Understanding what an inventory management system is, is very important before we find the best of the bests. Simply put, just like how you track the parcel that you ordered on an e-commerce platform, you use Inventory Management System to track the movement of your goods through the supply chain from beginning to end.
Before Inventory management systems came into play, everything was noted down manually and later uploaded to an Excel sheet. But a business that is growing at an exponential rate could use the help of an Inventory Management System to its benefit, saving precious time.
An Inventory Management System can help your business unlock doors to better opportunities, speed up the whole ordering process and help you make better purchasing decisions. If you’re looking for an Inventory Management System to help you scale up your business, you have arrived at the right destination. Read through the article to find clarity and make an empowered decision.
Inventory management systems fall under 2 categories.
- Perpetual Inventory Management System
- Periodic Inventory Management System
a) Periodic Inventory Management System
In this system, the data you have collected is monitored from time to time instead of being monitored constantly. Software such as an Excel sheet uses this type of Inventory management system.
b) Perpetual Inventory Management System
In layman’s terms, the definition of a perpetual inventory system is, when you or the inventory management software continuously counts goods as it is used. Commonly, more capable inventory management software is used in conjunction with inventory management systems. Additionally, it works with Excel.
Top 5 Inventory Management Systems
Depending on your sector, different best practices apply. Each firm will have its own unique perpetual inventory system procedures. Therefore, here’s a list of the Top 5 inventory management systems that have been creating a buzz in the market.
Vyapaari
Made by Indian graduates for Indians. Vypaari provides a wide range of services like Product catalogue management, Multiple channel listing management, Reseller management, Invoice management, Order management, Predictive analysis using an advanced AI system, social media marketing (On-demand), Website Builder (On-demand)) all this backed by strong automation software.
Extremely user and pocket friendly, they operate on a subscription-based model.
Vyapaari is built to act as a bridge between vendors and all available online channels. It is an AI-based mobile and web application. The app prioritizes quality online retail. Although new in the market, it’s at the top of the game. It is suitable for businesses of all sizes as there’s scope for scaling.
Oracle NetSuite
Next up is Oracle NetSuite. It ranks one of the best in the field of inventory management systems in India. It is an all-in-one cloud business management solution that automates core processes and provides real-time insights into operational and financial performance. Monitoring your inventory from various locations is an added benefit of this ERP. This is best suited for small to medium-sized businesses.
The automatic computation of important settings, managing and viewing inventories across your organization, and multiple site planning is among NetSuite ERP’s fundamental competencies. The application includes numerous features to streamline the important operation of maintaining adequate inventory to meet service requests. I
Zoho Inventory
For good reason, Zoho is one of the leading producers of business software. Products from Zoho are known for being high-quality and economical. An affordable Inventory management system for every business. It follows a standalone system, unlike its counterparts.
A free version of the app is available for up to 10 users. It is best suited for businesses that network globally, as customized versions are available for your company’s needs.
Zoho Inventory uses a single inventory management software to handle orders from many channels. The disadvantage is that the cost of Zoho for company owners may potentially rise significantly. Nevertheless, ultimately, Zoho offers a high-quality solution that ought to be suitable for the bulk of small to medium-sized enterprises.
Vyapar
In India, Vyapar is a well-known accounting and billing programme. For all business accounting needs, it is the ideal answer. With Vyapar, you can manage your company’s finances without any accounting expertise. Best suited for small businesses, the system enables you to manage every aspect of your business operations, such as accounting, inventory control, and compliance assurance. It operates flawlessly offline.
With its inventory management area, Vyapar provides analytics features and statistics to help you analyze company evaluations and make educated decisions. It is free to download. Ideal for small and medium-sized enterprises
Fieldproxy
A solution for desk-less workforces. It takes about 2 minutes to set up the processes and automate your entire business with the help of Fieldproxy. It enables you to create customizable reports and dashboards, as well as automate tasks, all from a single app.
Fieldproxy allows you to scale your desk less and remote teams. At this time and age where remote work has become the norm, Fieldproxy would be an ideal inventory management solution.
Which Inventory Management Should You Choose?
There are a number of factors that come in to play when choosing an inventory management system. A single size does not fit everyone. Think about considering the following when selecting an inventory management system when you decide to choose one.
- The nature of your business
- Number of clients
- Available capital
Considering the prices for each product is necessary if your cash flow is poor. Perpetual systems are priced more than the periodic ones. A business owner with less inventory may benefit most from a periodic inventory management system. Investing in more sophisticated processes would be unnecessary. It’s always a good idea in business, to figure out how to work smarter, not harder.
Bottomline
Take advantage of the free trials to test out the inventory management system you would like to consider. With the ever-changing nature of the industry, inventory management systems have included cost-effective features to cater to varying demands and a growing number of clients. Inventory management system enables firms in selecting which and how much stock to order at the required moment, as well as avoid retaining surplus or obsolete goods, which aids in profitability.
If you own a small business in India, where competition is usually severe, and you’re having difficulties controlling your inventory or optimizing your warehouse and storage facilities, inventory management software is a must.
