Business owners must properly manage their supply chain to consistently fulfill customer demands and attain business success. Logistics plays such an important role in eCommerce. Proper logistics ensures that items, goods, and services are transported and stored correctly from the point of procurement to the final consumer.
One way to ensure a streamlined supply chain is by using the best inventory management software. However, as easy as the process sounds, several complications can arise from poor supply chain management. But on the bright side, using the latest tools is a great way to improve operational efficiency.
What is an Inventory Management Software?
Inventory management software simplifies the processes needed to maintain your business inventory properly. It handles reordering and updates accounting data. This software gives you visibility into your list, enabling you to keep the right quantities of each item while still fulfilling orders. Inventory management software automates crucial operations and lowers the possibility of human error.
Inventory management software is essential for any new or old business, an eCommerce shop, or a brick-and-mortar store. Apart from inventory, it’ll also provide you with information on your customers and business performance.
What Results Can I Expect from Using an Inventory Management Software?
- Accurate cost-tracking
Expense tracking is essential in any business department—inventory is no different. Inventory software may generate reports that calculate total sales, taxes, and other critical financial data, such as real-time inventory valuation, to help you keep track of your inventory expenses and earnings,
During audit and accounting season, rest assured that your inventory management system compares your stock with your financial data and confirms that the two correspond correctly, maximizing revenue from the least amount of inventory.
- Optimized productivity through automation
Utilize inventory management software to gain business insights into popular products and products you can discontinue. By investing more in the stock that sells, you get a more significant profit for your company. Hence, keep an eye on the inventory and tracking reports that show what is or isn’t selling well.
Understanding the market and the products means taking advantage of them to the fullest. Use this knowledge from inventory software to make decisions that will increase your income.
- Better profitability
An inventory management system allows you to process, audit, and track your goods in less time. You can monitor the stock levels for your merchandise using a single interface, keep tabs on what's selling and what isn't, locate supplier details, and link to payment apps for invoicing and purchase orders. - Streamlined manual inventory work
With effective inventory management software, you can automate your company's inventory processes, increasing count accuracy and revenue while reducing costly errors. It gives you real-time information, so your personnel won't waste time counting and recounting stock.
Streamlining is as easy as referencing reliable information on your phone or tablet screen. Gain computations and expense tracking without human mistakes.
- Improved customer service
Customer satisfaction heavily relies on giving what they want whenever they want. With the help of the automatic low-stock alerts inventory management software, your company can keep popular goods in stock. You may immediately order additional stock by viewing the available quantities conveniently, as all your supplier information is now in one place.
Retaining in-demand goods in stock and on the shelves converts one-time buyers into devoted patrons. Confident that you’ll have what they require, customers will keep purchasing, helping client retention and acquisition.
- Reduced deadstock
Selling out-of-date inventory before it turns into deadstock and costs your business money entails knowing what products are about to expire, especially for perishable inventories. Keeping track of outdated products will help your company save money by reducing waste and reusing aging stock.
The Best Inventory Management Software PH Business Owners Should Use
- NetSuite
Source: Wikipedia
NetSuite is a comprehensive management system that assists you with marketing, accounting, and inventory control. Consider it a cloud-based inventory management solution that combines back-office and financial operations on a single dashboard.
Features:
Multilingual assistance
Revenue recognition
Retail inventory management
Global assistance
Forecasting
POS integration
Order Control
Supply chain administration
Multi-currency functionality
Tax payments - Katana
Source: Katana
Katana is great for manufacturers as it handles orders, tracks inventory, and distributes products effortlessly. Moreover, it includes barcode-enabled item tracking, production scheduling, assembly tracking, shop floor and storage management, supplier logistics, and many more, making it the top choice for eCommerce, B2B, and multi-channel businesses.
This inventory management software has a one- to two-hour average response time for phone support via chat and email and offers a comprehensive online knowledge base.
- Zoho Inventory
Source: The Workflow
Zoho offers feature-rich inventory management software at unbeatable prices for expanding businesses. It supports all shipping-based enterprises through end-to-end order management, inventory monitoring, and shipping capabilities.
Shopify, Amazon, Etsy, and eBay marketplaces are all integrated with Zoho. Time-saving features include one-click dropship management, autofill purchase orders, and multi-warehouse management.
- Ecomdash
Source: ecomdash on Twitter
Ecomdash’s cloud-based, multi-channel inventory management software provides an interface for managing inventory, orders, and shipments. It makes Ecomdash the best choice for stocks with modest to medium sizes.
This software has unique inventory mapping systems in terms of features. Below is a list of features in further detail:
Multiple inventory channel management
Amazon, eBay, WooCommerce, and Shopify integrations
Unlimited assistance
SKU product mapping
Shopping API
Free resources for inventory - Cin7
Source: PR News
Cin7 is a robust inventory management program that includes a wealth of integrations, stock tracking, automatic purchasing, and multi-warehouse management solutions in affordable packages.
It offers top-notch stock tracking and warehouse management functions together with end-to-end order, inventory, and shipment management. You can sync stock levels in various warehouses, track parts for packaged and assembled goods, and automate purchase orders based on sales. Moreover, the integrated point-of-sale (POS) feature allows you to track in-store and online sales.
- Fishbowl
Source: Business Wire
Fishbowl is excellent for developing businesses and business clients. It also made inventory management better with easy Quickbooks integration.
The system enables users to create and share work orders for various tasks. When talking about the setup process, Fishbowl offers various support resources and training.
Features:
Integrations for WooCommerce, Shopify, Amazon, and More
Inventory tracking
Forecasting
Centralized database
Stock history reporting
Data exporting/importing
Multi-warehouse routing
Barcode support
3PL inventory management - inFlow
Source: CPA Practice Advisor
inFlow delivers all stock tracking, purchasing, and fulfillment features from advanced inventory management software. Its system meets the end-to-end needs of retailers and manufacturers by supporting parts, assemblies, and finished unit tracking without barcodes. Moreover, it also promotes multi-warehouse management, drop shipping, and purchasing automation.
You can create virtual showrooms for specific inventory items and specify the product descriptions and other data clients want to know, such as pricing, minimum quantities, and shipping times.
inFlow offers live phone help during specific hours, email support, live chat support, a comprehensive online resource center, and video lessons.
Choosing Your Inventory Management Software
Choosing the best inventory management software that suits your business is challenging. It takes trial and error and constant tweaking to ensure you get the right fit. Check all the boxes you need for seamless integration and efficient processing.
If you’re looking for an all-in-one solution with inventory tracking properties and a comprehensive eCommerce builder that guides you through each step—including building a website, joining a marketplace, and a comprehensive eCommerce builder that equips you with your online store needs - from a sales website, to a marketplace, or even your own mobile application—you should partner with RUSH PH.
Using the insights from real-time analytics, RUSH makes sure that each solution is in line with your objectives. With this customized strategy, you can swiftly and efficiently build your business while rewarding your customers. Get in touch with the RUSH PH team for any questions, or directly book a demo to see how you can improve your online business!
