Inventory is nothing, perhaps anything you store; like in retail context, inventory simplifies raw materials alongside finished products stocks products you sell. This simply measures in units of stocks as the value of the stock you store.
Manufacturing unit sets up in varieties of units, and primarily divided into three major types of as
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Raw Materials: Raw materials consist of the materials which you will use to produce a certain amount of products
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Working in progress: Working in progress consist of all the parts of manufacturing parts that are yet to assemble
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Final products: Finish products as this suggests, this is known as ready for a Sale and typical retailer type of inventory.
Nevertheless, Inventory management software assists organizational accounts for all incoming and outgoing stocks to be better meet clients demand, and avoid the expenses of overstock, and this impacts each of the essential business functions consisting accounting, production, warehouse/stocks management, purchasing, sales, and customer services, etc.
Now, one must need to know the pivotal specifications of an inventory management system, well the inventory management system’s specifications include an easy way to store, organize, analyze, and manage inventory data; some of them are as follows:
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Simple and easy to use interface which doesn’t require an advanced set of training, documentation, and support
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Eliminating manual process of business functions using related to inventory management
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One of the most reliable, secure databases which assures accurate, and real-time data
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Consistent performance that enables fast, actionable, inventory management software with controlling and monitoring
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The finest ability for administrators to easily add software modules with minimum configuration which makes the system scalable enough
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Integration and automated set of the software features that minimizes manual inventory updates or required input.
Inventory management software offers features considering the types of industry as well as categories to keep an eye on, have narrated some of the essential features to remember; let’s understand :
- Controlling Inventory
Inventory management software allows to control of inventory that is already in stock and plays a key performance in supply chain management and can categorize products by type, location, and SKUs(or assigned serial number), generated reports, and audit data in real-time along with search, and view products.
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Managing Inventory
Inventory management software’s this seamless feature governs the data from other parts of the system, and handles business processes that occur before the stock reached warehouse management as well as integration with other software or enterprise planning software to differ it from inventory control.
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Tracking Inventory
Inventory management software’s tracking is implemented by tracking the status of products and materials in the supply chain to automate manual tasks. For instance, the system automatically can generate a tracking number at the time of creating a receipt or invoice, having tracking integration with third-party logistics(3PLs) combined with email solutions for better customer relationships.
- Barcoding Inventory
This barcode software for SMBs simply helps in eliminating data entry errors and automates business functions that require communication with other parts of the system and collects digital inventory/documentation. Barcoding scanning improves inventory accuracy, speeds up back-office processes to enable paperless documentation.
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Optimizing Inventory
Inventory management software takes inventory planning to a higher level with inventory optimization. This simply adds sophistication to a basic inventory plan instead of standard ordering formulas, and profess automated reports, latest inventory trends, and view of changes across an entire supply chain.
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Alerting Inventory
Inventory alters aids in reducing waste, optimizing inventory, financials and handling customers’ expectations; consisting of automated emails or SMS messages as and when executed to low inventory levels and shipment and supply chain delays.
All of the above-mentioned functionalities make up inventory management software vary by providers and respective price-tags; now, one must will going to inquiry about the suitable/any recommended inventory management software to reply on for their business expansion alongside for streamlining the entire set of processes;
We have all gone through that route and have filtered out some of the most recommended inventory management software could fir based on individual industry type;
Vyapar- Accounting & Invoicing
Vyapar is one of the simplest billing, invoice, and accounting software which is user-friendly having the most simple, secure, and easy software.
This inventory management software is used by Freelancers, Agencies, SMEs, Enterprises.
Key Features To Consider
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Document printing
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Multi-branch connectivity
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Checks and control
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Customer management
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Time tracking
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Accounting
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Bank Reconciliation
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Bills of Materials
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Cash and custom fields management, etc.
Oracle NetSuite ERP is a recommended inventory management software that is available on a web app, Windows, and provides mobile support on Android, iOS platforms.
Key Features To Consider
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Barcode integration
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CRM
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Asset Management
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Expense Management
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Inventory Management
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Expense Tracking
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Audit Trail
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Customer Management
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Financial Management
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Event Management, etc.
Zoho Inventory management software consists of various functionalities like financial management, multi-currency, having monthly, yearly, payment methods.
Key Features To Consider
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Financial Management
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Warehouse Management
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Invoicing
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Purchase Order
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Ecommerce Integration
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Sales Order
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Channel Management
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Order Management
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Reorder Management
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Kitting
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Traceability
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Serialized Inventory tracking
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Location control
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Multi-Location
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Search/Filter
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Billing system, etc.
TallyPrime inventory management software serves all businesses in the manufacturing industry and can purchase this inventory management software using Monthly, the one-time payment option with an available set of free versions.
Key Features To Consider:
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Banking Integration
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Multiple Company handling
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POS invoicing
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Customer support
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Compliance Management
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Account Receivable
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Bank Reconciliation
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Bills of Materials
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Analytics
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GST returns
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Statutory Capabilities
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GST Compliance
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Inventory Management
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Data Exchange capabilities, etc.
Sleek Bill India is among the fastest invoicing and billing software specially developed keeping Indian small businesses’ needs in the centre; this simply offers tax management and creates quotations and challans.
Key Features To Consider
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Accounting
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Inventory Management
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Customer Management
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Quotation and estimates
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Banking Integration
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Product Database
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Taxation Management
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Payment Handling, etc.
Torque360 is the game-changing auto repair software designed to elevate your shop's performance to new heights. With rapid estimates, invoicing, checkouts, and more, we make managing your car repair companies simple. Our car repair software and digital marketing services may help you expand your company.
Key Features To Consider
- Inventory Management
- Invoicing Software
- Scheduling Software
- Technician Management Software
Final Verdicts:
Inventory Management software helps in automating processes, keeps customers happy by always having good stocks, and eventually helps decision-makers in having lots of options while picking the right solutions to chose for their type of industry while asking smart questions. Hope this article will boost up confidence while selecting your industry types.
