Inventory theft and failure in updating the system on time are common issues in warehousing and inventory operations particularly in many retail and distribution companies.
Due to lack of strict policies, inventory count mismatch between system and actual records often affect the normal flow of operation. This situation often leads to unfulfilled orders, resulting in unhappy customers. It is even worse in large manufacturing companies that manage WIP, MRO, raw materials, spare parts or finished goods inventories. Whenever there are problems related to inventories, their entire supply chain operation can be put at risk.
Why use Inventory Management Software?
Inventory Management Software may not completely eliminate inventory issues but one thing is for sure. If you have this system implemented in your warehouse or inventory store: creating a cohesive inventory is much more attainable.
What’s great about modern Inventory Management Software solutions is that they follow the industry’s best practices and standards in Supply Chain Management (SCM), more specifically Warehousing and Inventory Management (WIM).
Research conducted by Bain & Company in 2011 revealed that class supply organizations are able to improve their inventory levels between 20% and 50% by employing sophisticated analytical tools. The research also showed that companies that apply inventory best practices (ex. safety stock levels), those that strike the right balance between customer service and cost-effective product inventory levels, and those that determine the frequency for ordering and inventory production are the companies that are able to achieve the best possible improvement percentage.
Here is another excellent resource: 11 Ways to improve order management in a business.
Choose Solutions that Follow SCM Best Practices
ITQlick firmly believes that the combined functionality of analytical tools and industry best practices are keys in creating your cohesive inventory. Our software experts also understand that inventory cost control, proper inventory ordering, and systematic storing and tracking are SCM best practices that can thoroughly improve your company’s inventory health.
In our goal to assist companies on managing their inventories, we analyzed different systems available in the market today. Our analysis showed that out of over a hundred solutions, these 4 Inventory Management Software products are the most preferred solutions by many companies across industries. We also validated the core features these top 4 software products have to offer.
1. SIMMS Inventory Management
This software allows small and large companies to easily track an item’s serial number, purchase warranty, and sales warranty. SIMMS Inventory Management core feature is the Replenishment Manager module that helps inventory staff to instantly create RFQ, PO, build queue and master kits.
2. Fishbowl Inventory
Fishbowl Inventory is best suited for manufacturing companies that manage wide arrays of inventories. Features like barcoding, asset management, raw materials management, cycle counting, and customized reporting provides you with complete visibility on your inventory and resources as they move across your supply chain network.
3. PomodoTech Inventory Management Software
This software offers procurement, vendor managed inventory, supplier management and order fulfillment functionality. Companies in line with e-commerce business can leverage the full capability of PromodoTech.
4. Aplicor 3C
Aplicor 3C is an ERP system with inventory fulfillment and ecommerce capabilities. This solution is perfect for SMEs that want to manage their inventories in the cloud. What’s great about Aplicor 3C is that because it’s SaaS, it can connect all your business information into a single and easily accessible system.
We are confident that with Inventory Management Software solutions like SIMMS, Fishbowl, PromodoTech and Aplicor 3C, creating your cohesive inventory is never far from the reality. Exploring more of their capabilities will help you manage your inventory in a multitude of ways.
For more information about Inventory Management Software, you can read our Buyer’s Guide to Inventory Management Solutions or your may contact our software experts via our website.
1) Mukharji, P., S. Israelit, F. Faelli, T. Catfolis, and R. Tsang. “Ten Ways to Improve Inventory Management.” N.p., 6 July 2011. Web. 01 Apr. 2015. <http://www.bain.com/publications/articles/ten-ways-to-improve-your-inventory-management-wsj.aspx>.