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Inventory management software can help to boost the productivity of all business sizes across a range of industries. Use this guide to help you break down how inventory management works, and compare products side-by-side.
Inventory management software can help businesses track and manage items along various stages of their supply chain. It can support multiple sales channels and warehouse management operations, helping to ease the processing of assets – ranging from raw materials to finished products – across a company's sites. It can also be used to simplify the accounting process.
This type of software helps to synchronise a host of regular inventory management functions. These include:
The functionality you'll need with inventory management software will depend on your circumstances, including what you currently get from your existing Enterprise resource planning (ERP), retail or warehouse management systems.
Quality inventory management software will go far beyond what's offered by a more traditional method of inventory tracking, such as an Excel-based system that needs to be updated at a set time. For example, after a physical stock count.
Inventory management software allows for integration with point-of-sale (POS) systems, meaning stock levels and sales are updated in an ongoing way and in real-time; this can be great news for businesses who want to maintain permanent inventory data and stock levels.
The software can record changes in a sales revenue account each time your business buys inventory or makes a sale. Additionally, E-commerce businesses can streamline their inventory across their online platforms like Amazon, PayPal, etc.
Ultimately, the right inventory management software for you depends on the size of your business, how it operates and the way it makes money. Given how fundamental inventory management systems are for organisations, taking some time to compare software from a range of different providers could reap rewards in the long run.
Is free inventory management software worth thinking about?
That's really up to you to decide. Inventory management isn't usually cheap - while many providers offer free trials, once that ends you can expect to pay anything from $10 to hundreds of dollars per month. But the productivity gains you can unlock from a premium plan could well outweigh those of free software.
What's the difference between ERP and CRM?
ERP offers a comprehensive solution that combines both front- and back-office processes. Meanwhile, CRM deals with other business aspects such as sales, marketing and customer relationships.
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