No matter the size or industry of the company, inventory management is one of the key elements. Tracking inventory levels, ordering, storing, and managing inventory items are all part of it. The procedure might be difficult, particularly for companies with a huge inventory. Businesses may now manage their inventory more effectively thanks to the development of business software for inventory management. Businesskd researched the best inventory management software solutions and discuss its important.
The Important of Business Software For Inventory Management
Business software for inventory management is a crucial tool for businesses that rely on inventory, such as retailers, e-commerce sellers, manufacturers, and service providers. These businesses can benefit from higher profits, streamlined operations, and improved customer service by optimizing their inventory practices at a granular level. To achieve these benefits, accurate stock tracking, purchasing, receiving, on-time delivery, and real-time inventory sync with sales platforms are necessary, which requires reliable inventory management software.
Additionally, minimizing losses from receiving errors, shrinkage, and inefficient storage can boost profits. By uncovering these issues and implementing other operating improvements, inventory management software can help drive a more profitable operation.
Best Business Software For Inventory Management
Overall – Cin7
Cin7 is a comprehensive and versatile business software for inventory management that offers a wide range of features and integrations to fit the needs and budgets of most businesses. It includes top-notch stock tracking, purchasing automation, and multi-warehouse management tools that seamlessly integrate with online stores and marketplaces, as well as shipping software.
With Cin7, businesses can efficiently manage orders, inventory, and shipping, while syncing stock levels across multiple warehouses and tracking parts for bundled and assembled goods. The software also offers automation of purchase orders based on sales velocity, and order forwarding to warehouses and dropship suppliers for fulfillment. Moreover, Cin7 features a built-in point-of-sale (POS) function that enables tracking of in-store sales alongside online sales.
The software is supported 24/7 on all plans and offers complete online tutorials and knowledge base resources to help businesses get the most out of their inventory management system.
Best for Sellers – Ordoro
Ordoro is a comprehensive business software for inventory management that streamlines multichannel sales by integrating supply chain management, inventory tracking, and shipping. It offers real-time inventory and shipping status syncing with almost all e-commerce platforms and online marketplaces. Ordoro also provides POS integrations with Square, Shopify, and other platforms via open API to sync retail inventory.
What sets Ordoro apart is its purchasing automation features, which automatically forward orders to multiple warehouses and dropship vendors for fulfillment. It also generates one-click purchase orders based on sales forecasting or reorder quantities. Ordoro is an excellent tool for manufactured goods and order bundling, offering kitting features that track raw goods and parts to finished products ready for shipping, perfect for custom items, made-to-order goods, and subscription boxes.
Ordoro provides support via live phone assistance from 9 a.m. to 6 p.m. Monday through Friday, as well as support tickets and an online knowledge base.
Best Software Values – Zoho Inventory
Zoho seems to offer a good business software for inventory management option for startups and growing businesses, with an end-to-end order management, inventory tracking, and shipping tools that support all types of shipping-based businesses, including product bundling and kitting.
However, Zoho’s limited e-commerce integrations may be a drawback for businesses that rely on other platforms. Nevertheless, Zoho’s time-saving features, such as autofill purchase orders, one-click dropship management, and multi-warehouse management, make it a great option for businesses that use the supported e-commerce platforms.
Zoho provides 24/7 phone support via chat and email with one- to two-hour average response times, plus an extensive online knowledge base.
Best for Asset Tracking and Small Shops – Sortly
Sortly seems to be a simple and affordable inventory and asset tracking software that can help businesses track the quantities and locations of different items, including office supplies, project materials, and equipment assets. While it does not have end-to-end order, inventory, and shipping management features like other inventory solutions, it generates barcodes and QR codes for quick scanning and counting of items. You can also set reorder levels and low-stock notifications on items and group them by storage location, projects, clients, or teams.
Sortly provides email and online help center support, plus scheduled phone support on the top plan tier.
Best for Manufacturers – Katana
It’s great to see that Katana is an excellent choice for manufacturing businesses due to its comprehensive inventory management features that include production planning, assembly tracking, and shop floor management.
The software is also reasonably priced, with the Essential plan starting at $99 per month and the Advanced plan priced at $299 per month. Additionally, the software’s multi-warehouse and supply chain management tools, barcode support, and shop floor management app are available on the Advanced plan. Overall, Katana offers a lot of value to manufacturers and shipping-based businesses.
The software comes with 24/7 phone support via chat and email, as well as a complete online knowledge base.
How To Choose Business Software For Inventory Management
When choosing business software for inventory management, it is important to consider four key areas. Although cost is often thought of as the first consideration, it is not the most important factor. While basic inventory tracking can be done for free using a spreadsheet, this is a time-consuming process. It is better to consider how a software system can deliver value to your business, such as by saving staff hours through automation. Spending a few hundred dollars per month for time-saving features is a good investment.
The second area to consider is business processes. This involves analyzing your inventory needs, such as stock tracking, counting, purchasing, and receiving, as well as your sales platforms, production processes, and fulfillment processes. It is important to choose a system that fits your current needs and can easily scale with growth.
The third consideration is integrations. It is crucial for business software for inventory management to seamlessly integrate with other systems, such as online platforms, retail POS systems, vendors, shippers, 3PL services, and accounting systems. Look for software that offers built-in integrations or an open API for universal connectivity.
Finally, it is important to plan for growth. Migrating data from an old inventory software system can be a hassle, so it is better to choose software that can easily scale up as your business grows. Inventory-driven business models can change rapidly, so it is important to choose software that can accommodate these changes through plan upgrades or feature add-ons.
No matter the size or industry of the company, business software for inventory management is essential to its success. Businesses may manage their inventory more effectively by using business software, which also improves decision-making, saves time, and reduces errors. The software is a great option for businesses of all sizes because it offers capabilities like inventory monitoring, order management, and reporting, as well as integration with other business tools.