What is inventory management?
Inventory management is the process of ordering, storing, using, and selling a company’s inventory. This includes the management of raw materials, components, and finished products, as well as warehousing and processing such items. The main goal of inventory management is to ensure that a company always has the right amount of stock to meet customer demand, whilst minimising the costs associated with holding inventory. Key components of inventory management include:
- Tracking Inventory Levels: Keeping a record of the quantity of each item in stock.
- Order Management: Handling the processes of ordering, receiving, and managing inventory from suppliers.
- Demand Forecasting: Predicting future customer demand to ensure adequate stock levels.
- Stock Replenishment: Restocking inventory to prevent stockouts or overstocking.
- Inventory Auditing: Regularly checking physical inventory to ensure records match actual stock.
10 best inventory management software in 2024
Choosing the right inventory management software is crucial for optimising stock levels, reducing costs, and improving overall operational efficiency. Here are our top 10 choices:
- Infraspeak
- NetSuite ERP
- TradeGecko
- Zoho Inventory
- SAP Business One
- Odoo
- Cin7
- Fishbowl Inventory
- Lightspeed
- Unleashed
1. Infraspeak
Ideal for businesses of all sizes looking for an customisable, centralised, and scalable solution, Infraspeak offers:
1. Comprehensive Features: This IMMP stands out for its comprehensive features that include asset and inventory management to track both inventory and fixed assets, real-time tracking to ensure up-to-date stock information and prevent stockouts and overstock, and automation of order processing, stock replenishment, and notifications. It also provides customisable dashboards for key metrics and insights at a glance, and seamlessly integrates with ERP, CRM, and accounting systems.
2. User-Friendly Interface: Our Intelligent Maintenance Management Platform boasts a user-friendly interface with an intuitive design that allows for easy navigation with minimal training required, and offers mobile accessibility so users can access and update information on-the-go.
3. Adaptability and Scalability: Infraspeak is highly adaptable and scalable, making it suitable for both small businesses and large enterprises. It features customisable workflows that can adapt to unique operational requirements, and offers industry-specific solutions.
4. AI-enhanced Reporting and Analytics: Infraspeak provides superior reporting and analytics capabilities, offering detailed data on inventory levels, turnover rates, and more. Additionally, its proactive analytics functionalities forecast demand by analysing historical data and trends, empowering businesses to make better decisions and optimise their inventory management strategies.
What users love about Infraspeak
“Not only is the system easy to navigate, but it also demonstrates the company’s expertise in creating user-friendly solutions. Infraspeak’s commitment to collaboration has been excellent.” — Louise Erasmus, Procurement Lead at Rohloff Group (KFC)
2. NetSuite ERP
A comprehensive ERP solution with inventory management capabilities, suitable for large enterprises.
3. TradeGecko (QuickBooks Commerce)
User-friendly platform focused on small to mid-sized businesses, with e-commerce integrations.
4. Zoho Inventory
An affordable inventory management software, great for small businesses.
5. SAP Business One
A robust ERP with inventory management features, suitable for growing businesses.
6. Odoo
Odoo is an open-source ERP with customisable inventory management modules.
7. Cin7
Cin 7 is an inventory management solution, suitable for businesses with multiple sales channels.
8. Fishbowl Inventory
A popular choice for manufacturing and warehouse management, integrates well with QuickBooks.
9. Lightspeed
A solution designed for retail businesses, with POS and inventory management integration.
10. Unleashed
Unleashed is an inventory management software for manufacturers, distributors, and wholesalers, offering good inventory visibility.
Why should you use a stock management software?
Accuracy and complicance
Automated systems reduce human errors, ensuring more accurate tracking of inventory levels. Real-time tracking offers better visibility into inventory status across various locations. Also, compliance with industry regulations and standards is achieved through accurate record-keeping and reporting.
Cost and time savings
Optimising inventory levels helps avoid overstocking and stockouts, reducing holding costs and lost sales. On the other hand, automation of routine tasks such as order processing, stock tracking, and reporting saves time for employees.
Data-Driven decisions
Detailed analytics and reporting will help you make informed decisions regarding purchasing, sales, and inventory control.
Streamlined operations
A great inventory management software integrates with other business systems like accounting, CRM, and e-commerce platforms, leading to fully streamlined operations.
An IMMP as the ideal inventory management solution
An Intelligent Maintenance Management Platform (IMMP) such as Infraspeak represents a significant advancement in inventory management, as it puts the inventory manager first. Infraspeak offers advanced data analytics, innovative procurement and collaboration features, seamless integrations with other software, and complete flexibility. This translates to smoother, streamlined workflows for inventory managers and ultimately leads to improved productivity, and a larger bottom line for organisations and enterprises.
All the inventory management software needs in one intelligent platform
✅ Stock Management
✅ Procurement Management
✅ Analytics & Reporting
✅ Asset Management
✅ Supplier Relationship Management
✅ Compliance & Inspection Management
