What is an Inventory Management Software?
An inventory control software is a digital tool for handling, monitoring, and documenting goods from a company’s inventory. It streamlines the flow of products from manufacturing and production to shipping and distribution with the help of various recording, tracking, and forecasting tools. Companies can leverage the insights gathered from this software to identify bottlenecks across their supply chain and improve inefficient business processes.
Benefits
Inventory control involves several processes that can be simplified with the help of a digital platform. Discover the key advantages of having an inventory control software program below:
Inventory Optimization and Control
An inventory control software platform streamlines day-to-day tasks with a variety of process, management, and reporting tools. For one, it allows you to keep track of multiple warehouses and inventories in a single location. Moreover, it aligns your workflows with your business goals, so employees can focus on their tasks without worrying about the small details.
Process Efficiency
Digitizing your processes is an excellent way to optimize your operations. The program does the work for you, so you can accomplish more and save time on manual tasks. For example, barcode and QR code scanners prove to be more efficient for encoding inventory data instead of manually typing in details on a logbook.
Accurate Tracking of Goods
An inventory control software offers a reliable means of monitoring the movement of inventory items from production to shipment. Easily keep an eye on your stocks using the program’s unique product identifiers such as serial numbers, lot numbers, and barcodes. Searching for specific items also becomes faster with the help of a unified inventory database. Simply insert a product’s identification code in the system and let the program search it for you. With a click, you can find all the relevant details about your searched item.
Quality and Quantity Control
Part of inventory control includes ensuring high-quality inventory at sufficient amounts. Use this tool to keep tabs on your inventory levels and automatically designate reorder points to replenish items with low quantities before you run out of stock.
This software also allows you to set automatic alerts for detecting expiration dates in products. This way, you can provide your customers with the freshest products and reduce waste from spoilage or damage.
Expense Monitoring
Lastly, most inventory control programs include accounting software integrations to streamline financial monitoring processes. Connecting these platforms allows for more accurate expense tracking as purchase orders come in and out. It also collects and consolidates financial data in one place, so you can observe which areas of your inventory tend to overspend or underspend.
Features
An inventory control software often includes a wide range of tools and functionalities to facilitate smoother inventory operations. These functionalities will depend on the size and needs of your business.
Make the most out of your inventory app by knowing the following core features:
Free purchase order and asset tracking tools
Unique identification and tracking labels (e.g., serial numbers, lot numbers, SKUs)
Built-in barcode and QR code scanners
Warehouse management functionalities
Inventory databases and history records
Reporting and analytics capabilities
Stock supply and demand forecasting
Product kitting and assemblies
Integrations with the Internet of Things (IoT) software and other digital platforms (e.g., accounting, marketplace, e-commerce)
Choosing the Right Inventory Control Software
Effective inventory control and management begin with the right platform. These software programs offer various tools to handle stocks for different products effectively and ensure they have adequate supplies at all times. To help you find a suitable tool for your business needs, here’s a quick round-up of our top inventory control software platforms:
Inventory Control Software | Free Version | Paid Plan | Best for | Mobile App |
Mitti (by SafetyCulture) | Yes | $24/seat/month* | Stock tracking & workflows | Yes |
Sortly | Yes | $29/month* | Simple visual inventory | Yes |
Oracle NetSuite | No | Contact vendor for pricing | Enterprise supply chain | Yes |
inFlow | No | Contact vendor for pricing | Manufacturing inventory management | Yes |
Cin7 | No | $349/month | B2B/B2C multichannel sales | Yes |
Fishbowl | No | Contact vendor for pricing | Warehouse manufacturing inventory | Yes |
Acctivate | No | Contact vendor for pricing | SMB distribution inventory | No |
Lightspeed | No | $89/month* | Retail inventory management | Yes |
Extensiv | No | Contact vendor for pricing | eCommerce warehouse operations | Yes** |
Hybrent | No | Contact vendor for pricing | Healthcare supply inventory | Yes |
* billed annually** Android only
