Best Inventory Management Software for Small Businesses
What are the Top Reasons Why You Need an Inventory Management System?
The Inventory Management Software (IMS) is an integral part of any retail business. The IMS ensures that the store doesn’t run out of stock and can still provide customers with the best possible shopping experience.
At the same time, due to huge supply chain management and lack of effective inventory management, Distributors can end up with excess inventory and finished products. Managing inventory levels with Economic Order Quantity (EOQ), applying an effective inventory management techniques could help to reduce dead stock in the inventory items and improve business cash flow.
Business owners adapts different types of inventory management techniques depending on customer demands. Its LIFO or Batch based items etc. Availability of right inventory items will improve customer experience and increase customer satisfaction.
Major goal of inventory management tool is to manage the Average inventory, handle minimum stock levels or safety stock else give alerts, reduce excess inventory, manage minimum order quantities and agree with Vendors to avoid unnecessary stock piling and avoid dead stock, manage inventory costs.
An efficient inventory management solutions starts with a regular physical inventory count with an updating current inventory quantity in ERP Software to balance the both.
It is to be careful that in a hurry to get into optimal inventory levels in the company, you should not spread thin with stockand loose business opportunities. Based on the real time inventory details and alerts, business operations should be modified to meet customer expectations.
To make a good business profit, its also important to reduce Finished products production costs by improving production process and avoid wastage, reduce supplier lead time (but get better credit terms), have a real-time visibility and take decisions, reduce Inventory storage costs, plan buffer stock, plan a better supply chain process with fulfillment centersnear to your major customers and improve your delivery and fulfillment process, avoid problems of stock mismanagement by using barcode scanners and focus to decrease cost of inventory.
These better inventory management process and measures could help to manage the inventory of your company.
The retail industry is one of the most competitive industries out there, and it’s not getting any easier. Shoppers are more demanding than ever before, and they expect to be able to buy anything at any time. One way retailers can stay on top of this competition is by implementing an inventory management system (IMS). An IMS provides a complete overview of the store’s inventory levels, so the retailer knows when product will run out and needs to be reordered, as well as how much product they have left in stock.
Some Industries are Automobile, Electronic Equipment, Apparel, Communication Equipment, Electrical Equipment, Medical Devices etc use Inventory Management Software System to manage their Inventory, Invoice and Payments.
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How Much Does It Cost to Build an Inventory Management System From Scratch?
Build Vs. Buy Options for an Inventory Management System
E-Commerce businesses have the choice of using a build or buy option for their inventory system. These options depend on the amount of time, money, and experience that an entrepreneur has in the industry.
Build Option: An ecommerce business can choose to create their own inventory system from scratch or purchase a platform that has the necessary features and functions that they need to run a successful online store. This is a more expensive option as it takes time to develop and it requires technical knowledge to keep up with changes in the marketplace.
Buy Option: An ecommerce business can choose to use existing solutions such as eBay or Amazon as their platform for inventory management as well as shipping solutions. This is a faster option because all of these features are already
Costs depend on the complexity of the system, how many features it should have, and the desired level of scalability.
It is always difficult to estimate an accurate cost for a project. It could be because of the lack of requirements or because there are too many unknowns in terms of development time and resources. But there are some general guidelines that can help you approximate a ballpark figure for what it would cost to build an inventor management system from scratch.
ACTouch is an Inventory Management Software that’s extended to an ERP features for Small and Midsize Discrete Manufacturers and Distributors.
Many manufacturing units like Automobile Components, Injection Moulding, Large Machine manufacturers, Forging (Hand tools) or heavy forging components manufacturers follow a process that’s called Discrete Manufacturing. Means that make one component of a Finished goods at one stage at a time. So these products are unique and identifiable properly and are different from process based components like Oil or Chemicals etc.
Discrete manufacturers produce items that are either consumed by the consumer directly or its part of some other Finished Goods. Today industry is depending on these units to supply the majority of the components.
The processes deployed here is not a continuous in nature or it could be a Unit wise production where the one Machine output is immediately inputted to another machine and end of the day, the Supervisor is reporting only the Outcome of the Finished Goods. Each process can be individually started or stopped and can be run at varying production rates. The final product may be produced out of single or multiple inputs or operations.
Small Business Inventory Software Features list
- Inventory Control
- Warehouse Management
- Order Management
- Multichannel Sales
- Price List Management
- Sales Reports.
- Shipping
- Purchase Order Management
- Order Fulfillment
- Accounting
- Batch and Expiry Tracking.
- Inventory Management Reports
ACTouch Product Features to help an Inventory Management Process and controls.
Sample Sales Order process to manage the Customer demands and fulfilment.
List of features for Inventory Systems for Small Businesses
Below are the few features of Inventory Management Software.
| Sales and Purchase Order Processing 1. Create Sales order and convert to a WO to track the productions 2. Manage the Invoices, Job work Invoices. 3. Manage Purchase orders, Receive Materials etc | Sub Contracting 1. Manage the subcontracting operation with Outward Delivery Challan 2. Receive the FG from Inward DC. 3. Track 100% materials sent to Contractor and how much he produced at one place. | Inventory Control 1. Accurate Costing of Raw Materials to Finished Goods Manage Stocks of Batch, Non Batch and MUOM items. 2. Helps to manage Physical inventory and stocks. |
| Bill of Materials (BOM) 1. Manage the materials required to make a Finished goods. 2. Find the accurate Product Costing with labor, Machine costs. 3. Manage By-product and rejection handling | Import and Export Business. 1. Manage your Import of items with Landing Cost features. Packing list and convert it to Invoices. Helps to manage 2. Customs and others Manage the GST Taxation | Quality Management. 1. Manage all your Quality testings 2. Reports the quality cases at Stock Receipts, FG Receipt etc. 3. Generate the reports to see the Quality issues, if any. |
| Activity Based Costing (ABC) 1. Handle Material, Labor, Machine costs to 100% accuracy 2. Bottom up approach to get the Finished Goods costs. 3. Reduce the cost of By-product or Scrap sales. | Material Requirements Planning (MRP) 1. Manage your product Demand and supply 2. Helps to generate Purchase Indents and Work Orders 3. Helps to balance the items with Re-Order level stocks. | Complete Integrated Solution ACTouch is a completely integrated Solution for Manufacturers, Jobworkers, Large Machine Manufacturers etc. |
Each Business vertical has specific needs to fulfil and manage Inventory too.
- Automobile Industry, Tractors and Farm Equipment Manufacturers
- Manufacturing ERP for Plastic Products Manufacturers
- Chemical and Process Industry Manufacturers
- Manufacturing ERP for Electronics Manufacturers
- Manufacturing ERP for Farm Equipment and Automotive Manufacturers
- Manufacturing ERP for Industrial Products
- Manufacturing ERP for Medical Devices Manufacturers
- Manufacturing ERP for Metal Fabrication Software
- Manufacturing ERP for Import Export Business
- Manufacturing ERP Jobwork and Subcontracting Operations
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