Example Of Inventory Management Software

There are many great inventory management software that can help you improve the way your business manages its inventory. Below, we have compiled a list of some of the best inventory management tools that should make it easier for businesses to control their inventory cost, simplify inventory management and better manage their vendors.

In this guide, we review the aspects of Example Of Inventory Management Software, inventory management software small business, best inventory management software for manufacturing, and what are the 4 types of inventory management.

Example Of Inventory Management Software

Inventory management software is a set of computer programs that help manage the inventory, stock and supply chain of a business. Each piece of inventory management software has its own features and benefits, so it’s important to do your research before choosing one for your business.

POS (Point of Sale)

The POS (Point of Sale) system is the cash register. It’s what you see when you walk into your local grocery store and purchase something. The computerized POS system tracks sales, inventory and customer information so that an employee can enter data at the end of their shift or during breaks.

Inventory management software allows companies to track employee time cards as well as other data such as attendance, payroll and scheduling.

E-commerce, direct and wholesale

If you’re looking for a software solution that can help you manage your inventory, look no further. Our software is ideal for e-commerce, direct and wholesale businesses. Here are some of the features we offer:

  • Easy-to-use interface
  • Data analysis tools
  • Cloud storage capabilities

Inventory Management Software Solutions – Popular Features.

Inventory management software solutions are used to manage inventory at all stages of the supply chain. Inventory software helps you manage your stock, reduce costs, and improve customer service. When your business grows, it becomes more difficult to keep track of all of your inventory. You need the right kind of system in place so that you can make sure everything is accounted for and accounted for correctly.

Operational Functionality

Inventory Management:

An inventory management software is designed to help businesses keep track of their inventories, so that they can ensure that they always have the right amount of stock at any given time. It allows businesses to keep track of all their inventory items, including the quantity, cost price and selling price. This is essential for ensuring that they don’t run out of stock while also optimizing their profits by ensuring they don’t overbuy anything. The software will also allow you to monitor how much inventory is being sold per month or year so you know if there are any changes that need to be made in order to improve your sales figures.

Customer Relationship Management: CRM functionality is a useful feature as it allows companies who sell products online through ecommerce sites like Amazon or eBay make sure they have everything ready before their customers come into contact with them once again after having bought something from them before (if applicable). This means things like making sure customer details are correct so that when someone does call up about an issue with something purchased previously; it will be easier for them since all information such as names etcetera will already be available through this feature which saves time when dealing with calls from unhappy customers because everything needed is already there at hand instead having go searching around for records manually every time someone calls enquiring about something related back too one purchase made past – which can lead t

Product Information Management

Product information management (PIM) is an important part of inventory management. It helps you manage product data, product images, and the products themselves.

Product data management (PDM) is another crucial function of PIM. This can include anything from basic product data to manufacturing specifications to pricing and availability information. PDM software also helps you streamline how you collect and store that data so it’s easy to access when needed—and so it doesn’t get out of date or lost when not needed anymore!

Product image management software will help make sure all those pictures are organized into one place for easy access by employees across different departments within your company: marketing needs them for advertising campaigns; sales reps might need them for presentations; tech support could use them during troubleshooting sessions with customers who’ve already purchased a given product before contacting yours directly about what went wrong with it last time around…

Customer Relationship Management

Customer Relationship Management (CRM) software can help you manage your customers and their interactions with you.

Good CRM software will help you improve customer satisfaction and loyalty, which are key to business success.

A few examples of CRM software include:

  • Salesforce—salesforce.com/products/crm/for-enterprise-customers/understanding-salesforce-crm
  • Zoho—zoho.com/crm_overview

Enterprise Resource Planning

ERP systems are used to automate business processes in a wide range of industries. ERP software is actually a broad term that encompasses many different kinds of applications, including inventory management and customer relationship management (CRM). Such systems allow businesses to streamline their operations by incorporating virtually every aspect of the company into one cohesive system.

ERP systems can be used in a wide range of industries and sectors, but they’re most often employed by large corporations with complex operations that require frequent coordination between multiple departments or branches. For example, an ERP system might streamline the ordering process for a furniture manufacturer’s supply chain, which involves receiving materials from suppliers, using those materials to manufacture furniture parts and then selling those finished products to retailers or distributors who will then sell them directly to consumers.

Accounting Integration

Accounting integration is the process of allowing your inventory management software to communicate with your accounting software. This means that you can export data from your inventory management system into an accounting platform, and vice versa.

It’s important to note that this type of integration isn’t necessary for all businesses, but it can be beneficial in certain situations. For example: if you’re a small business owner who uses QuickBooks as their accounting program, then integrating with QuickBooks may make sense for you.

But what if you don’t use QuickBooks? You’ll want to find out if there are other options available for those who aren’t using QuickBooks or other popular financial programs like Microsoft Excel or Sage 50 Accounting Software .

Order Fulfillment, Warehousing and Logistics Management

Order Fulfilling and Warehousing

Order fulfillment refers to the process of receiving, inspecting, shipping, and tracking orders. The goal is to ensure that each order gets shipped with all the correct information in a timely manner.

Warehouse management software is used by retailers to help manage inventory levels across multiple warehouses and distribution centers. Automated record keeping allows you to track receipts, shipments and other movements between storage locations so you can easily identify any issues that might arise during the course of moving goods from one place to another.

Shipping Management Software: Shipping management software helps retailers keep track of their daily shipments through an integrated system that includes features such as: product tracking; shipment scheduling; automatic delivery notifications; automated accounting entry based on approved delivery reports received from carriers; email alerts for late deliveries or incomplete shipments among others

Customer Service and Support Management

  • Customer Service and Support Management

You can’t have quality customer service without the right software. Customer service software helps you manage your support team, schedule meetings, make notes and more—all in one place. It also integrates with other business apps like CRM and project management software to provide a complete solution for improving your overall customer experience.

  • Customer Service Software Features

Customer service software features include:

  • An intuitive interface that allows agents to easily access all their tasks from one place
  • A live chat feature that enables agents to connect with customers instantly
  • An automated call center feature that provides agents with personalized scripts based on past conversations or other factors such as location or time of day
  • Pricing for Customer Service Software The cost for these programs varies widely depending on the features included in each package. But some providers offer free trials so you can test-drive their products before making any commitments!

A variety of types of software is available to manage inventory at all stages of the supply chain.

Inventory management software can be used for a variety of purposes, depending on the type of inventory being managed. Some managers use it to track the amount and location of their inventory. Others use it to track their sales records, while still others rely on this type of software to manage customer orders and payments.

Regardless of the reason why you need your supply chain management software, there are several different types available:

  • Customized solutions – These programs work with specific systems or business processes that have already been set up by other companies in your industry. They’re often comprised mostly by off-the-shelf components (such as spreadsheets or databases) which are manipulated into appropriate configurations for each user’s needs..

inventory management software small business

Today, small business inventory software is available as never before. While store owners can do this all by themselves, there’s a lot of inventory management software solutions for small businesses that can automate this process and help with creating new strategies. However, finding the one to pick may become an unnecessary challenge for constantly busy business people. So, I tried to do the job for you and gathered a list of top-7 small business inventory software solutions that fit small businesses. Just decide which features are crucial for you, calculate your budget, and choose the most suitable option.

Contents:

What is inventory control in business?

When your business grows rapidly, managing inventory tracking correctly requires more effort. Sticking to a pen and paper, in that case, will only mess up the operational routine, which will restrain businesses from healthy development or kill it eventually. 

It’s a problem many businesses face: too much inventory. But what if you could have the best of both worlds – the right inventory planning, and never running out of it? All of this is possible with a small business inventory software solution designed to manage your inventory. 

In this article, we will explore some of the benefits that come from using an automation inventory system for managing your products as well as how to find the right one for your business.

Why is inventory management so important?

Automating your business inventory planning can be an advantage in a constant struggle with your competitors. But the reason for making friends with specialized software is not only the digitalization trend around the SMB community but also a vital necessity already. Here are the most obvious pros of getting rid of manual inventory management:

Key inventory management software features to look for 

When it comes to inventory management software for your business, there are a lot of different features and functions that you need to keep in mind. When you think about it, inventory management is all about tracking the quantity and location of your goods. And that’s precisely what a good inventory system does. It keeps track of everything in your business and tells you where to find it when you need it.

Understanding how important inventory management system is for your retail business will help you choose the right inventory management software. So let’s take a closer look at some key inventory management features of an effective inventory management system!

🔗 Instant syncing of inventory management system

When you have many products, keeping track of both their inventory and business is a Herculean task. You need to record each and every unit of product, its selling price, current stock, and so on. This can be a time-consuming process when you’re dealing with hundreds or even thousands of products. Good inventory software will do the calculation for the businesses  automatically, providing you with up-to-date information about what’s going on in your stock by deducting the sold amounts. 

🔮 Forecasting and reports of small business performance 

Having the right amount of inventory at the right time is critical for any business, as it can directly impact its gross profit, working capital and overall financial health. The inability to forecast when to produce and sell products can lead to excess inventory, which is costly. The cost of excess inventory isn’t just in the overproduction – it’s also in what you could have done with that cash instead. Forecasting helps businesses understand how much they  need to produce, when they need to produce it and where they should store it so that they never run out. On the other hand, proper business reporting about the inventory on hand provides you with insightful data. This data plays a crucial role in the long run since you can create special business strategies based on the top-selling products, purchase frequency and so on. 

📯 Stock notifications from inventory management software

When you have multiple locations, it’s important to stay on top of your inventory. You need to know when your business is running low on stock so that you can reorder in time to avoid running out and inconveniencing customers. Some inventory management software provides its users with special notifications and alerts to signify when a business product has hit its pre-defined reorder point and needs replenishing.

🤝 Integrations with the platforms in use and order management

To get the most detailed information about where your business is standing right now, you need all your platforms to communicate with each other. Integrating them with a proper order management software is the best solution since you don’t need to check every small detail of each product manually – the connected software solution will do this automatically. 

For instance, you can use Synder Sync and take advantage of its automated categorization feature. Imagine the connection between the Shopify business store and QuickBooks Online. By creating a categorization rule, you can create an action that’ll deduct the purchased amount from the receipt from the existent amount in your QuickBooks account. Now you’ll be updated right inside your accounting system as soon as the transaction is synced!

📦 Bundles tracking from inventory management software 

When selling products, one of the most effective ways to create sales and drive revenue is by bundling products together. Here’s what you need:

If the second point is clear, you just need to choose the inventory management software thoughtfully, there are still a lot of questions about the first one. Calculating and analyzing the products for the selling in bundles strategy may take a lot of time and nerve cells. 

But that’s not how it should be. 

Synder Insights can provide you with all the necessary information about your business’s performance. Based on the activity of the connected store, Synder Insights gives you an accurate report about the products most likely to be purchased together, and you’ve already got your bundle!

Finally you can get rid of your selling-in-bundles nightmare.

📊 Accounting and inventory tracking

If you’re lucky enough to find the software for your business that’ll do both: take care of the inventory and the accounting, consider yourself Fortuna’s favorite.

Note: Keep in mind that accounting software won’t replace a professional accountant when you have a big business – the software will simplify the workflow a lot, but it’s recommended to contact a professional to check the results and figure out some issues that might be revealed thanks to the software but can’t be resolved with its capabilities. 

Accounting is the backbone of each strategy and future business planning because it shows the real numbers. You can play a bit with how you’re placing the products, how you’re selling them and even change the marketing strategy – all these actions affect the final accounting reports. Having this powerful tool in hand, you can create a better inventory strategy while controlling the one in use right now. 

Top-7 warehouse inventory management software solutions

A business is only as good as its inventory. And while it may be tempting to buy more stock when your inventory starts to run low, it’s important to keep an eye on what you do (or don’t) sell each day and have an accurate inventory system control.  Lack of proper data can make it difficult for companies to determine the goods that are popular and the ones that aren’t performing well, which can lead to overstocking some items and a shortage of the others.

To make the list, I used the following criteria: affordability, ability to integrate with accounting software, and the overall positive feedback from the business owners who have been using these solutions.

1. Fishbowl inventory

Fishbowl inventory is a complete small businesses inventory management software solution. Its core audiences are wholesalers, retailers, and producers who want to stay in touch with their accounting solutions. But if you think that Fishbowl is a niche tool for QBO fans, you might be wrong! Xero, Shopify, WooCommerce, Salesforce, these are the loudest names from the list of the supported integrations.

Fishbowl’s inventory platform comprises two sub-products: Fishbowl Manufacturing and Fishbowl Warehouse. Plus, the company offers additional services and hardware.

Customers appreciate its user-friendly interface and client-centric support. But some users don’t like the reporting system, as it’s not always applicable to some businesses.

2. Synder

Having accurate and precise inventory together with accurate accounting will provide you with peace of mind and a plan of action for upcoming seasons. Synder software will fetch correct inventory data from the platforms you’re using into your books, so you’ll never run out of stock.

This software imports the data from the sales platforms and assigns the correct product to sales, which makes sure your inventory in the accounting software is accurate and up to date. With Synder, you have more freedom to customize your bookkeeping based on the secure if-then conditions.

You can also track and categorize your product inventory, locations, shipping, and discounts to have more accurate reports.

2. Booqable

Booqable is a simple inventory control software that allows you to know what product is on your shelves, where it’s located, and how much there is. While many inventory planning systems are complicated enterprise solutions that are rarely used, Booqable offers an affordable, easy-to-use small businesses inventory management software tool. 

Booqable is a turnkey management software solution for inventory control of businesses. It can be used to track and manage everything from the initial purchase to the end customer. It also integrates with hundreds of popular e-commerce platforms such as Shopify, WooCommerce, and Magento to make it even easier to manage your online store.

Everything from sourcing and procurement to sending and receiving, Booqable can help you get better business insight into your inventory, enabling you to make smarter decisions.

4. Odoo inventory management

Odoo is open-source software that primarily focuses on small businesses needs but allows for tailoring to any size on demand. So, it’s highly customizable. Until you start using it with other products of the company, it will cost you nothing (the trial period is provided).

The module for inventory control is designed to help you keep track of your business stock levels in real-time. It allows you to create an unlimited number of different products with their own inventory planning.

The app allows you to add third party integrations from their app store in case you need a ready for use solution. In the meantime, Odoo provides its client with a bunch of integrated solutions which help to unfold the whole digital infrastructure management for businesses: from marketing to inventory planning.

5. Zoho Inventory

You might know Zoho as an almighty octopus of business automation. So I couldn’t walk past this niche solution, as I like Zoho products myself. Besides being integrated into its ecosystem, Zoho Inventory has a variety of useful connections with other services: from payment systems to shipping providers. Having entered inventory info once,, you can update it in all the channels you use on Zoho Inventory.

This software service provides businesses with a tool for inventory control, purchase orders, and other important features. It helps companies track their products, store information about vendors and suppliers, and generate reports for their business.

It’s easy to use and deploy: it’s a small businesses inventory management software solution requiring no download or installation that you access through your browser. And you can have your inventory control access anywhere. Free trial included.

best inventory management software for manufacturing

Inventory management software helps to optimize physical inventory levels. As such, manufacturers always have what they need. This is beneficial when placing an order without taking up money or excess inventory.

The system allows manufacturers to immediately determine the existing inventory costs. This is useful for financial planning. Plus, you can track raw materials and inventory items. The system also records work-in-process (WIP) items, finished products, and more.

So, what are the best manufacturing inventory management software options? Read to explore the top picks for your consideration.

FreshBooks Client Management

FreshBooks Client Management keeps you connected with your clients. You can keep all customer estimates, payments, invoices, credits and other financial information. Best of all, it’s all in one place! This makes tracking customers a breeze.

Moreover, knowing your customers better lets you give them the best service possible. FreshBooks Client Management lets your clients understand and take part in the project. As a result, you are always on the same page.

And use time tracking to record each billable minute. You can record all work and send more accurate invoices. In using FreshBooks, you’ll gain better customer rapport.

Communication and transparency are great ways to get customers interested in their projects. As a result, relationships flourish through clients. It also accommodates comments, project collaboration, file sharing, and more.

And thanks to FreshBooks’ client info, you can use it to grow your business. Your client reports tell you which customers are helpful or hindering your business.

You can even track loyalty discounts, refund previous jobs or make advance payments. In doing so, you can better understand your relationship with each customer. You can then apply a credit to invoices to ensure that your book stays accurate.

With so much flexibility at your fingertips, it’s no wonder why FreshBooks takes the top spot.

NetSuite

As the first cloud ERP system, NetSuite caters to over 24,000 customers. With it, you can gain visibility and control. You’ll have the agility to build and operate successful businesses. You get integrated systems including:

NetSuite automates core processes and provides real-time insights. This enables fast-growing companies in various industries to be more effective. NetSuite also provides a series of accounting and financial management solutions.

Fishbowl

Fishbowl is a hybrid inventory management system and warehouse management solution. It is made for small and medium-sized companies. The main functions include:

You can deploy this solution locally or host it in the cloud. Fishbowl also provides functions such as:

It provides real-time updates of inventory levels for multiple warehouses in the organization. The solution can predict inventory requirements based on sales trends. It also allows organizations to transfer inventory from one warehouse to another.

Prodsmart

Prodsmart is the gateway to digitalization for SMB manufacturers. This is a complete modular solution that can prepare any production environment for the future of manufacturing. Prodsmart provides data support for SMEs. By collecting insights into the entire production, Prodsmart helps them:

This gives SMB the confidence to make decisions based on data. What’s more, you can negotiate from an advantageous position, and drive business growth.

Striven

Striven is a cloud-based enterprise resource planning (ERP) solution. It’s ideal for many industries and organizations of all sizes. It provides functions such as:

Striven also has business management tools, including:

It also has tools for field service management, measurement, and business analysis. Striven supports integration with Google, Microsoft, Yodlee, Authorize.Net and ShipStation. Users can access Striven on any device anytime, anywhere.

what are the 4 types of inventory management

13 Types of Inventory

Raw Materials: Raw materials are the materials a company uses to create and finish products. When the product is completed, the raw materials are typically unrecognizable from their original form, such as oil used to create shampoo.

Components: Components are like raw materials in that they are the materials a company uses to create and finish products, except that they remain recognizable when the product is completed, such as a screw.

Work In Progress (WIP): WIP inventory refers to items in production and includes raw materials or components, labor, overhead and even packing materials.

Finished Goods: Finished goods are items that are ready to sell.

Maintenance, Repair and Operations (MRO) Goods: MRO is inventory — often in the form of supplies — that supports making a product or the maintenance of a business.

Packing and Packaging Materials: There are three types of packing materials. Primary packing protects the product and makes it usable. Secondary packing is the packaging of the finished good and can include labels or SKU information. Tertiary packing is bulk packaging for transport.

Safety Stock and Anticipation Stock: Safety stock is the extra inventory a company buys and stores to cover unexpected events. Safety stock has carrying costs, but it supports customer satisfaction. Similarly, anticipation stock comprises of raw materials or finished items that a business purchases based on sales and production trends. If a raw material’s price is rising or peak sales time is approaching, a business may purchase safety stock.

Decoupling Inventory: Decoupling inventory is the term used for extra items or WIP kept at each production line station to prevent work stoppages. Whereas all companies may have safety stock, decoupling inventory is useful if parts of the line work at different speeds and only applies to companies that manufacture goods.

Cycle Inventory: Companies order cycle inventory in lots to get the right amount of stock for the lowest storage cost. Learn more about cycle inventory formulas in the “Essential Guide to Inventory Planning.”

Service Inventory: Service inventory is a management accounting concept that refers to how much service a business can provide in a given period. A hotel with 10 rooms, for example, has a service inventory of 70 one-night stays in each week.

Transit Inventory: Also known as pipeline inventory, transit inventory is stock that’s moving between the manufacturer, warehouses and distribution centers. Transit inventory may take weeks to move between facilities.

Theoretical Inventory: Also called book inventory, theoretical inventory is the least amount of stock a company needs to complete a process without waiting. Theoretical inventory is used mostly in production and the food industry. It’s measured using the actual versus theoretical formula.

Excess Inventory: Also known as obsolete inventory, excess inventory is unsold or unused goods or raw materials that a company doesn’t expect to use or sell but must still pay to store.

Inventory is known as being a company’s goods and products that can be sold. It is labeled as being the current asset on a company’s balance sheet. The intermediary between manufacturing and order fulfillment.

Inventory Examples

Real-world examples can make inventory models easier to understand. The following examples demonstrate how the different types of inventory work in retail and manufacturing businesses.

Raw Materials/Components: A company that makes T-shirts has components that include fabric, thread, dyes and print designs.

Finished Goods: A jewelry manufacturer makes charm necklaces. Staff attaches a necklace to a preprinted card and slips it into cellophane envelopes to create a finished good ready for sale. The cost of goods sold (COGS) of the finished good includes both its packaging and the labor exerted to make the item.

Work In Progress: A cell phone consists of a case, a printed circuit board, and components. The process of assembling the pieces at a dedicated workstation is WIP.

MRO Goods: Maintenance, repair and operating supplies for a condominium community include copy paper, folders, printer toner, gloves, glass cleaner and brooms for sweeping up the grounds.

Packing Materials: At a seed company, the primary packing material is the sealed bag that contains, for example, flax seeds. Placing the flax seed bags into a box for transportation and storage is the secondary packing. Tertiary packing is the shrink wrap required to ship pallets of product cases.

Safety Stock: A veterinarian in an isolated community stocks up on disinfectant and dog and cat treats to meet customer demand in case the highway floods during spring thaw and delays delivery trucks.

Anticipated/Smoothing Inventory: An event planner buys discounted spools of ribbon and floral tablecloths in anticipation of the June wedding season.

Decoupled Inventory: In a bakery, the decorators keep a store of sugar roses with which to adorn wedding cakes – so even when the ornament team’s supply of frosting mix is late, the decorators can keep working. Because the flowers are part of the cake’s design, if the baker ran out of them, they couldn’t deliver a finished cake.

Cycle Inventory: As a restaurant uses its last 500 paper napkins, the new refill order arrives. The napkins fit easily in the dedicated storage space.

Service Inventory: A café is open for 12 hours per day, with 10 tables at which diners spend an average of one hour eating a meal. Its service inventory, therefore, is 120 meals per day.

Theoretical Inventory Cost: A restaurant aims to spend 30% of its budget on food but discovers the actual spend is 34%. The “theoretical inventory” is the 4% of food that was lost or wasted.

Book Inventory: The theoretical inventory of stock in the inventory record or system, which may differ from the actual inventory when you perform a count.

Transit Inventory: An art store orders and pays for 40 tins of a popular pencil set. The tins are en route from the supplier and, therefore, in transit.

Excess Inventory: A shampoo company produces 50,000 special shampoo bottles that are branded for the summer Olympics, but it only sells 45,000 and the Olympics are over — no one wants to buy them, so they’re forced to discount or discard them.

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