For any store, whether an eCommerce site, logistics company, a supermarket or a brick-and-mortar shop, managing your inventory is a must. But this is certainly easier said than done. Making sure that everything is in its rightful place, is correctly labelled, and having the means to track them all is indeed very challenging. Inventorying is such a tedious process that most times, it can slow down your business. But thankfully, today, there’s an easy solution: inventory management software tools.
What is an Inventory Management Software Tool?
Inventory management software is a tool to keep track of all your products and goods. In fact, they gather all the needed work relating to inventorying and putting them all together in an easy-to-use and simple application. So when you have to manage your inventories, all you have to do is open a program. It will handle everything from order placements with your vendor to delivering them to your customers.
What are the 5 Best Inventory Management Software Tools for 2020?
Now, many management tools have emerged over the years, making it quite overwhelming for business owners to choose the right one. To help you, we tested the top players in the industry and found you the best ones.
Here’s a Software-as-a-Service (SaaS) program that’s perfect for small and medium-sized businesses. It’s an enterprise resource planning (ERP) software that offers general ledger accounting and inventory management. Specifically, its strong areas are in distribution and warehousing.
With Acumatica, you can easily create sales orders and track all your products. You can also scan bar codes through a USB or even with your phone. Furthermore, it allows you to attach images to your inventory items. This can be pretty useful if you have similar products that require identification through the eye.
Acumatica can provide you with plenty, easy to understand, and nicely laid out reports. You can integrate it with Avalara Sales Tax software as well to track sales taxes. Other than Avalara, Acumatica has a large third party collection that you can partner with. So you can add and customize its functionality.
|Very easy to navigate||Confusing pricing|
|Compatible with mobile devices|
The first thing we love about Cin7 is that it can easily sync with your point-of-sale (POS) system. This is pretty useful if you’re already using a Lightspeed Retail POS system since you don’t have to give up all the features you like about it. With it, you can sync your POS transaction with your inventory tracking.
Moreover, Cin7 is great for companies of all sizes. Whether you’re just starting up or already an established enterprise, it has all the features you need to manage your inventory. It offers inventory optimisation tools, sales and marketing tools, manufacturing and kitting, real-time stock control, and loyalty reward program support. It works with Amazon, Xero, Shopify, Intuit, and Salesforce as well.
|Offers a complete solution for retail and eCommerce stores||Relatively expensive|
|Offers free trial|
Here’s a tool that can help manage every aspect of selling. You can use it to track your items from the moment it leaves your suppliers’ doors to when your customers receive it. Also, this tool can handle your customer data, orders and fulfilment, and provide you with deep insights about your business.
TradeGecko’s other features also include product history, kitting, a fully sortable inventory list, detailed reporting, and product details like bar code and SKU.
|Affordable||Only email support is available|
|Offers many advanced features||The phone app has limited features|
|Ideal for businesses of all sizes|
Syspro is ideal for small, midsize, and large businesses as it has most of your ERP needs. It features a powerful inventory management system, providing you with full control, traceability, and recall management. Thus, you can keep track of your stock levels easily.
If you’re looking for a holistic approach for managing your inventory, Syspro has the answer. It provides you with the tools, methodology, and processes to make sure you have the right balance of products within your supply chain.
In addition, it allows you to measure the quality of your sales forecasts. Thus, you can easily identify which products contribute most to your business in terms of cost of sales, quantity sold, gross profit, and sales value. Therefore it can help you make better purchasing and production decisions and reduce the products that are not delivering the results you want.
|Ideal for businesses of all sizes||Relatively expensive|
|Offers Gantt charts for critical path planning|
|Easy to use|
5. Oracle Netsuite
Here’s another software than goes beyond managing your inventory as it helps in every aspect of your business. It can assist you with not only your inventory but with financials and customer relationships as well.
Oracle Netsuite popular features such as bar code, sales tax software integration, POS interface, supply chain management, and realtime inventory. Moreover, it offers many tools including inventory tracking, re-order points, demand planning, distribution requirement planning, cycle counts, and safety stock. Thus, with Netsuite, you can ensure you’d have enough inventory on hand to meet your customer’s demand.
|Can expand as your business grows||Too complex for small companies|
|Combines eCommerce, CRM, and ERP features||Requires some technical knowledge to maximise its potential|
What are the Benefits of Inventory Management Software?
With an inventory management tool, you can map the complete journey of each product. It keeps you organised and alerts you when there’s an oversupply or shortage of items. It also provides you with reports and insights into every aspect of your products. The transparency a single software can provide you can help you better understand your customers and create a big impact on your business’ bottom line.
An inventory management software tool is a must-have for every store owner. You need it to minimise waste, analyse data, and accurately track your products. As a result, you can make better decisions for your business.
So go ahead and start running your business easier and more efficiently with one of the best inventory management software tools we’ve listed here.