Top 54 Inventory Optimization Software (Jun 2023)

2023's Best 55 Inventory Optimization Systems

Shlomi LaviShlomi Lavi / Jun 12, 2023

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1. SAP ERP

  • Best for: Large business
  • Price: starts at $108 per user/month
  • Jan 25, 2023
Compare SAP ERP Vs. SAP ERP

SAP ERP is a cloud ERP suite that offers resource planning and business management solution designed to offer the users the financial transparency they need to execute growth plans, expand margins, and satisfy customers. It offers end-to-end with fully integrated business functions, automated proces...


2. Revel iPad POS

  • Best for: Small, medium and large size businesses
  • Price: starts at $99 per terminal/month
  • Mar 09, 2022
Compare Revel iPad POS Vs. SAP ERP

Revel iPad POS software is a point-of-sale solution that is designed to transform businesses. The solution has a number of features that include a gift card tool that increases sales, earn new ones by offering gift cards and retain old customers.


3. Xero

  • Best for: Small businesses and start ups
  • Price: starts at $12 per month
  • Mar 09, 2022
Compare Xero Vs. SAP ERP

Xero is a cloud-based accounting and finance software for small, start-up, and growing enterprises. It has invoice management, purchasing, bank reconciliation, and bookkeeping features which help businesses boost their cash flow.


4. EZOfficeInventory

  • Best for: SMBs
  • Price: starts at $35 per month
  • Jul 28, 2022
Compare EZOfficeInventory Vs. SAP ERP

EZOfficeInventory is a web based asset tracking and inventory management solution for businesses of all sizes. Its capabilities include barcode scanning, asset maintenance, auditing, and others. The software was designed and launched by EZ Web Enterprises Inc headquartered in Nevada, United States. ...


5. Infoplus Software

  • Best for: SMBs
  • Price: starts at $695 per month
  • Mar 22, 2022
Compare Infoplus Software Vs. SAP ERP

Infoplus software is a cloud-based distribution software that enables managers to automate their organizations crucial warehouse operations, as well as curating actionable data such as key alerts, reports, and user-defined metrics.


6. Odoo

  • Best for: SMBs
  • Price: starts at $6 per user/month
  • Dec 28, 2022
Compare Odoo Vs. SAP ERP

Odoo is a customizable fully integrated, and open-source project management software with a plethora of business applications such as manufacturing, project management, CRM, accounting, inventory and some other business requirements integrated into one solution.


7. TradeGecko

  • Best for: Small businesses and start ups
  • Price: starts at $39 per month
  • Jun 01, 2022
Compare TradeGecko Vs. SAP ERP

QuickBooks Commerce is an inventory and order management software for small and medium enterprises. Its key features include distribution warehouse management, analytics, barcoding, inventory optimization, supplier management, and stock control.


8. TopShelf

  • Best for: Small, medium and large size businesses
  • Price: starts at $90 per user/month
  • Mar 18, 2022
Compare TopShelf Vs. SAP ERP

TopShelf is an online Inventory management software built for developers to carry out activities on windows services.


9. ShippingEasy

  • Best for: SMBs
  • Price: starts at $5 per month
  • Apr 24, 2022
Compare ShippingEasy Vs. SAP ERP

ShippingEasy is a shipping and discount management solution for businesses of all sizes. It offers such services as order synchronization, shipping and tracking management, multi-channel shipping, and others. The software was designed and launched by ShippingEasy headquartered in Texas, ...


10. DEAR Inventory

  • Best for: Small businesses and start ups
  • Price: starts at $325 per month
  • May 18, 2022
Compare DEAR Inventory Vs. SAP ERP

DEAR Inventory is a cloud-based inventory and order management that offers complete back-end management. DEAR Inventory aims at helping the small business as well as medium business to streamline and simplify the daily operations by automating inventory and order management.


Pricing Guide - Inventory Optimization Software:

Inventory Management Software Price Range

Inventory management software in the market has different pricing; hence, they can be divided into three tiers, starting from the range of $10 to $50, to the more common range of $50 to $150, and the range of $150 to $250+. These prices are set using different methods, some of which are per inventory, per stocking location, per machine, and per user. Regardless of the pricing method, inventory management software is usually billed per month or per year. For example, RunIT Real-time Cloud pricing starts from $258 per month, ParagonERP costs up to $150 per user monthly, and Inflow Inventory pricing sits around $71 monthly for two user accounts.

In addition to this, inventory management software is also priced based on the size of businesses they are targeting. For instance:

  • Small Businesses can expect to pay between $8 to around $50 for an inventory management software, depending on the number of features on the chosen product. For example, Shipstation pricing is at $9 per month, Sortly costs around $39 per month, and eTurns costs up to $40 per month. Also, some products, such as Sortly, have free offerings for small businesses.
  • Medium Businesses can expect to pay prices that fall between $50 and $150 for an Inventory Management software. However, the number of inventories, locations, users, etc., can also influence the software price. For example, Finale Inventory pricing starts from $99 per month, BoxStorm costs around $79 per month, while ParagonERP pricing is priced around $150 per month. Also, some products for medium businesses have one-time fees for perpetual licenses. An example is Acctivate Inventory which costs $5,000 for life-time usage.
  • Large Businesses can expect to pay from $200 upwards for an inventory management software. For example, ShipHero pricing starts from $1,850 per month, RUnit Real-time Cloud from $258 per month, and InfoPlus costs up to $685 per month. However, some vendors may request separate fees for installation and onboarding, depending on the size of the organization.

Inventory management software best of breeds, and their price ranges are as follows:

  • Barcoding Software The prices for barcoding software in the market can be divided into two tiers, starting from $20 to $50, and then $50 to $200. The prices are usually set per user or per assets, depending on the type of package. Billings are usually fixed monthly or yearly. For instance, eCount ERP pricing starts from $55 per month, Zangerine costs up to $199 per user monthly, and EZO Office Inventory pricing starts from $35 per month. Perpetual license can also be bought for some software like Asset Tracking Barcode System which is priced at $995.
  • Inventory Control Scheme Inventory control scheme products can be divided into three tiers, and their price ranges are $20 to $40, $40 to $80, and $80 above. The prices are either set per user, per month or per a number of set inventories per month. For example, MarginPoint Mobile Inventory starts from $89 per month, Arbimed Inventory from $100 per month, and MarketPlace Works from $49 monthly and $249 monthly for premium users.
  • Order Management Software The price ranges for order management software are $20 to $50, $50 to $100, and $100 above. The pricing for order management products are set on per order, per month or per user, per month basis. For example, Orderwerks pricing starts from $100 per month for a number of orders, InsiTV costs up to $25 per user monthly, and Caspio pricing starts from $125 per month.
  • Catalogue Management Software Most catalogue management products in the market are set on a per-user/per-month basis, and the prices range, depending on the package level, are $19 to $48, $48 to $100, and $100 above. For instance, FileStage costs around $99 per month, while Channable starts from around $39 per month based on the size of the project. Additionally, Snappi pricing starts from $20 per month or $0.99 per app usage.
  • Order Entry Software Most order entries in the market have pricing that fall between $26 to $50, and they are usually set on per user, per month or per order, per month basis. However, this is the price range for standard or entry-level offerings; more premium offerings range from $100 to $250 per month. For instance, Handshake costs $39 per user, per month, Blendzi $200 per month, and Handshake $40 per user, per month.

11. HotSchedules

  • Best for: Small, medium and large size businesses
  • Price: starts at $49 per month
  • May 26, 2022
Compare HotSchedules Vs. SAP ERP

HotSchedules offers an employee scheduling solution. The software includes web based scheduling, an employee communications platform, as well as integration with POS systems for advanced sales forecasting. HotSchedules was founded in 1999 with the goal of developing solutions for restaurants that...


12. SS­-CMMS

  • Best for: Small, medium and large size businesses
  • Price: starts at $9 per month
  • Jun 02, 2022
Compare SS­-CMMS Vs. SAP ERP

SS CMMS is a maintenance management software solution. It is a cloud based software meaning that it doesn’t require any dedicated physical memory to run the software. It can run on virtual servers and can be accessed via a remote web browser login. It is operating system agnostic.


13. ASSET PANDA

  • Best for: Small, medium and large size businesses
  • Price: starts at $1,400 per year
  • Jun 16, 2022
Compare ASSET PANDA Vs. SAP ERP

Asset Panda is a fixed asset tracking software designed to helps user with the customization with their workflows.


14. Unleashed

  • Best for: SMBs
  • Price: starts at $299 per month
  • Jun 24, 2022
Compare Unleashed Vs. SAP ERP

Unleashed Software is a cloud-based supply chain management software. This software enables its users to track their stock across various locations with real-time data. Its powerful inventory management module allows users to adequately monitor and manage all of their inventories across the various ...


15. Unleashed Software

  • Best for: SMBs
  • Price: starts at $319 per month
  • Aug 18, 2022
Compare Unleashed Software Vs. SAP ERP

Unleashed Software is an inventory management software for manufacturers and distributors to achieve control over products, make better decisions, manage customers and products, and make profit reports.


16. Zangerine

  • Best for: Small businesses and start ups
  • Price: starts at $149 per month
  • Oct 06, 2022
Compare Zangerine Vs. SAP ERP

Zangerine is a cloud-based distribution management software solution that helps organizations of varying capacities to manage a database of products in multiple warehouses. It helps users to also optimize SEO strategies for their content through the addition of product-specific titles and meta tags....


17. Orderhive

  • Best for: Small businesses and start ups
  • Price: starts at $95 per month
  • Oct 17, 2022
Compare Orderhive Vs. SAP ERP

Orderhive is a web based order and inventory management solution for businesses of all sizes. It offers such capabilities as 3PL inventory tracking, back order management, custom reporting, and others. The software was designed and launched by OpenXcell Technologies Pvt Ltd headquartered...


18. Fishbowl Inventory

  • Best for: Small businesses and start ups
  • Price: starts at $4,395 per license
  • Oct 10, 2022
Compare Fishbowl Inventory Vs. SAP ERP

Fishbowl Inventory software is a cloud-based and on-premise Manufacturing & Inventory Management platform for QuickBooks. The software helps to streamline business operations in any company in all industries.


19. HandiFox Inventory

  • Best for: Small businesses and start ups
  • Price: starts at $39 per month
  • May 14, 2022
Compare HandiFox Inventory Vs. SAP ERP

Handifox Inventory software is a cloud-based and on-premise mobile inventory control system built for small-midsize businesses that are inventory-based. The solution is also available on Android devices and supports Windows 7, Windows XP, Windows 8, Windows 2000, Windows Vista, and Windows 10 operat...


20. Logiwa WMS

  • Best for: SMBs
  • Price: starts at $200 per user/month
  • May 16, 2022
Compare Logiwa WMS Vs. SAP ERP

Logiwa WMS is a cloud-based distribution software that enables managers to organize organizational operations, as well as setting up a distribution center for the movement of information and goods through available resources to the final customers.


21. AdminiCare

  • Best for: Small businesses and start ups
  • Price: starts at $199 per license
  • May 16, 2022
Compare AdminiCare Vs. SAP ERP

AdminiCare is an assisted living software designed as a medical inventory system to provide a by-resident cost and inventory control.


22. Chondrion Inventory Management

  • Best for: Small businesses and start ups
  • Price: starts at $100 per month
  • May 16, 2022
Compare Chondrion Inventory Management Vs. SAP ERP

Chondrion Inventory Management is a cloud-based software solution that bandles the automation of buying and selling on a centralized interface. Its integrated Point of Sales automatically synchronizes users product catalogs with popular e-commerce platforms such as Google, eBay, and Amazon.


23. Skubana

  • Best for: Small, medium and large size businesses
  • Price: starts at $1,000 per month
  • May 15, 2022
Compare Skubana Vs. SAP ERP

Skubana is an enterprise resource planning (ERP) and ecommerce operations management software providing users with an all-in-one and cloud suite of managing the users’ entire online businesses.


24. Clear Spider

  • Best for: Small, medium and large size businesses
  • Price: starts at $300 per month
  • May 14, 2022
Compare Clear Spider Vs. SAP ERP

Clear Spider software is a cloud-hosted inventory management suite that is intended to serve every business size. The Clear Spider suite includes warehouse management, inventory management, order & shipping management, as well as billing and analytics, among other solutions.


25. CyberStockroom

  • Best for: Small, medium and large size businesses
  • Price: starts at $99 per month
  • May 17, 2022
Compare CyberStockroom Vs. SAP ERP

CyberStockroom is an inventory management software designed for businesses to track and manage inventory processes and get a view of their businesses, x-ray inventory products, and items content.


26. TRXio

  • Best for: SMBs
  • Price: starts at $159 per user/month
  • May 19, 2022
Compare TRXio Vs. SAP ERP

TRXio is an inventory management software designed to help companies organize, create consistency, and save costs within their businesses.


27. INTUENDI

  • Best for: Small, medium and large size businesses
  • Price: starts at $699 per month
  • May 21, 2022
Compare INTUENDI Vs. SAP ERP

Intuendi is a supply chain software designed to help businesses stock the products their customers buy with accountability.


28. Avercast

  • Best for: Small, medium and large size businesses
  • Price: starts at $1,000 per month
  • May 24, 2022
Compare Avercast Vs. SAP ERP

Avercast is a cloud-based Retail POS software that helps managers forecast demand through the generation, measurement, and storage of calculated data.


29. Accolent ERP

  • Best for: Small businesses and start ups
  • Price: starts at $2,500 per license
  • May 25, 2022
Compare Accolent ERP Vs. SAP ERP

Accolent ERP is an enterprise resource planning solution for small and medium businesses. It offers assistance in wholesale distribution management along with inventory and purchasing management capabilities. The software was developed and launched by ADS Solutions Corporation headquarte...


30. EGEM

  • Best for: Small, medium and large size businesses
  • Price: starts at $100 per user/month
  • Jun 22, 2022
Compare EGEM Vs. SAP ERP

EGEM is a cloud-based maintenance software that affords managers the capacity to organize machinery movement, track costs, and maintenance schedules.


31. SureDone

  • Best for: Small businesses and start ups
  • Price: starts at $500 per month
  • Jun 18, 2022
Compare SureDone Vs. SAP ERP

SureDone is a multi-channel e-commerce solution for small and medium businesses. It also offers such capabilities as inventory management, bulk order processing, integrations, and others. The software was designed and launched by SureDone Inc headquartered in New York, United States.


32. SalesWarp

  • Best for: SMBs
  • Price:
  • Jun 23, 2022
Compare SalesWarp Vs. SAP ERP

SalesWarp is a web-based distribution software that allows retailers to collate and fulfill sale channel and fulfillment location orders.


33. JDA software

  • Best for: Small, medium and large size businesses
  • Price:
  • Dec 18, 2022
Compare JDA software Vs. SAP ERP

JDA software is a supply chain and inventory management software solution for your business. The software was designed by JDA Software Group, Inc., headquartered in Arizona, United States. It incorporates planning, management, and accounting services to streamline the supply chain of a business. 


34. Agility

  • Best for: Small, medium and large size businesses
  • Price: starts at $47 per user/month
  • Jul 06, 2022
Compare Agility Vs. SAP ERP

Agility is an on-premise medical practice management solution that is developed to be used in hospitals and clinics of all sizes. The solution is developed to be used in disciplines of all kinds in the medical field including general care services, family care services, ambulatory services, occupati...


35. Jazva Software

  • Best for: Small businesses and start ups
  • Price: starts at $400 per month
  • Jul 13, 2022
Compare Jazva Software Vs. SAP ERP

Jazva is an e-commerce and inventory management software designed for businesses to manage e-commerce activities, simplify order management, track and manage inventory, and automate multi-channel selling process.


36. VeraCore

  • Best for: Small, medium and large size businesses
  • Price:
  • Feb 03, 2022
Compare VeraCore Vs. SAP ERP

VeraCore streamlines the fulfillment process from order capture through pick, pack, and ship. With VeraCore, you can grow your business and handle any challenge with ease. VeraCore is trusted by top 3PLs and fulfillment companies.


37. FORapp

  • Best for: Small, medium and large size businesses
  • Price:
  • Jun 12, 2023
Compare FORapp Vs. SAP ERP

An all-in-one WFM platform for digital data collection and remote work control. This is FORapp. Online synchronization will quickly deliver new tasks to devices and transfer the collected information to the office. The execution of scripts is controlled by fixing coordinates and time.


38. Althea Suite

  • Best for: Small, medium and large size businesses
  • Price: starts at $129 per 2 users/month
  • Jan 18, 2022
Compare Althea Suite Vs. SAP ERP

Althea Suite is a business/inventory management software that assists businesses in processing orders, overseeing delivery channels, and monitoring sales.


39. Brahmin Solutions

  • Best for: SMBs
  • Price: starts at $199 per 5 users/month
  • Mar 22, 2022
Compare Brahmin Solutions Vs. SAP ERP

Brahmin Solutions is an operation/inventory management software that assists businesses in automating processes such as reordering and restocking inventory, tracking operations, and manufacturing costs.


40. CommerceBlitz

  • Best for: Small businesses and start ups
  • Price: starts at $199.95 per month
  • Mar 04, 2022
Compare CommerceBlitz Vs. SAP ERP

CommerceBlitz is a B2B and Omni wholesale software designed for warehouse managers and wholesalers to handle the onboarding of new personnel, oversees order processes, and track warehouse and inventory operations across various sales platforms.


41. DemandCaster

  • Best for: Small, medium and large size businesses
  • Price:
  • Feb 12, 2022
Compare DemandCaster Vs. SAP ERP

DemandCaster is a supply chain planning software that helps users to stay in total control of their businesses. The software help businesses meet their customers needs on time as it automates purchases and meets delivery and distribution timelines.


42. ERP Gold

  • Best for: Small businesses and start ups
  • Price: starts at $49 per user/month
  • Apr 22, 2022
Compare ERP Gold Vs. SAP ERP

ERP Gold is an inventory management software designed for the tracking of business activities. The software enables users to upload a CSV to transfer all inventory information, generate reports, including item valuation summaries and full detail lists.


43. Hexoss

  • Best for: Small businesses and start ups
  • Price: starts at $169 per month
  • Mar 31, 2022
Compare Hexoss Vs. SAP ERP

Hexoss is an inventory management software built to provide companies with tools to increase visibility and control across multiple warehouses. Hexoss improves shopping experiences and manages customers to streamline processes, thereby creating a paperless working environment.


44. Unioncrate Operations Management

  • Best for: Small businesses and start ups
  • Price:
  • Mar 04, 2022
Compare Unioncrate Operations Management Vs. SAP ERP

Unioncrate is an integrated business planning software that analyses businesses sales data to improve accurate sales predictions using automated analysis across all channels.


45. CAP Retail Point of Sale

  • Best for: Small businesses and start ups
  • Price: starts at $99 per user/month
  • May 25, 2022
Compare CAP Retail Point of Sale Vs. SAP ERP

Improve checkout, create happier customers, and grow your business. Powerful customer support. Zero hidden fees. No long-term contracts.


46. QAD DynaSys DSCP

  • Best for: Medium and large size businesses
  • Price:
  • Apr 19, 2022
Compare QAD DynaSys DSCP Vs. SAP ERP

QAD Dynasys is a cloud-based digital supply chain management software that enables companies to optimize and evaluate, collaborate, and plan the entire supply chain process, starting with understanding future demands as this will help improve sales, forecasting, collaboration and budgetary planning....


47. Unioncrate Demand Planning AI

  • Best for: Small, medium and large size businesses
  • Price:
  • Apr 15, 2022
Compare Unioncrate Demand Planning AI Vs. SAP ERP

Unioncrate Demand planning is a supply chain management software designed for businesses that can predict sales and inventory on autopilot, ensuring forecasting accuracy and reducing manual processes.


48. EAMbrace

  • Best for: Small, medium and large size businesses
  • Price:
  • Jul 13, 2022
Compare EAMbrace Vs. SAP ERP

EAMbrace is an enterprise asset management (EAM) program offering users with tools for the management and tracking of assets, reduction of life-cycle costs and enhancement of asset performance.


49. WithoutWire

  • Best for: Small, medium and large size businesses
  • Price: starts at $85 per user/month
  • Mar 10, 2022
Compare WithoutWire Vs. SAP ERP

WithoutWire is a warehouse management software designed to help businesses automate inventory processes, engage employees, and drive efficiency in their supply chain.


50. Agility by SSG Insight

  • Best for: Small, medium and large size businesses
  • Price:
  • Jul 24, 2022
Compare Agility by SSG Insight Vs. SAP ERP

AgilityCore is a maintenance software designed as a cloud platform for core workflow and asset management. The software helps reduce paperwork, admin time, breakdowns, and stock levels.


51. Ecomdash

  • Best for: Small businesses and start ups
  • Price: starts at $20 per month
  • Jul 18, 2022
Compare Ecomdash Vs. SAP ERP

Ecomdash is a web based inventory management and control solution for small and medium businesses. It offers such capabilities as cost tracking, inventory forecasting and optimization, order entry, and others. The software was designed and launched by Ecomdash headquartered in North Carolina, United...


52. Orderbot

  • Best for: Small businesses and start ups
  • Price:
  • Jul 23, 2022
Compare Orderbot Vs. SAP ERP

Orderbot is an integrated cloud-based order and inventory management solution that provides customer relationship management, sales reporting, B2B e-commerce platform, and user purchasing management functionalities.


53. ECOUNT

  • Best for: SMBs
  • Price: starts at $55 per month
  • Jul 23, 2022
Compare ECOUNT Vs. SAP ERP

ECOUNT is an enterprise resource planning (ERP) software designed to help users with the management of the business’ inventory, logistics, production, sales, payroll and even accounting processes.


54. AccountEdge

  • Best for: Small businesses and start ups
  • Price: starts at $499 per license
  • Jul 25, 2022
Compare AccountEdge Vs. SAP ERP

AccountEdge is an accounting and financial management solution for small and medium businesses. Its capabilities include billing and invoicing, contact management, reporting, and others. The software was designed and launched by Acclivity Group LLC headquartered in New Jersey, United Sta...



A Buyer's Guide to Business Software Solutions

How to Evaluate and Buy Business Software
 
If you’re somehow puzzled if this article is only for a specific size of business, no, it’s not. This is for you SMEs, MNEs and start-ups software buyers. Also, we’re not talking about a specific software solution here. Whether the software solution that you’re planning to buy is for Accounting, Business Intelligence, ERP, CRM, Help Desk, Maintenance Management or other types of application, one thing is for sure; with the help of this article, you will be able to know the right process in evaluating and buying a business software solution.
 
We’ve been into the software business for years and we’re seeing a lot of nitty-gritty things that often bring confusions and hesitations to many companies looking for better software solutions. Some companies can’t afford to let go their legacy systems while a few is encountering technological snags once the new system is in place. While this is the underlying truth behind software acquisition and implementation, what’s exciting about buying a business software solution is that there is a clear and obvious proof that thousands of companies and corporations today are happy with the benefits this technology is bringing into their respective businesses.  There is a significant increase in their revenue and the growth is on-going. And it’s easy to say; many from the Fortune 500 companies are making a lot of money because of their smartly-acquired business software.
 
So, let’s get straight to the point. What should you do in order to acquire that business software that could make your organization achieve its goals? The answer to this is pretty straightforward: evaluate and buy that right business software. Yes, that’s what you need to do and here’s the best manual from ITQlick.com that could certainly help you in doing that strategically.
 
Consider the Needs of Your Organization
Let’s assume that at this point, the entire management team agreed that you are ready to invest on a certain software application. The budget has been compromised and the key persons who will be involved in the acquisition process were already identified. Therefore, it’s time to approach things the project management way.
 
Define the Project
Every business software solution is categorized base on application type, features, deployment model, market size and pricing model. Remember that our objective here is to evaluate and buy a business software product that will fit into the size and present needs of your business. So what the project management team should try to deal with first is to define the real requirements of your business exactly base on the categories set by the software industry. Moreover, by doing this activity, you are already narrowing down your search for the right solution. Now, consider bringing this list of FAQs to the project management and aim to come up with clear-cut answers.
 
  1. What type of software is needed? Is it Integrated-Suite, Best-of-Breed or Industry-Specific? Ask your CEO’s main agenda and find the perfect match from these available options.
  2. What are the core and secondary features? Are you looking for basic, advanced or hi-end features? List down the specific features per category and allow the department managers and supervisors to give their insights on this list.
  3. How are you going to deploy the system? Would it be on-premise, cloud-based, hosted, or mobile-based? Weigh these options with the help of your CIO.
  4. Are you going for Tier 1, Tier 2 or Tier 3 vendors? Their offered solutions are base on the size of their target market - SMEs, MNEs or start-ups. Seek your CFO’s advice as it is important to match your financial capacity against the cost of the solution that the providers have for you.
  5. Are you willing to pay for the perpetuity software license or a subscription-based solution is way better? How many users are there and what would be their roles in using the system? Solicit feedbacks from future end users for they know better what challenges and risks might possibly come along their way when they’re using the system.
 
Finalize the BOM or List of Requirements
After providing definite answers on the above questions, we can say that the project has already been defined. Your procurement team is now ready to do their role in the acquisition process of this solution. However, in order for them to execute their job properly, they must have the complete list of requirements - features, specifications, hardware, and the software product. In other words, the Bill-of-Materials (BOM) that is final, complete and well-prepared must be handed over to the procurement director. Needless to say, it is very important that everybody is following the company purchasing and procurement protocols at all times.  
 
Request for Proposal (RFP)
The RFP process will bring everything into formality. Since you’re more likely in a line of business that doesn’t regularly buy software products, it is of critical importance that your RFP is well-structured before you send it to your prospect solution providers.
 
Draft the RFP
An RFP that contains all the relevant information as discussed during the project management meetings will enable the providers to return back to you their proposal that is complete and substantial. Therefore, your RFP should basically contain the following:
 
Brief Introduction
  • Company Name
  • Mission and Goals
  • Purpose of the RFP (or the need for software solution)
Business Background
  • Organizational Structure
  • Current Situation (IT infrastructure, system currently in-use, system issues and desired solutions, etc.)
  • Major Objectives of the Software Purchase
Request for Specific Requirements
  • Solution Functionality
  • System Specifications
  • Vendor Company Information
  • Price Model, Service Plans, Package Options
Other Important Inquiries (if necessary)
 
Send the RFP
Well-structured RFP will bring a lot of advantages especially when the proposals from various providers are received and then subjected for review and analysis. Send your RFP to at least three to five providers (or prospects which you have already shortlisted during the project definition phase). Depending on the complexity of the solution, most vendors will send their proposal in a matter of time, which could be around 4 to 6 weeks for Integrated-Suite solution.
 
Why still send RFP?
Is there really a need for RFP if your preferred solution (like cloud-based) and the service plans or packages are already displayed on the vendor’s website? Well, yes, you still need to undergo the RFP process. For most sales people, they certainly know that those figures appearing in the vendor’s website are usually the “list price” and not the “actual price”. More importantly, the vendor’s proposal (response to RFP) will serve as your main basis for the negotiation. Therefore, sending an RFP is a strict requirement.
 
Follow up questions relevant to RFP
More often than not, questions and concerns will be raised by the vendors to whom you send the RFP. You have to entertain them with utmost professionalism. Solution providers who are seeking further clarifications relevant to the RFP are consisting of professional software experts who wants to help your organization as much as they can. Entertain them but at the same time, always be cautious when providing additional information which you know is confidential or proprietary.
 
Evaluate the Proposals
Always refer to your finalized BOM when tabulating the contents of each proposal. Part of this process is to check the features that are available from this certain vendor and to cross out those that are not. While using spreadsheet aids the tabulation process, laying down the document proposals on the table and allowing your project management team to review them one by one should always be conducted. Evaluating the proposals in full force can help strengthen your decision-making process. Have another round of brain-storming session and come with the name of your preferred solution provider.
 
When selecting the final vendor, always promote the best interest of your organization. Consider answering these questions with full sincerity.
 
  1. Which vendor can provide the long-term benefits to your organization?
  2. Which vendor can provide the best and honest service from acquisition to full implementation?
  3. Which vendor is willing to devote most of its time in better serving its client?
 
Contact this solution provider and in your own strategic approach, try to get the answers to those three important questions above. In most cases, vendor who really wants to prove its craft will offer product demos on a higher level. Others will even invite you to check their already deployed and working systems. Feel free to connect with this type of vendor. Conduct simulation and testing, be it a cloud-based or on-premise solution. Examine all aspects and angles especially those that your project management team want to really know in-depth. For as long as it could help you arrive at a better decision, consider doing all the options available – for the interest of the organization.
 
Enter the Negotiation Process
Most solutions providers can be flexible in terms of pricing. Although the final say is oftentimes on the mouth of the sales person from the vendor’s side, a good negotiation process can always deliver a win-win situation to both parties involve. While negotiation sometimes cannot be settled in one sitting session, always be honest with your intentions whenever negotiating with your provider. If it’s about your budget, justify it with clarity. If it’s about their service plans, tell them what’s lacking or missing on their solution. At the end of the day, the most important event that should happen is that both of you are shaking hands because of a well done negotiation process.
 
Seal the Contract
So what are you going to do on a contract that involves a significant amount of investment? There are three project management approaches for this.
 
  1. Pass the ball to you legal team. They know what to do and more or less they will tell you if there is something wrong with the contract. Give them enough time to review before they affix their signature and then finally seal the contract.
  2. Hire a consultant base on the technical aspect that you want to clarify in the contract. If it’s the Scope of Work (SOW), a software implementation expert is the right person. If it is related to complex legal terms and conditions, a lawyer can help. If it has something to do with money, invite an accountant to conduct a thorough review and computation if necessary.
  3. Always consider consulting your project management team. Remember that the CIO, CFO and CEO are all team members. They will be the signatories and they know what’s best for the interest of the company when signing a contract agreement.
 
From evaluation to buying stage, it is important that the project manager must take full responsibility of monitoring all the works identified and distributed among team members. This is why delegating the right project manager is also an important consideration when buying a business software solution. And again, ITQlick.com wants to emphasize that whatever the size of your company is, using the project management approach will always lead you into a better outcome – that is getting what you paid for the right business software solution. 

Finding the right business software for your business
Proper business software selections are the precursor to successful deployment and business growth. Finding the right solutions doesnít have to be complicated, and it doesnít have to take days or weeks of your time.

After researching over 5,000 systems, we can identify the best solution for companies of all shapes and sizes. ITQlick.com is 100% free for software buyers.



Auditor - Shlomi Lavi

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Shlomi Lavi is an entrepreneur and founder of ITQlick.com. He holds a Bachelor of Science (B.Sc.) in Information Systems Engineering from Ben Gurion University in Israel. Shlomi brings 17 years of global IT and IS management experience as a consultant and implementation expert for small, medium and large-sized (global) companies. Shlomi’s goal is to share the best knowledge and news about information systems so you can make smarter buying decisions for your business.