Inventory Management Systems
Inventory Management Software Overview
What is Inventory Management Software?
Inventory Management Software provides a central hub for retailers, primarily eCommerce or multichannel selling operations, to manage the flow of goods. It may encompass order and fulfillment management, warehouse management and stock checking, procurement (or e-procurement) and supplier management, as well as analytics and integrations with other business critical systems (e.g. accounting, ERP, eCommerce platforms).
Inventory Management vs. Order Management, Supply Chain Management, & Warehouse Management Systems
Generally inventory management software is acquired at a lower cost and is more parsimonious than omnichannel order management & retail suites. Inventory control and ordering systems are embedded in supply chain management (SCM) suites, though not all businesses need such extensive solutions as those offered in SCMs. Software billed as inventory management is a wiser choice for smaller businesses, compared to SCM suites which are designed to manage supply across many warehouses and outlets across a vast or complex logistics network. Capabilities of inventory management systems are very similar to warehouse management systems (WMS), though these are often targeted at distributors while inventory management software is most often targeted at retailers; however, this is not an absolute distinction.
Inventory Management Software Features & Capabilities
- Inventory Control: As these platforms are targeted at retailers, their central feature is to automate a stock counting and tracking across (potentially) multiple warehouses as items are sold and resupplied. Also, the software should supply barcode scanning internally or integrate with barcode scanning technology.
- Inventory Optimization: The software should automate and provide decision support for optimal levels of stocked items based on sales & order analytics. This practice helps with cost control and should suppress or eliminate oversupply of sluggish or immovable stocked products.
- Purchase / Sales Order Management: Orders can be handled within the inventory management platform via inbuilt purchase order and sales order management systems and interfaces.
- Fulfillment: Platforms may centralize, automate, and optimize order fulfillment by consolidating sales information across channels and warehouses to ensure optimal shipping and delivery of products, balancing consideration for shipping costs and customer satisfaction.
- Shipping & Tracking: The system may provide shipping status and logistical oversight and controls, or integrate with 3PL and shipping software systems and modules.
- Supplier Relationship / Supplier Performance Management, & Scoring: Analyzing and scoring supplier performance is a key feature of top inventory management software.
- Order & Stock History: Inventory management systems should also retain and provide access to rich historical data about orders and stocks.
- Backorder Management: When items are out of stock, the system can reduce the cost of resupply by intelligently facilitating and consolidating purchase orders.
- Accounting & CRM, inbuilt or integration: Some inventory management software offers simple inbuilt accounting and CRM capabilities, though most often the system must integrate compatibly with outside accounting and customer relationship management systems.
- Reporting & Analytics: Given the wealth of data generated, transmitted through, and stored in the system, top inventory management software provides analytics and reporting of product and channel performance (including drill-down analytics on product features), cost of goods sold (COGS), profit analysis, and sales forecasting. This can help discover top customers or top sales performers, and other meaningful pieces of information for multi-channel selling optimization.
Inventory Management Products
TracerPlus is an inventory management software offering from Portable Technology Solutions. It includes features such as asset managment and inventory control RFID.
Track & Trace is an inventory management software offering from a2b Tracking Solutions. It includes features such as track assets and facilitate recalls with traceability.
Almyta Control System is an inventory management software offering from almyta systems. It can be customized for both single and multiple users.
Clear Spider is an inventory management software offering. It includes features such as customizable, intuitive design and quick implementation.
eRetail Inventory Management is an inventory management software offering from Bizelo.
Extropik is an inventory management software offering from Pendo Systems.
Finale Inventory is a cloud-deployed inventory management software offering for small retail oriented for ecommerce businesses. It features order management, stocking and shipment management at all service tiers, and an integrated barcode system at higher tiers.
Global Inventory Managment is an inventory management software offering from Syncron.
IPMax is an inventory management software offering from 4R Systems.
KeepStock is an inventory management software offering from Grainger.
JDA Inventory Optimization is an inventory management software offering from JDA Software. It contains features to quickly adapt inventory policies and stocking strategies to address changing market conditions, business objectives, and supply chain constraints. Additional capabilties include...
ParagonERP is a full-feature, cloud-based enterprise resource planning (ERP) system that offers business a single platform from which to manage their day-to-day business operations. It allows business to operate the way they want to, with no massive upfront costs. With a focus on awesome user...
EazyStock is an inventory management software offering from EazyStock. It includes features such as demand forecasting and inventory optimization.
CyberStock room provides web-based inventory management software for small businesses. Some key features include: Full Barcode Integration, Point of Sale Interface, and Sales and Products Analytics.
ConsignCloud is consignment and resale software. The vendor says their clean, easy-to-use POS makes ringing up customers and accepting inventory a breeze. Users can use ConsignCloud to manage the day-to-day operations of their store through sales, inventory, and customer management designed with...
HandiFox is a leading mobile inventory tracking and sales management solution. It enables businesses to automate their sales and supply chain pipeline and have comprehensive control over their inventory. HandiFox was created as an seamless extension of QuickBooks. It allows users to perform...
Optoro helps companies recoup money from returned and overstocked goods.
CoreIMS is an inventory management software offering from CoreIMS. It includes features such as inventory management software and turnkey solutions.
QR Maintenance uses QR codes and mobile forms to optimize asset management, tracking and maintenance. Whether users need to manage equipment, property, tools, electronic devices or other types of assets, they will be able to create custom forms that fit their purpose. Field service technicians can...
Piro is an inventory management software offering from MindSpark. It includes features such as Piro provides a fully integrated business platform for running a manufacturing shop in-house. Additionally, Piro is entirely configurable to meet virtually any production setup and workflow.
Acctivate is an inventory management software offering from Alterity, Inc. meant to integrate with QuickBooks, Intacct, and other platforms. It includes features such as barcoding & mobile, kitting & assemblies.
LowryTrack ACS is asset tracking & inventory management software from Lowry Solutions headquartered in Brighton, Massachusetts, a company specializing in barcode technology and automatic identification / data capture (AIDC).
CYMA Inventory Control is inventory management software offering from CYMA Systems in Houston, optimized for wholesale distributors.
TrueCommerce Datalliance is a vendor managed inventory system. TrueCommerce acquired Datalliance in September 2017 after TrueCommerce was separated from its parent company HighJump in another deal.