Best Inventory Management software | 2019

Inventory management can be a tedious task, especially if you have a large amount of inventory to take care of your business. In addition, if it is not done in the right way, it can lead to many problems and losses. The right kind of inventory management is key to the success of start-ups and established companies.

Recently, a large number of inventory management software can be used to automate and make the entire process more efficient. Using good inventory management software can be a big change for your company or business.

However, you should be careful when choosing software and look for things with interesting features to help streamline your inventory management process.

With this in mind, here is a list of the best inventory management software that can be very helpful to your business.

Top 5 Inventory Management software 2019

1) NetSuite ERP

NetSuite ERP inventory management tools, along with related financial management tasks, help streamline end-to-end supply chains. Oracle offers a cloud-based integration platform that acts as a one-stop solution, providing real-time detailed visibility into inventory management and putting your business on inventory.

With easy-to-use native tools and efficient features, this inventory management tool is gradually growing and widely used in many medium and large businesses.

2) Zoho

Zoho Inventory is standalone online inventory management software that helps companies track inventory levels and manage both online and offline orders across multiple channels.

Zoho features and options are suitable for retail or trading, but not for manufacturer settings. In addition, this affordable tool is suitable for small businesses.

3) ProfitBooks

If you are looking for the simplest inventory management software, ProfitBooks is easy. The first thing you will notice about this application is that it is very easy to use.

ProfitBooks is designed for companies that manufacture their products and sell them online on the Shopify platform. Ideal for manufacturers and wholesalers.

This application smartly integrates accounting within inventory management. So you can create purchase orders as well as track daily business expenses.

4) Innoventry

We at INNOVENTRY provide you with solutions to your varied problems from billing issues to inventory management and updating. But before venturing into this amazing gift of technology to modern-day business let us first understand the types of inventory management systems which can really make your business stand out from other contemporary businesses following almost the same business model or any other business as a matter of fact.  

If you are into any business then you need an effective inventory management system and INNOVENTORY can help innovate your inventory maintenance procedure in the most optimum manner. 

Innoventry Inventory Management Solution Most advanced and the best inventory management software in pune

5) inflowinventory

inflowinventory software tracks the flow of products in your business. From vendor purchase to cycle counting and invoicing. Sales, management, inventory replenishment, review in inFlow

There are several correct ways to sell a product. Therefore, we are helping to earn sales from anywhere. There is always a way to drive sales to the inflow, whether on the web, on the phone or in the field. We can't be satisfied until your order is complete, so we also support full pick, packing and shipping workflows. Inventory is an investment and requires dedicated inventory software to be managed efficiently. When you place an order, inventory is automatically reserved, and full bar code support via scanner or smartphone allows for quick inventory adjustment.

inFlow is inventory software and has many more functions.

Features of Inventory Management Software

Running a business, a factory or an industry? What bothers you the most? Sales and Profit. But it is impossible to obtain the level of sales that you aim for until you concentrate on managing your own product, the raw materials and the processing material such as spare parts of those machines which are required to create those awesome products of yours. “A place for everything and everything in its place,” goes the saying. Let’s add to that a label for everything and the means to track it all. And, how about some alerts when there’s too much of one item and a shortage of another? This mix pretty much sums up what inventory management software can do for your business.

Whether you are running a shoe store, grocery store, a multipurpose mart, e-commerce site, a logistics company or any business you name it, an inventory management system is must-have if you want an easy-going business where you can only concentrate on customer addition and sales improvement to enhance your ultimate goal that is profit. It will give you insights into every aspect of your products, and in some cases, will help you better understand your customers too.

What is an inventory management system? An inventory management system is basically a tool that allows you to track goods across your business’s supply chain. It largely optimizes the entire process from order placement with your vendor to order delivery to your customer, mapping the complete journey of a product.

Moreover, with features that an inventory management software provides a business can come out to be miraculously profitable, it provides transparency to cash flow and the input as well as the output which in-turn has a big impact on the bottom line of business. Inventory management software enables accurate tracking of goods; businesses can minimize waste, analyze trends, and make better investment decisions.

There is a range of features of inventory management software provides which help you manage your worthy business. To choose an inventory management software following are some features to look up to,

1) BILLING AND INVOICE MANAGEMENT

In this era of fast-paced business, inventory management software will provide you with super easy billing procedures. Added features such as customization and professional printing as well as sharing using e-mails as well as other means features should be present in the software. Also added logos of the business, signatures and proper placement of advertisements on the bill will even make the business impactful.   Great inventory management software creates great user-oriented billing software which can make your business look very professional. This creates a professional image in the mind of the clients and leads to added buyers or clients. Duplicate invoices can also be created in the format of previous invoices.

2) BARCODE SCANING AND CREATION

Inventory management software have a feature which enables them to create barcodes for your unique products which can be used directly on to the billing and invoice creations for faster billings. Also, barcodes can be used for online verification and authentication of your product. Unique Bar Code for the product specifying its quantity and rate can be created. Bar codes can also be generated at once for all the items in the purchase form by providing requisite information of the products. This reduces the billing time for the commodities and considerably increases the efficiency of sales, in turn, increasing profitability and revenue.

3) QUOTATION MANAGEMENT

Every business requires purchasing; it is basically the backbone of any business as raw materials and processing materials are required to create a furnished product. Inventory management software provide your business with professional quotations which can be generated in a blink of the eye with just one click. With it, you can request quotations from vendors and generate purchase order which can help a business to manage and keep a digital check of its expenditure.

4) MARKETING AND NOTIFICATION FEATURES

Marketing is one of the most important components of a successful business.  Inventory management software provides users marketing facilities such as SMS notifications and payment reminders to its customers including promotional messages which can provide full-fledged exposure and dedicated customer targeting. Businesses can send automatic SMS invoices notifications to their customers which can save both time and money.

5) STOCK NOTIFICATIONS

Receive alerts and notifications when there’s over- or under-stocking beyond a defined threshold. This helps you to place orders or offer promotional discounts to clear out extra stock.

6) ORDER MANAGEMENT

Most vendors offer an inventory management system that can help you manage your sales orders. These tools allow users to customize pricing, send quotes, track orders and manage returns. Some advanced systems sync orders with inventory levels, mark items for shipment, support multichannel sales and make auto-adjustments to maintain profitability. Order management is an essential feature for increasing and maintaining customer satisfaction using order tracking, sales order, quotations, order editing.

7) REPORTS AND ANALYTICS

Analytics informs you of when demand may be higher than expected, like during certain holidays. Use this data to prevent stock outages, which could result in a missed opportunity to grow your business. Reporting provides this data in ways that are easy to understand and share. These might include specialized PDFs or inbuilt dashboards. You might have the best insights in the company, but without an effective way to share them, they won’t be much use to you. Many tools allow users to also drill down a report to find the level of information necessary for their function.

8) MOBILE SUPPORT

This aspect affects what hardware you’ll be managing your processes on and if you’ll be able to do it remotely. Many systems offer a mobile website, which enables users to access the system from any desktop. If you utilize tablets, phones or other mobile devices, check to see if a vendor offers a native application. Mobile support is often OS-specific, so it’s important to keep that in mind as well. While most vendors try to support all popular platforms, it’s not a universal concern. So it’s always important that the inventory app you invest in can run on your existing hardware.

9) MATERIAL GROUPING

Group inventory into predefined categories and ensure you’re always updated about quantities of components and specifications that make up your product stock, and manage their reordering schedules as required.

10) INVENTORY OPTIMIZATION

Maintain just the right amount of inventory for each product, without over- or under-stocking any item. It’s especially useful if you deal with products that experience a seasonal rise and fall in demand.