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Editor's Note: Take a look at our featured best practice, Key Performance Indicators (KPIs) | Supply Chain Functions (113-slide PowerPoint presentation). This document provides a collection of 100+ Key Performance Indicators (KPIs) related to the Supply Chain functions listed further below. Keeping in mind that each organization is different, the enclosed KPIs are intended as a general reference and their relevance depends on the specific [read more]
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For a great number of businesses, having a world-class inventory management process is critical to the success of their operation. These businesses recognize the importance of always knowing their inventory levels, their inventory holding costs, and the movement of their inventory.
To ensure that they always have real-time inventory data, most businesses now use inventory tracking software. Manual inventory tracking is being phased out in almost all sectors.
If yours is one of the companies that are looking for great software solutions to better manage their inventory, you are in luck. I have put together a list of 5 excellent inventory management tools that will completely revolutionize how you track inventory.
Dynamic Inventory calls itself the Rolls-Royce of inventory tracking. Given the features of their software and the value those features offer to businesses that use them, their claim is not farfetched.
Dynamic Inventory is developed to accommodate the demands of any business no matter its size. Whether you are a startup or a big operation with branches in several states, you will like Dynamic Inventory.
Some of the features include:
Other important features include sales order management, purchase order management, product management, vendor management, audit logs, ability to limit user permissions, and consignment sales software.
Most people who have worked in inventory management or customer relationship management are familiar with or have heard of NetSuite. Before 2016, the software was simply called NetSuite. It was acquired by Oracle in 2016 and was renamed Oracle NetSuite.
The software’s target market is mainly SMEs and it over-delivers every time for this market segment. For this segment, it can be used for customer relationship management, inventory management, and as a general ledger.
The fact that it does other functions besides inventory management does not dilute its inventory management features. In fact, it may be one of the most robust pieces of inventory management software you ever use.
Oracle NetSuite OneWorld can be comfortably used by all people handling inventory management including supervisors. It has Key Performance Indicators that can be customized by every user to define the performance areas they most care about.
At only $29 per month for up to 10 users, Zoho Inventory is one of the most affordable inventory management solutions in the market right now. This $29 package will allow you to manage up to two warehouses. For greater capability, you will have to buy a bigger package.
The software has all the typical inventory management capabilities you’d want including purchase and sales order management, multiple warehouse tracking, and barcoding.
One of the best advantages of using Zoho Inventory is that it integrates seamlessly with other online solutions that a typical online retailer might use. You can integrate Zoho Inventory with Shopify, Etsy, eBay, Amazon, Stripe, and Zoho CRM.
You can also benefit from Zoho’s partnerships with various shipping carriers. They have partnered with FedEx, TNT, Australia Post, UPS, Asendia, and Fastway.
If you need a feature-rich affordable inventory management solution for SMEs that integrates with QuickBooks and other popular accounting software, AdvancePro has got you covered.
The services offered include inventory management, order fulfillment, inventory control, order processing, management of the picking and packing process, invoicing and billing, barcode scanning, FedEx and UPS integration, and vendor purchase orders, among others.
You will be able to track inventory in several pickup locations and be able to seamlessly manage the transfer of inventory from one location to another. The software also gives re-order alerts to ensure that you never run out of stock.
Fishbowl Inventory is one of the best inventory tracking solutions for manufacturing concerns and warehouses.
Manufacturers are able to easily create work orders for almost all jobs including assembly and disassembly. These orders, if commonly used, can be saved and used repeatedly to save time and money.
Fishbowl Inventory also allows manufacturers to keep track of inventory during every stage of manufacturing.
Warehouses are able to get up to date information about their inventory levels. Since they can establish re-order points for every product in the warehouse, Fishbowl will ensure that out-of-stock events are always avoided.
The software integrates with QuickBooks, Amazon, eBay, DropBox, Shopify, FedEx, Salesforce, Magento, UPS and other popular retail software.
You can download in-depth presentations on Inventory Management and 100s of management topics from the FlevyPro Library. FlevyPro is trusted and utilized by 1000s of management consultants and corporate executives.
For even more best practices available on Flevy, have a look at our top 100 lists:
These best practices are of the same as those leveraged by top-tier management consulting firms, like McKinsey, BCG, Bain, and Accenture. Improve the growth and efficiency of your organization by utilizing these best practice frameworks, templates, and tools. Most were developed by seasoned executives and consultants with over 20+ years of experience.
