inventories. This reduces overstocking and wasteful spending.
- Workflows should be simplified. Navigation is made easier with a simple, user-friendly design. With total transparency, you can easily access information on employee workload and transactions.
Limitations
- Customization choices are limited.
- It does not support FIFO or LIFO.
- There is a lack of adequate customer service.
3. Zoho Inventory
Zoho Inventory is a cloud-based inventory management application that allows you to track inventory changes, manage sales and purchase orders, and sell your items across numerous sales channels. This solution establishes a consolidated inventory management system for all of your online sales.
Why I Selected Zoho Inventory: Zoho Inventory updates your inventory quantity whenever a transaction is made, ensuring that your inventory levels are consistent across all channels. The program includes pre-built processes for typical operations, including purchase orders, sales orders, and shipping tracking.
One of the finest aspects of this system is its use of detailed dashboards. The dashboards in Zoho Inventory provide you with improved insight into your business, allowing you to easily observe inventory fluctuations and best-sellers.
Highlights of Zoho Inventory
Multi-channel selling allows you to sell your items on numerous channels, such as your web store, Amazon, eBay, and others. In addition to this program, you will have access to numerous currencies, making it simple to conduct transactions with overseas consumers.
4. ASAP Systems
ASAP Systems is a cloud-based and on-premise inventory management system that serves businesses of all sizes. Its versatile, user-friendly interface enables data optimization for both barcode scanning and mobile use.
Kitting, reporting, and forecasting are some of its highly adjustable features.
Top Advantages
- Gain total visibility: gain total visibility across various levels with enhanced inventory and asset monitoring. Some of its benefits include accurate location estimates and an improved traceability system.
- Inventory Process Automation: Use automation to manage and monitor inventories more effectively. Reduce the likelihood of human error and avoid data inaccuracies, overstocking, and shortages.
- Workflows must be configured: Access a versatile and adjustable solution that matches any type or size of the organization, from on-premise to cloud-based capabilities.
- Dashboards can be customized. The ability to set and personalize an intuitive dashboard to one’s liking.
5. InFlow Inventory
InFlow Inventory is an inventory software that allows you to keep track of your orders and stock levels. Businesses may use the program to handle their sales orders, purchase orders, and work orders from a single platform. Orders may be created, tracked, and managed by businesses, as may invoices and packing slips.
Why I choose InFlow Inventory: The reporting tool in InFlow Inventory is excellent and provides vital insights into your company. Businesses may use inFlow Inventory to manage their inventory levels in real-time, so they always know how much product they have on hand. The program also keeps track of inventory levels over time, allowing organizations to examine patterns over time.
You may use InFlow Inventory to define product categories, track any purchase orders and items out for repair, handle returns, and preserve accurate sales records. You may establish an infinite number of users with varying permission levels for your local network users with this free inventory software. Two people, however, cannot alter the inventory at the same time. Other users have read-only access when one user is making changes.
Highlights of Inflow Inventory
Easy barcode scanning, which allows businesses to scan items and update inventory levels using their specialized mobile app, is one of the features.
6. Sortly
Sortly is inventory management software that allows you to add goods to your inventory, categorize your products, and monitor each sales order. The platform includes an easy-to-use interface and a design that is compatible with all mobile devices.
Why I chose Sortly: Sortly simplifies inventory monitoring with automated low-stock notifications and date-based reminders for items with short warranties or expiration dates. You may also design your own dashboards to gain a birds-eye perspective of your business.
You can add one custom field to the free inventory software. This allows you to build a custom inventory category for goods that do not fit inside the normal fields of the product. This can be beneficial for firms that have unique items that are either ahead of the curve or difficult to categorize.
Characteristics
Notable features include absurdly simple item tracking—by establishing an inventory database with photographs, descriptions, and custom fields, Sortly allows businesses to monitor their inventory goods effortlessly and quickly. You may also create and utilize custom alerts and reminders for low stock levels and expiration dates. Sortly is a mobile app that helps businesses manage their inventory while they are on the road.
7. Veeqo
Veeqo is an all-in-one inventory management system that successfully helps manage and monitor inventory. It offers simpler multichannel selling. It is mostly utilized in the retail and fulfillment industries. It manages refunds and purchases and includes built-in demand forecasting.
It assures supply availability and keeps the user auto-updated in real-time during times of heavy demand.
Top Advantages
- Gain Complete Visibility: Gain extensive operational insights to identify and resolve any bottlenecks. Gain total access to financial, sales, and inventory performance data from any point in time.
- Maximize Accuracy: Filter orders based on stock levels and sales channels and automate order routing. Tagging orders improve the picking process’s accuracy.
- Receive Real-Time Stock Updates: Gain real-time updates on inventory stock levels with automation. Increase supply in response to demand while avoiding overstocking.
- Lower operational rates: It helps reduce excess inventory expenses by providing precise picking and speedy order fulfillment.
8. Odoo Inventory
Odoo is a free and open-source inventory management system that has had over 7 million users since its inception. They are now employed by firms such as Toyota, Cox, Hyundai, and Danone in a variety of selling and manufacturing industries.
Why I chose Odoo Inventory: Odoo Inventory is well-known for its customizable flexibility and comprehensive variety of solutions, which include CRM, e-commerce, accounting, inventory, point of sale, and project management. You can select the ones you require or combine them all for a comprehensive business solution.
Odoo Inventory is a comprehensive inventory management and selling solution that is entirely adaptable and can be tailored to fit your particular needs with a little elbow grease. Robust documentation, open-source DNA, and a comprehensive number of connectors may help it become the precise solution you want. Obviously, anything open-source and thus customizable will need some more technical understanding. Odoo works well for people who have access to IT professionals.
Highlights of the Odoo Inventory
Just-in-Time (JIT) inventory management—Odoo Inventory enables JIT inventory management, which assists firms in optimizing inventory levels to decrease waste and boost productivity. Real-time inventory tracking with multi-location capability, barcode scanning, integrated shipping and receiving, and a mobile app are all included.
9. Ordoro
With Ordoro, the greatest inventory management software for e-commerce is launched, offering consumers the tools they need to compete with big-box stores.
When managing your online inventory, Ordoro is fantastic for sellers seeking:
Handling dropshipping inventory and shipment management
Advanced analytics using an open API
With capabilities like automatic dropshipping, omnichannel inventory management, and shipping label production, Ordoro enables you to link your many sales channels and enhance your fulfillment operations. The fact that Ordoro is free to use to get started is by far its greatest benefit. Users get access to a free 30-day onboarding session, and there are no setup costs or monthly subscriptions.
Pros
- Track various shipping alternatives and assess the costs of various delivery providers all in one location.
- Create return labels quickly, store the data, and email the finished product straight to consumers.
- To inform customers of shipment and tracking changes, connect with e-commerce platforms like BigCommerce.
Cons
- Not in real-time, but once every hour, updates are made between Ordoro and e-commerce platforms.
- Lacks integration with a number of e-commerce systems or online marketplaces, such as Amazon.
10. Upserve
For those in the food and beverage sectors, there is this one: Upserve restaurant inventory management.
Users get access to services like these using Upserve inventory management software:
- Shift notes and personnel administration
- Tip modifications
- Check-splitting
- Built-in logbook
Managers and company owners have access to Android- or iOS-based point-of-sale systems thanks to Upserve, one of the top restaurant inventory management software solutions. With a consolidated platform to manage their whole organization, this cloud-based inventory management solution enables companies to enhance efficiency, track orders easier, and boost revenues. Additionally, as Upserve is a system for managing restaurant inventory, you may define access levels so that managers can safely authorize changes to checks and establish automated tip amounts.
Pros
- It is simple to keep track of your inventory levels and determine what needs to be ordered.
- This program may simplify your ordering procedure and reduce mistakes, which can ultimately result in big savings.
- You can enhance your profitability and free up cash flow.
Cons
- It is difficult to understand how to use all of the software’s features and functionalities.
- The program might not operate as effectively or be challenging to access if you don’t have a reliable internet connection.
Last Thoughts
The strategy a company takes for inventory management may make or break its whole supply chain. A plan is required to keep things going effectively and properly, whether the firm is tiny and laid-back or enormous and complex.
How has establishing an inventory management system and strategy improved your inventory management operations’ efficiency? Let us know in the comments!
