Top 8 Inventory Management Software

The inventory tracking methods today are highly sophisticated and are capable of handling huge load. The tedious job of maintaining inventory operation and evaluating cost of production is now easily performed by an automated system.

But in today’s software market there has been an outpouring number of such softwares. Business owners find it hard to choose the very best software to track inventory operations. A software possesses a multitude of strengths and weaknesses thus it becomes a complicated task to figure out the most suitable software for a particular administration. We have compiled 10 software’s which are the best performers in the inventory management software criteria. Let's start with what is inventory management.

What Is Inventory Management? 

Inventory management helps your businesses to find out the stocks you need to order, the time, and the quantities. You can track your inventory starting from product acquisition to sale. Using the inventory management process, you can ensure your stock is enough for your clients. You can also ensure every process works according to the trend; if not, you can adapt to that. 

Inventory turnover proves good inventory management. When the turnover comes in a good amount, you will realize your process is going on perfectly. But if the opposite happens, you must change it soon. Otherwise, it will lead to unsold stocks.

Why do you need inventory management for your business?

As you know what inventory management is, let’s know why you need it for your business. 

• Monitor and keep update of your inventory
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• Manage cash flow opportunities
• Free up extra funds to reinvest in different areas
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• Adjust product lines and take smart decisions
• Create insights for the fast-selling products
• Increase in profits
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• Restrict stealing from the inventory
• Reduce labor-intensive actions and associated charges.

Key Features of the Best Inventory Management Software

Here are some key features of the best inventory management software.

Get Inventory Control

Inventory management makes your warehouse operations simpler. You will be able to track both shipping and orders. Besides, it will help you reduce your expenses. You'll get the best financial system integration solution, tracking all the inventories from different spots.

Track Your Inventory

You will get a lot of information about the product from the barcode, including price, pick-up and shipping dates, and other details. You will also find active RFID for real-time tracking to ensure the best security. As there isn’t usually any security risk in an RFID system, you can also use it in retail spaces.

Optimizing Your Inventory

You can keep transportation costs down and balance your inventory level to satisfy your consumer's demands. Also, you will need to keep the inventory problems always solved, which includes issues like backorders, stockouts, and overstocking.

Machine Learning and AI

You can now enhance your inventory management system, optimize storage, and provide transparency through machine learning. Modify the programs according to your company's needs with it.

Cloud Inventory

You can reduce all the stock-related errors when you use cloud-based inventory management software. Any device can log into this system, check stock history, and receive statistics, reports, and audits. You can control your inventory and save products from missing when you use the cloud inventory system.

Automated Order Management

You can control your order placement, fulfillment, and invoicing process with your system. It is easy to gain clarity on control of the order. An automated system collects sales and customer information. It will help improve the customer experience.

Lot Tracking

You can track your product lots from beginning to end using lot tracking. It will help you to track production errors as well as quality assurance.

If your business produces food or medical items, you must trace the products from the source to the final consumer. You just need to get the lot numbers from the record and track them. 

Inventory Alert

When the stock level reaches the minimum for inventory items, you will automatically get a notification from it. You'll receive a message to help determine whether you wish to restock stock. You can also use it to create a work order or task list for your employee.

Mobile Systems

Using an iOS or Android smartphone, you will be able to keep track of your assets and inventories. Regular barcode scanners and data entry will no longer be on duty; you can now replace them with scanning apps.

Security and Backup

To be in charge of stored items, you must ensure the security of your inventory. It is necessary for warehouse management when they are efficient and safe. They can produce good results. Make sure you are handling supply chain and inventory control techniques and also having backup plans in place so that your operations are operating smoothly.

Top 8 Inventory Management Software in Bangladesh

PrismERP

PrismERP is another inventory management software which is designed for medium to large enterprises. It has all the features of the above software’s and more. The system performs well with huge load of retail, manufacture industries. To have an idea of the system, check the below feature list which will give you the detailed picture of the heavy-duty inventory management system.

Features

• Cloud-based ERP
• Document management system
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• Deployment in any Platform
• Integrated Systems
• Supply chain management
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• High-quality security
• Human resources management
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• Material requirement planning
• Project management
• Independent platform
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• Financial management system
• Cluster Supported
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• Supports any database

Fishbowl Inventory

Fishbowl is a recognized inventory management software that has a clean and modern interface. Fishbowl is one of the most organized system for managing inventories in the market. Fit for small to midsize companies Fishbowl offers inventory control, material requirements planning, manufacturing and integration with QuickBooks.

Fishbowl is used mostly to manage inventories. So, it comes with features such as asset management, barcoding, cycle counting and customized reporting. It automates functions like ordering products, quoting and purchase processes. 

Fishbowl’s detailed training materials like online tutorials and text manuals. The in-house software specialists deliver solutions for smooth management of software functionalities. The inventory management system has the ability to integrate with third-party accounting, shipping and merchant services.

Fishbowl is the only inventory software which allows manufacturers to send bills of materials. It also enables serial tracking and lot numbers tracking- features that make Fishbowl ideal for managing warehouses.

Features

• QuickBooks Integration
• Multiple Locations
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• Part Tracking
• Multi-currency
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• Inventory Management
• Reporting
• Order Management
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• Shipping
• Sales & Purchasing

InFlow

InFlow is known for it’s strong sets of sales, order tracking and administrative features. The software can allow orders in multiple currencies and it has a flexible partial orders management system. InFlow users can customize reports to fit the needs of their business. This system is available in multiple languages making foreign dealings easier.

The software integrates with e-commerce sites, which adjusts the inventory levels whenever an online order is made. The system also gives warnings when the inventory level becomes lower than usual.

The software is easy to learn making it ideal for small type businesses. Many start-ups prefer using the free version of InFlow as it provides barcoding, multiple locations, 100 products and customers and reporting. For more features InFlow offers two more editions which are designed keeping manufacturers in mind.

Features

• Organize products
• Pricing and costing
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• Reordering
• Barcoding
• Manufacturing
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• Stock tracking

Quickbooks

Quickbooks is an inventory solution best suited for small to medium sized businesses. It has 3 versions and all of them provide basic accounting features. But the premium package provides advanced features which matches the specifics of a business model. The software provides varieties of premade templates to use as invoices. However, users can customize their own invoices according to their taste.

The system organizes products with images, categories and prices. Calculates cost of products using first in, first out (FIFO) procedure. It also provides reports of best-selling items to keep the user updated on products.

Quickbooks provide flexibility on the run. Users can access their dashboard through mobile browsers or mobile apps. It also has a stellar support team to provide exceptional service. With the minimal wait times, the representatives provide support with ease and accuracy.

Users can also log into the QuickBooks online community to acquire more information about the updates and ongoing trends.

Features

• Track your income and expenses
• Get information & reports
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• Gather and arrange receipts
• Manage payments and invoices
• Monitor employee time
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• Repeated acts and bills
• Monitor stock and manage spending

Inventoria

It is a stand-alone software ideal for small business. It’s simple interface makes it a favorable choice for local stores, telephone or mail orders, recurring sales etc.

The software does not integrate with any e-commerce platform but it allows start-ups or manufacturer companies to build their database and complete the basic inventory related tasks.

The software has multiple currency configurations, multiple tax levels and emailing feature to send purchase orders. It follows barcode system to add stock to the system. It’s unique feature is the ease with which recurring orders are managed. The system automatically saves the information and sets up the order for shipment.

The software lets the user maintain multi-user accounts. This keeps data secured as information is only shown to certain people.

The software alerts during low inventory levels plus the complete inventory level is visible and updated after every sale. A history is kept showing the items received and sold. This feature keeps the user updated on the stock.

The inventory management system offers support via phone and handles any kind of request at once.

Features

• Receiving and placing orders
• Reporting
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• Product control
• Controls numerous warehouses
• Several users can use

Acctivate

Activate is an inventory management system for small to midsize organization. The software helps businesses manage acquisition, warehouse operations and distribution. The functionality of the software includes inventory matrix, packing, order tracking, assembling, barcoding and serial number management.

The software integrates with Quickbooks and offers additional functions like business management and customer satisfaction options. The inventory management functions provide tracking and monitoring projects or tasks.it also offers over 100 standard type reports and are optimized to run faster with larger database.

It has CRM, multiple warehouse management, location and bin tracking, cost methods include FIFO, LIFO or average cost.

Features

• Database for centralized inventory
• Low stock notifications in stock history
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• Integrations of eCommerce and accounting
• Inventory forecasting
• Exporting and importing data

EZOfficeInventory Software

The software is an inventory management solution for companies of all sizes. The software offers barcode scanning, order management, purchasing, supply management and so on. The solution tracks inventory levels using barcode tags. It also allows users to track their inventory using mobile devices.

Users can also identify lost or misplaced assets using GPS tracking capabilities. Every item can be tracked location-wise. Reports are customizable and history of inventory operations enables the user to monitor assets.

The software can integrate with third-party applications. Support service of the system is provided through email.

Features

• Centralized Inventory Database
• Inventory Level Dashboards
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• Stock History Reporting
• Stock Notifications
• Data Exporting and Importing
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• Asset Tracking

Zoho Inventory Software

It is a web-based inventory management system ideal for small to midsize enterprises. The software features inventory management, reporting, inventory optimization and so on.

It has built-in delivery estimation features, tracking and deliver confirmation. Furthermore, the system integrates with e-commerce platforms like, eBay, Etsy and Amazon. As a Zoho product it integrates with other Zoho platforms.

It also has mobile apps for windows, Android and iOS.

Features

• Stock management
• Integrations
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• Customer and vendor management
• Order management
• Customization

Why is PrismERP the Best Inventory Management Software in Bangladesh?

PrismERP is an ERP software developed in Bangladesh that offers a solid foundation for your business growth. It was created to integrate every system needed for a multi-dimensional company.

Its extensive functionality and user-friendly interface enable business specialists to assess the data properly, identify all financial improvements, and enhance management skills.

It acts as a centralized platform for boosting business productivity in this industry, which is essential for modifying business inventory. PrismERP provides over 30 regional and global business solutions based on client needs.

However, practically all ERP software performs the same function, yet PrismERP has huge distinct qualities. 

You will receive the following benefits with PrismERP, which makes it special.

A comparatively affordable option with better solutions.

PrismERP is developed to keep up with the needs of local companies. Besides, you can receive the greatest service compared to other top-tier software businesses. However, it can cost you more. The best part is you will find the best support available at a very affordable price.

Customized ERP solutions according to your needs

When it comes to integrating ERP systems into your company, you will need help to find your ideal ERP solution. Not every option will be ideal for every department. However, you can now easily develop your own unique ERP solution with PrismERP to match each department's needs.

Complies with your company's needs and structure

PrismERP will be at your service regardless of your company size. They will work with your company according to the structure and take care of every aspect.

The newest features are regularly included.

An ERP software must stick to the same old feature to work according to the newest technology. To ensure the digital touch at their service and satisfy your needs, PrismERP constantly upgrades and incorporates new technologies.

The easiest installation & maintenance

PrismERP is quite simple to install and has many fantastic features for your company. You will find it very much user-friendly and easy to manage when you compare it to other ERPs.

To conclude

ERP software will be your best friend when planning to run your business most efficiently. It can help you to complete every difficult task in the easiest and least time. As a result, you will save both your time and energy. 

Now it's up to you to select the ideal one for your company. You must make the best choice to get the most efficient service, saving both money and effort.