Business Stock management software is used in the manufacturing industry to manage inventory, create bills, track product, shipment, and predict and manage sales. As it helps in planning, predicting inventory management based on customer behavior, reducing labor costs and manual errors, this software can be of great use to businesses of any size.
Most of the industries now use stock manager software because
- As the business expands, managing spreadsheets becomes difficult
- Increased scope for human error in terms of faulty data entry
- Owing to the changing stock, it is difficult to update the Inventory frequently
- Documents stored might get misplaced or damaged
- Analyzing sales results and predicting it is a tiresome process
- Many a time, the manual system may not cope with rapid business expansion
Stock management is a component of supply chain management that supervises the flow of goods from manufacturers to warehouses and to the point of sale. One of the fundamental roles of this software is maintaining an in-depth record for every new as well as returned product that enters or leaves the warehouse or from the point of sale.
Stock management software completely eliminates the need for manual processing, which implies the focus is on accuracy. It improves customer retention and helps in keeping the business organized. Meeting the customer demands quickly helps your customers to come back to you. You can serve them the right products or services when customers need them. This directly helps in saving time and money. The cost of slow-moving products is cut down.
Integrating a stock management system software with your inventory gives real-time updates and decreases human errors. We’ve listed the benefits your business will gain by using this software:
1. Complete Chain visibility
An optimal stock management software provides insights into both the product flows – those entering and those leaving.
2. Forecasting and planning
This software not only helps in managing stocks but also in predicting future product requirements.
Once the forecasting and planning are done, business owners can make use of existing shelf space and avoid unnecessary expenditures.
When it comes to business growth, the business stock management software also scales without the need for any additional systems. It keeps pace with the scale, be it entering new markets, stocking more inventory, launching new products, or expanding customer database.
5. Mobile Proof of Delivery
This helps the customers in getting real-time alerts. The confirmation of the arrival of the delivery is taken here. This is a critical function in the distributing sector.
1. Supporting multiple locations
The stock maintenance software should support inventory handling and track stock from multiple locations and devices.
The software should coordinate with physical stores, eCommerce stores, and all purchase points.
3. Support and training
The software provider trains your employees in implementation and offers technical support (else you’ll end up paying extra for this).
4. Free trial
Ask for a free trial for your employees to try before buying. This is to see if they’re comfortable using it.
5. Hardware integration
Your desktop, operating system, and barcode scanners should support particular stock management software.
6. Unlimited users
Check with the software provider that they do not limit the number of users.
7. Warehouse Management
The tools for warehouse management are designed to augment efficacy and productivity. Improving inventory management is the target of the vital features of this software. The products are scanned on arrival and assigned to the specific bins. This helps in preventing the shipping and delivery bills.
Determining that the right stock stays in the right place at the right time is vital to ensure an error-free supply chain process. With stock control software, companies can consolidate sales information and provide employees access to existing and reliable inventory data to streamline operations.
An ideal stock management system software should provide up-to-date inventory data, financial management, and straightforward reporting capabilities in a single, easy-to-use interface.
We’ve jotted down the features an ideal stock control software should possess
1. Inventory management
Business stock management software is designed for inventory management, the entire inventory stock, along with individual items, should be visible at all times. Notifications about returns reorder and inventory that need reorder should be sent regularly.
For eCommerce businesses, the stock management software should integrate with the eCommerce software. This allows tracking of the online sales and physical inventory in stores. Irrespective of the number of websites where you sell, online sales can be tracked by a single software.
If you’re dealing with perishable items delivery, the stock maintains software should fulfill these needs.
2. Financial tools
A good stock management system allows us to update, monitor, and implement payment in different currencies, calculate sales tax and automate recurring orders.
3. Administrative features
The stock management software should generate customizable reports based on the information needed at that particular time. Since multiple team members will be operating the software, it should include customizable security access. Suppose in case if some employees need to be shown only the progress while some employees are given permission to make changes.
For those businesses dealing with multiple vendors, the progress of the shipment should be visible across desktops, mobiles, and tablets. For convenience, the mobile app and keeps all information on your fingertips and track via mobile analytics software.
Stock management software has played a vital role in bridging the supply, maintenance, and accountability. The inventory management software keeps getting updated each year. The software comes with a bunch of pros, which helps improve the sales and profit of the business.
1. Real-Time Access to Data
Instantaneous data improves the profitability of the business. The item in the stock has every factor proportional to the market and customer base. Using the software for stock management assures that the stock levels can be managed with ease. This is regardless of the locations of the business.
2. Return on Investment is High
Your ROI is augmented as the level of stock management of the business is available at detailed levels. The product can be modified to sync with the inventory, labor force, or market.
3. Prevention of overstock
Any business strives to ensure that the stock is maintained at the right quantity. It should never be lower than the requirement nor higher. Setting a product catalog is easy with the stock management software. The products can be modified to the outages, and the price adjustment can be set too. When the inventory is not overstocked, the storage space is also less.
Offering a wide range of products to the customer base is the key to success in the current era. The emerging trends get insight, which is crucial. This gives a clear picture of how your business should be, in the coming years.
5. Stability is made possible
As the business grows and develops, stability needs to be achieved. You need to strive to accommodate the existing customer base, while it is also essential to accommodate future growth. You can enter into new markets, and keep adding new products. Everything comes to your knowledge with a few clicks when the software is used.
6. Customer performance is improved
The order process is streamlined when you use strong stock management software. This improves the efficacy of your business. This has a positive impact on your sales. This also ensures your business gets a smoother setup.
7. Integrates with the existing software
Any business makes use of multiple software. The stock management software can integrate seamlessly with the other resource management software you use for the business.
8. Staffing cost is lowered
There is no requirement for the excess staff or the IT personnel while using the stock management software. Save your money, and ensure you hire only necessary staff based on the software.
9. Manual error is eliminated
Chances of human error are eradicated when robust stock management software is brought into the business. It helps in maintaining accuracy. Upgrading the existing management software with the rest of the resource management is possible. This ensures you never lose accuracy, which is essential for the success of your business. There are human errors which mean, your precious dollars are saved.
Inventory control often experiences change every time the market experiences advancement. The new trends prove to be successful, and the inventory must change to keep up the pace. Inventory or stock management software grows, which is critical, every year. Get a look at the inventory trends for the year.
1. Omnichannel retailing
Stores involved in omnichannel retailing attract most customers. 90% of the customers apart from the people who shop in physical stores are for the stores that do omnichannel retailing. This means these stores have more responsibility for inventory management. When these businesses start growing and start accepting from multiple channels, maintaining inventory is complex.
- Additional distribution center
- Stable safety stock level
- Robust inventory control level
The requirements for these stores are met when they are keeping up pace with the market trends.
2. Stock for experiential retail
Popular and well-developed brands come up with smaller stores, to ensure the customers are in peaceful places. These stores are not meant for sales, but merely a place to store the inventory, while keep alluring the customers. There are stores from giants like Apple, Amazon to the small brands of a specific locale. It is different when it comes to stock management in the experiential stores, compared with traditional inventory control. A good retail management platform is also required here.
3. Advanced sales forecasting
Stock management helps in having products ready on the shelf when customers need them. Also, it aims at preventing overstocking. Also, the current era sees more than 60% of the consumers who seek personalization. This means you need to be sure about forecasting. Sales forecasting will only let you know what type of product, and goods should be ready on the shelves in the last week of next month. The stock management software is getting ready for sales forecast analysis too.
4. Inventory management skills
The inventory managers of today’s industry should not feel content with knowledge of forecasting sales, data analysis, and maths. They should also know about the algorithm, ERP, and Application programming interfaces (API).
When there is not enough time to brush up on these skills, as an inventory manager or business owner, the solution is to opt for the inventory management software which keeps your system ready and program the software to meet the needs.
5. Advanced personalization
When the product is personalized, the revenue is enhanced. 35% of the sales are driven by Amazon by sophisticated personalization. This data proves why you need to spend on personalization.
6. Pick to light systems
Customers always look forward to faster delivery. Inventory management becomes easier when a lighting method is used. The operator picks the product from the warehouse. A light is switched off to direct the store operators in the right direction. The operators can find the product or inventory faster from a warehouse when this system is used.
The five popular stock management software in the market which has proven to meet the needs of the customers are listed here.
1. NetSuite ERP
The best software for inventory optimization and inventory replenishment is NetSuite ERP. It improves supply chain visibility. The Inventory Counting feature plays a vital role to calculate key factors like transaction values and volumes. Work order repair, Bin tracking, multi-location supply planning, multi-location warehouse tracking, workflow approval, constraint management, real-time collaboration, Suite Talk web services, Update/Receive All POS, vendor performance tracking are few salient features of this software. The software can be customized to any business category, company size, and type of company.
Vend is designed for retailers to help them manage their stock levels with ease. Retailers can operate the business from physical stores, online, or in-store. They can also boost the business while changing the location. The software is designed to support computers and mobile devices. This highly customizable software has Powerful Cloud POS and robust reporting.
A few important features of the software include:
- Web-based or iPad POS, Cash Management
- Payment processing, Order Management
- eCommerce Management, Fast Staff Training
- Barcodes and Labels, Variants and Composites
- Custom Receipts and Returns, refunds and store credits
Automated stock management is offered by Zoho. It is a part of the productivity suite offered by Zoho. The eCommerce businesses of all sizes can be benefitted from Zoho. The software is highly useful when it comes to end tracking. This implies that from order to delivery, a product can be monitored seamlessly. The software includes an analytic and reporting kit. If you are using third-party apps, the functionality of the software can be improved to meet all the needs.
The features of Zoho include:
- Order fulfillment, Open API
- Order Management, Import/Export data
- Billing and Invoicing, Delivery Tracking
- Easy Ordering, Sales Analytics
- Mobile Access, Application Integration
- And Inventory Replenishment for Avoiding stock-outs
Real-time inventory management and marketing automation are special specs of this software. The software helps in automation of the process and can put the multi-channel sales on auto-mode.
The key features of the software are:
- eCommerce Automation, Inventory Management
- Order Management, Multi-channel Integration
- Multi-channel Sales Management, Shipping Management
- And Order Fulfillment
The software is apt for startups and small businesses. It streamlines stock and account management.
The key features are:
- eCommerce Automation, Inventory Management
- Order Management, Multi-channel Integration
- Multi-channel Sales Management, Shipping Management
- Order Fulfillment, Multiple inventory location
- Custom inventory reports, Sales order management