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Inventory management in a competitive environment is key for ensuring that companies have the right products available to meet their customer demand. Delivery times are an important factor in terms of customer satisfaction, and extended delays are not acceptable.
These considerations have companies looking for inventory management software that will automate and optimize their inventory control process, while reducing costs and increasing revenues.
We at ITQlick realize that the choice of suitable inventory management software for a large business is a critical decision for management. It will determine how effectively the company can source the right products, store them effectively, and ship them promptly, while also ensuring that order and shipment times are minimized.
Inventory accuracy and identification is another major factor in minimizing surpluses and streamlining just-in-time inventory processes. Our review of inventory management solutions for large business focused on the best product functionality, available integration and compatibility with other organizational systems, technology investments, as well as software scalability. After examining several products, we recommend the following solutions for large businesses.
1. NetSuite Inventory Management
As part of it portfolio of ERP solutions, NetSuite offers a fairly comprehensive inventory management system. Its features includes inventory control, cost management, order & billing management, shipping & fulfillment, as well as support for demand planning and purchasing & vendor management.
The product enables large businesses to run lean operations with optimal inventory fulfillment levels through strong forecasting models. The solution is scalable and offered as a customizable cloud based solution. It is a good option for large businesses looking for strong inventory control software, as well as options to migrate to a full ERP platform.
2. Syncron Global Inventory Management
Syncron is another specialized inventory management solution that includes modules for demand planning and forecasting, inventory optimization and planning, replenishment strategies, and data analytics. An additional outstanding feature is inventory simulations with which companies can analyze the impact of changes in customer demand, inventory costs, and service fulfillment to better plan for inventory levels.
There is also a retail inventory management system to help companies manage multiple product dealers. Syncron is offered as a cloud-based service with a subscription model, and includes APIs to integrate with a variety of third party software. As a scalable solution with an open architecture. it is well suited for large businesses looking to add an advanced inventory solution to their existing software infrastructure.
3. SAP Inventory Management
The inventory management module from SAP includes sales, inventory and operations planning, supply and demand planning, parts management, transportation and warehouse management, and data analytics for inventory optimization and performance reviews. There are collaboration options provided by the SAP JAM social network and the SAP Fiori mobile edition that allows users to access the application from any mobile device.
Finally, SAP Inventory Management is setup to respond to sudden changes in supply or demand for ensuring consistent order fulfillment. It is available as a cloud-based solution and is well suited for large businesses that are looking for a comprehensive inventory solution, but are also interested in eventually expanding to the SAP ERP platform.
Eazystock is a scalable solution with three editions from which companies can choose the feature set best suited for their requirements. This system is offered as cloud-based solution with a subscription model, and is a free product trial is avaialble. Eazystock features include inventory redistribution and exception management, as well as inventory forecasting, planning and restocking.
The software is focused on inventory optimization and includes analytics for KPI analysis and monitoring. There is also an API for integration to third party ERP systems, which is beneficial for large businesses that need an add-on solution to their existing ERP systems.
5. Stitch Inventory Management
Stitch Inventory Management is well suited for large businesses that are focused on online product fulfillment, since it offers integration with a number of third party products such as Amazon, Ebay and Shopify. This allows companies to act as fulfillment centers for a variety of products and vendors.
This solution is offered with a free trial and supports integration with third party accounting packages. Stitch features include orders and fulfillment, multichannel inventory management, shipments and payments, and purchasing management. There are also options for data analytics and dashboard support for tracking inventory trends and fulfillment levels, in order to optimize stocking levels and minimize stocking costs.