Top 7 Inventory Management Systems for Small Businesses
One of the golden rules of business is, "work smarter, not harder". With today's advancing technology, this golden rule takes center-stage if a small business is to survive in the endless ocean of global competitors. In this regard, keeping track of inventory and managing cash flow is one of the top concerns of small business owners. According to statistics:
- 46 percent of small business owners don't track inventory, or use a manual method.
- U.S. retailers have $1.43 in inventory for every $1 in sales they make.
- 67% of warehouses are implementing mobile devices to manage inventory.
- 54% of warehouses are expanding the number of stock keeping units (SKUs) over the next five years.
In order for products to reach customers, enhance brand value and make profits, market adaptability demands that a business owner incorporate technology. Here are the top seven inventory management systems for small businesses.
This inventory management brand's strongest feature is its integrations. There are more than 120 integrations on the Cin7 Supply Chain App Store alone. You can access online marketplaces, shipping options, sales aids, marketing solutions, payment platforms, as well as track your sales and inventory in real-time. This makes Cin7 a great tool for small businesses looking to expand their product line beyond their own website. In addition, Cin7 recently announced an integration with Walmart. By displaying products in the Walmart Marketplace, businesses can reach a larger audience.
One of Zoho's most powerful features is Automated Reordering, which enables you to add reminders, make notes, or add sales channels. All changes in stock are automatically registered, and you can manage any shrinkage in products. The software also includes critical details like pricing and availability while categorizing products, and offers end-to-end tracking, which means that you can follow goods from the moment they are ordered to when they are delivered.
Primarily an Order Management System, Orderbot also offers a cloud-based inventory management software. The centralized multi-channel platform means that you can juggle orders from diverse sales channels and warehouses. Incoming and outgoing orders can be filtered and color coded. You can see what products are visible to customers, how many are available, and at what price.
Wasp Inventory Management Software
Wasp has more than 60 pre-built reports, which can be used to input detailed information on vendors and their corresponding supplier codes. In addition, the software helps you keep a track of your inventory, by sending you alerts when supplies are low, reaching expiration, or are past-expiration. A unique point about Wasp is that business owners do not have to pay a monthly subscription fee. Rather, only a one-time purchase payment is required, which includes the software, the inventory scanning device, and a printer.
Fishbowl's comprehensive inventory management system is flexible for the needs of small businesses. The software syncs your inventory data seamlessly with QuickBooks, Salesforce, Magento, Amazon, UPS, FedEx, and other solutions. This allows you to update the general ledger with purchase orders, account for adjustments like assets and cost of products sold, as well as efficiently pack and ship orders. Other benefits include tracking your inventory across multiple locations, viewing various stages of the manufacturing process, and advanced forecasting capabilities.
Considered as one of the most powerful shipping software systems in the market, Ordoro has everything covered from goods operations to shipping orders. You can compare rates between different shipping companies, and have the rates automatically added into your account. Ordoro also provides better commercial pricing for your USPS labels, multi-channel sales tracking, printing of your business logo on packing slips, as well as a summary of uncompleted orders.
Using TradeGecko's inventory optimization features and automated demand forecasting, you can run your internal operations more efficiently by having the right stock at the right time. Synchronize orders from multiple warehouses in different locations and different currencies, and receive sales reports in real-time. The software integrates with many e-commerce platforms like Amazon, Magento and Shopify, as well as software solutions including QuickBooks, Google Drive, Lokad, and Xero Accounting.
There are many advantages of inventory management systems. Managing any shrinkage dilemmas, checking that products don't sit idle in the warehouse, and accurately predicting market demand. Taking advantage of technology helps you run your business smarter, not toil harder. For more information, contact our team today.