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Inventory Management Software

Inventory Management software monitors inventory levels for optimal production and distribution of goods for wholesale or retail. These applications enable organizations to efficiently manage inventory as well as procurement and order fulfillment functions. Inventory Management solutions ensure accurate real-time inventory reporting and the ability to distribute this essential data across multiple locations and throughout an enterprise. Inventory Management software is related to Inventory Control software and Supply Chain Management software.

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Our inventory management software helps enterprises in streamlining inventory by keeping track, maintain & manage inventory efficiently Learn more about Asset Infinity
Asset Infinity fulfills all your business needs with inventory management. We know that managing inventory is not a simple task, that is why our inventory management software assists inventory-intensive businesses. We will enable you to streamline inventory, set re-order levels for each item. Get alerts whenever inventory goes below re-order level. If required you can add, move, or draw inventory from one place to another & see all transactions on a single page. Get reports & analytics also. Learn more about Asset Infinity

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The secret powering small businesses in 90+ countries worldwide. Track stock, manage sales, pick and ship orders, and more, Learn more about inFlow Inventory
inFlow Inventory is the easiest way to run your wholesale, distribution, manufacturing, or ecommerce business. Track stock across any location and manage purchases and sales—all from one app. inFlow helps you manage any order or process from start to finish, with full pick/pack/ship support, BOM and assemblies, and connections to over 35 different ecommerce platforms. We offer in-house support via live chat, email, and callback. Click Visit Website to start your free 14-day trial now. Learn more about inFlow Inventory

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Optimize inventory levels, boost profitability and decrease cost of goods sold with NetSuite inventory management. Learn more about NetSuite
NetSuite inventory management automates manual processes associated with traceability, replenishment, cycle counting, and managing inventory across multiple locations. With a single view of items, inventory and orders businesses can carry less inventory on hand and free up cash. Demand-based replenishment uses historical sales and seasonality to automate re-order points. Forward and backward tracing capabilities link finished goods to customer orders and suppliers allowing for full traceability. Learn more about NetSuite

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Inventory and order management for growing businesses. Learn more about Zoho Inventory
Zoho Inventory is an online application that enables you to manage orders and inventory. With multi-channel selling, shipping integrations and powerful inventory control, you can now optimize your inventory and order management, right from purchase to packing, to payments. Learn more about Zoho Inventory

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Customizable & scalable inventory management solutions to achieve higher sales across multiple marketplaces, websites & offline stores Learn more about Unicommerce
Unicommerce has been simplifying e-commerce selling for 15,000+ Sellers, Retailers, and Brands by deploying superior inventory management solutions across all online & offline sales channels to help them achieve higher sales & margins, lower operating costs, reduced manpower cost, improved data visibility and a lot more. Some of the key clients of Unicommerce include Hamilton Housewares, Enamor, Jack &Jones, Chumbak, Liberty Shoes, W, House of Anita Dongre, MCaffeine, Sugar Cosmetics, etc Learn more about Unicommerce

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Cloud-based warehouse management system with an omnichannel order management system all-in-one solution for etailers and 3PLs. Learn more about Shipedge
Shipedge is a cloud-based Supply Chain Solution that helps 3PL warehouses, distribution centers and eCommerce companies run efficient order fulfillment operations. Complete inventory control with channel automations (selling channels, suppliers, & shipping carriers). Monitor inventory from anywhere, use forecasting for replenishments, and eliminate dead stock. We cover lot control, serial numbers, expiration dates, returns, and exchanges. Designed with ecommerce pain points in mind. Learn more about Shipedge

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Unleashed Software provides a powerful platform to accurately manage your inventory in real-time. Learn more about Unleashed
Unleashed Software is a powerful cloud-based platform for all your inventory management needs. Unleashed lets you easily and accurately track stock in real-time across multiple locations. Get visibility on all inventory management processes and transactions across warehouses globally. With total inventory oversight your businesses can make better, data-driven, decisions. Unleashed also integrates with multiple eCommerce software platforms to provide a holistic business solution. Learn more about Unleashed

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INTUENDI reduces stockout and excess inventory, and simplifies the purchase orders management with an affordable and easy to use tool. Learn more about INTUENDI
INTUENDI is the leading Inventory Management cloud tool developed to reduce stockouts and minimize excess inventory while increasing sales. Affordable and easy to use, Intuendi reduces up to 82% forecasting error, and speeds up 6x the purchase orders management process. Powered by AI and designed for small and midsize companies, Intuendi gives you the right replenishment suggestions and the confidence to stock the right SKUs in the right place at the right time. Learn more about INTUENDI

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A Economical & Fully- Featured platform with CRM, ERP, HCM, Project Management and Accounting solution with built-in integrations. Learn more about OneHash
OneHash is the world’s most affordable all in one software. Supercharge your sales with the CRM and ERP tool. Get pipeline view, calling, lead management, email automation and much more, all under one tool, and also offer on- premise version for enterprise customers Functions: 1. Customer Relationship Manager 2. Human Resource & Payroll 3. Agile Manufacturing 4. Sales & Purchase 5. Asset Management 6. Help desk 7. Project Management 8. Smart Accounting Software Learn more about OneHash

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monday.com Work OS offers full inventory control with no-code features such as shipment tracking, automations, integrations, and more. Learn more about monday.com
monday.com Work OS offers cloud based inventory management, enabling you to manage and optimize inventory effortlessly. The no-code features are highly customizable, including inventory tracking, shipment tracking, and integrations with existing tools such as CRM and Excel. Automations eliminate tedious tasks, and decrease the risk of error throughout your inventory flow. monday.com Work OS empowers teams to create solutions that fit their way of working. Learn more about monday.com

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Inventory management software to regulate stock levels, control assets and inventory, and manage consumables in and out of the company. Learn more about EZOfficeInventory
Our leading asset tracking software enables you to manage inventory and assets across your company. Track vendors, move inventory across locations, and customize low stock threshold alerts for optimized inventory management. Scan Barcodes, QR Codes and RFID tags to perform mass actions and use our mobile apps to manage operations on the go! Our procurement module allows quick inventory replenishment through POs which automatically update your product catalog. Try it for free! Learn more about EZOfficeInventory

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Helps users wisely manage their warehouses, and maximize their inventory efficiency, by reducing stock levels and avoiding stock-outs. Learn more about Odoo
Odoo Inventory is expertly designed to help companies improve their internal operations, specifically by providing them with the most efficient stocking methods imaginable. Users can wisely manage their warehouse, and maximize their inventory, by reducing stock levels and avoiding unnecessary stock-outs. With Odoo¿s innovative double-entry system, inventory has no stock input, output, or transformation - all operations are simply stock moves between locations. Learn more about Odoo

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Cloud-based rental management software to boost your rental business by tracking orders, inventory levels and location to minimize cost Learn more about EZRentOut
EZRentOut's cloud-based inventory management software enables you to track rental items with ease. It helps you maximize your ROI, and enhance efficiency and productivity. Save time with our mobile application. Carry out faster barcode and QR Code scans for seamless order creation. Keep tabs on your entire rental fleet across multiple locations. Our integration with QB and Xero fulfill all your bookkeeping needs. Learn more about EZRentOut

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Netstock’s Predictive Planning Suite™ enables businesses to reduce excess, minimize stock-outs, and place orders quicker. Learn more about Netstock
Netstock's Predictive Planning Suite™ seamlessly integrates into leading ERPs, empowering businesses to optimize inventory. Utilizing powerful intelligence in ERP data, Netstock increases inventory visibility, enabling you to place quicker orders, minimize stock-outs, reduce excess inventory, and optimize capacity planning in your supply chain. With Netstock, you always have the right stock in the right quantity at the right time *Netstock is not a WMS or inventory control solutions Learn more about Netstock

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Cegid Retail Inventory Tracking provides accurate, actionable data that helps you get the right inventory to your stores. Learn more about Cegid Retail
A single, real-time view of inventory is the lifeblood for retailers. Keep your customers coming back to your stores with Cegid Retail Inventory Tracking. The solution provides accurate, actionable data that helps you get the right inventory in your stores and to your customers - directly impacting your bottom line and the customer experience. Features include: stocktaking, receipt of goods, inter-store transfers, suppler returns and item/price look-up. Learn more about Cegid Retail

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Convert more customers and grow your brand faster with Commerce Cloud, the worlds leading eCommerce platform. Learn more about Salesforce Commerce Cloud
Convert more customers and grow your brand with Salesforce Commerce Cloud, the world's leading eCommerce platform. Convert more shoppers with seamless B2C ecommerce transactions. Try for free today and give your customers the same easy, consumer-like shopping experiences they enjoy in their personal life anytime, anywhere, on any device. Learn more about Salesforce Commerce Cloud

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A Cloud Based Forecasting Solution for Inventory Optimization Learn more about SAFIO Solutions
As a demand planning platform to optimize sales and inventory, SAFIO Solutions connects and gathers all vital data into one comprehensive location putting actionable insights at your fingertips. Customized visualization dashboards & reports are included for quick insights to the overall business or a deep-dive in the details. Gain the confidence to forecast simply, efficiently & accurately. Learn more about SAFIO Solutions

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PackageX Inventory is a cloud-based inventory management software that helps match inbound shipments with ordered lists and more. Learn more about PackageX Inventory
PackageX Inventory is an all-in-one inventory management system designed to streamline inventory operations for warehouses, manufacturing sites, and eCommerce businesses. It combines shipping, fulfillment, and inventory software to simplify four-wall logistics workflows and increase productivity, efficiency, and visibility. You can remove the hassle of manual inventory receiving, manifest matching, fulfillment execution, and dispatch planning by using PackageX Inventory. Learn more about PackageX Inventory

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The leading accounting software for small businesses. Instant access to customer, vendor and employee information.
QuickBooks Enterprise (Save Up to 40%) is an end-to-end accounting software that can grow with your business. It provides all the tools your business needs, yet is easy to use. You can organize your books, manage inventory, track sales, and even run payroll, but at the fraction of the cost. With QuickBooks Enterprise, you save thousands of dollars a year vs. comparable solutions. Powerful and flexible, it also comes in editions designed to fit your specific needs. Take a free test drive today. Learn more about QuickBooks Desktop Enterprise

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Manage your stock with Xero's simple inventory management software. Stay on top of the numbers and keep track of stock in real time.
Easily keep tabs on your stock quantity and value with Xero inventory management tools. Know your best-selling and most profitable product lines and see how much profit you¿re making. Use this information to make the right decisions about what to order and how to price it. At the same time, save time with bulk imports. It's simple to get inventory in Xero up and running by quickly importing large numbers of inventory items from a spreadsheet. We provide a simple CSV template for you to use. Learn more about Xero

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Accept card and contactless payments in person with our selection of chip, tap, and swipe readers and accessories.
PayPal Commerce Platform helps make it easy for your customers to pay any way they want from almost anywhere. Let them pay now, pay later, or offer subscriptions or global and local payment options. It's the kind of flexibility customers demandthe kind that drives loyalty and lets you grow with the market. Learn more about PayPal Zettle

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Inventory tracking platform that is cloud-based with mobile apps (IOS/Android). Unlimited Users. Get a free guided demo today!
Asset Panda is a powerful Cloud/Mobile App inventory tracking platform. We help people track, manage and support their inventory throughout their life cycle. Our software is configured to the way our clients work, secure and leverages the mobile devices your employees already carry. Get a free guided demo today! Learn more about Asset Panda

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UpKeep is rated the #1 mobile-first Inventory Management Software to streamline work orders, facility, and asset management.
UpKeep's Inventory Management Software is rated the #1 mobile-first maintenance and asset management solution for your team. From your desktop to your phone and even your tablet, UpKeep is easily accessible from anywhere at any time. Create work orders on-the-go, get notifications when tasks are updated, and receive alerts straight from your app when assets go down making your business run more efficiently than ever before. Learn more about UpKeep

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This cloud-based POS centralizes inventory management, employee management, sales reporting & accounting across locations and channels.
This POS platform makes retail easier for everyone. Whether you’re just getting started or building your empire, Lightspeed’s got you covered. Simplify inventory management with a sophistacted product catalog that unites all your locations from a single dashboard. - Manage Inventory faster - Get Lightspeed's Hardware - Create exceptional customer experiences - Keep an eye on performance in over 40 built-in reports - Lightspeed Payments Learn more about Lightspeed Retail

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ShipStation Inventory Management Solution helps keep track of inventory more efficiently directly within the app or on a mobile device.
ShipStation Inventory Management is perfect for merchants providing the ability to set inventory alerts, allocate stock, deallocate stock, view stock levels, and pick up and pack faster. ShipStation Inventory Management solution comes with informative inventory-specific reports. With inventory reporting, you can gain real-time insights into the amount of inventory you have on hand at a given time and better forecast when to order more or less inventory. Learn more about ShipStation

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Web-based open source eCommerce platform that helps in the creation of online store with themes, payment, shipping options & more.
Web-based open source eCommerce platform that helps in the creation of online store with themes, payment, shipping options & more. Learn more about WooCommerce

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QuickBooks is an end-to-end accounting software that can grow with your business.
QuickBooks Online Advanced (Save 50%) is a cloud-based, all-in-one, accounting and business hub solution, designed for growing, small to mid-sized businesses. Get performance reporting with highly customizable tracking tools, automated workflows, and real-time revenue and cash flow management dashboards. Seamlessly integrate best-in-class Premium Apps like Salesforce and HubSpot (CRM), Bill.com (accounts payable), DocuSign, LeanLaw & more to expand your capabilities as your business needs grow. Learn more about QuickBooks Online Advanced

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Fishbowl streamlines and automates the inventory management process to increase throughput, accuracy, efficiency, and profitability.
With Fishbowl Manufacturing and Inventory Management, you can automate your processes and reduce costs while maximizing profitability. Our solution includes advanced work orders, material requirements planning (MRP), bills of materials, barcode scanning and can be easily deployed on-premise and hosted in the cloud. Learn more about Fishbowl

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The fastest, easiest, and highest value service management software to automate everything from first customer contact to getting paid.
mHelpDesk is the easiest and most powerful inventory tracking solution for your business, helping you manage inventory across several locations for your field service business. No more showing up on a job site without the parts you need or making an extra trip to the warehouse for no reason. You¿ll know exactly what is where and when you¿re low on parts. We provide our customers with mobile and online tools that are unmatched in performance, reliability, and functionality. Learn more about mHelpDesk

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Jira Service Management is an ITSM software that unlocks high-velocity teams to deliver great service experiences fast and together.
Jira Service Management is an ITSM solution that unlocks high-velocity IT, dev, operations, and business teams. Empowered teams can deliver great service experiences, without the complexity of traditional ITSM, and coordinate efforts for even more impact through Jira’s open collaborative platform. Streamlined workflows, automation rules, queues, SLAs, and a self-service portal all empower IT, dev, operations, and business teams to deliver exceptional service management at scale with no silos. Learn more about JIRA Service Management

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Adobe powers billions in B2B ecommerce with a platform that boosts operational efficiency, customer satisfaction, and revenue growth
Adobe Commerce unlocks the power of data to create hyper-personalized commerce experiences out-of-the-box that drive deeper customer engagement and higher sales for global B2B and B2C enterprises. With a feature-rich, cloud-native platform that is also highly composable, Adobe Commerce can be easily customized to fit your business and reduce your time to market. Support for multiple sites, markets, business models, and storefront solutions ensure you have the agility to win in today's market. Learn more about Adobe Commerce

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QuickBooks Commerce enables you to manage inventory and orders for your multichannel business and keep track of products.
QuickBooks Commerce enables you to manage inventory and orders for your multichannel business and keep track of your products as you sell and restock across multiple warehouse locations and channels. QuickBooks Commerce allows brands to automate and integrate their commerce platforms and get powerful insights into all their sales data on-demand. Learn more about QuickBooks eCommerce

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Cin7 is a highly configurable inventory management, and order management solution with best-in-class built-in EDI and 700 integrations.
Cin7 is a highly configurable inventory management and order management solution with built-in EDI and integrations to all the popular eCommerce platforms, marketplaces, and 3PLs. It's best-in-class for all combinations of B2B and D2C sales channels, warehouses, shipping, and fulfillment. Cin7 provides exceptional automations, workflows, reports, and analysis to enable brands, retailers, and wholesalers to operate efficiently as they scale and efficiently match demand to supply. Learn more about Cin7 Omni

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Online ITSM Service Desk with Incident, Problem, Change, Release & Asset Management, in addition to powerful ticketing & automation
Freshservice is an intelligent, right-sized ITSM solution that delivers exceptional employee experiences with an intuitive, scalable, no-code solution. With its state-of-the-art AI and ML capabilities, Freshservice helps organizations ease an IT agents workload and improve their productivity by automating mundane tasks. In addition to its AI capabilities, Freshservice is flexible and scalable enough to be used by both: companies relying on legacy systems and modern enterprises. Learn more about Freshservice

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All-in-one inventory software for small and medium-sized rental businesses.
Booqable is the all-in-one inventory software for small and medium-sized rental businesses. With Booqable, your inventory is organized in one place that keeps track of stock levels and availability. Whether your customers book online, in-person, or by phone, never have shortages or double bookings again thanks to real-time tracking and reporting. Key features include multi-location, barcodes, equipment check-in/out, a mobile app, and more. Learn more about Booqable

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Sell more, worry less. Simplify your selling with Square for Retail. Try it free for 30 days.
Square for Retail is a platform of software, hardware, and payments for retail businesses. It's built for your storefront and back office. Its built for boosting sales and cutting costs. Its built for making the complicated stuff simple. Ring up a sale in seconds by scanning a bar code or searching with a keyword. Attach a customer or card on file to the sale for a seamless and fast checkout. Add inventory from your point of sale and instantly create customer profile Learn more about Square for Retail

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ERP inventory management features at flexible and affordable prices for SMBs. Multichannel sale and manufacturing features available.
DEAR integrates accounting and inventory management for your small to medium business. Track stock levels and stock on hand value for raw materials, components, finished goods, and more. Globally track stock levels taking into account orders from multiple channels, including eCommerce channels. Powerful manufacturing and component traceability features automatically sync your stock movements and your accounts free of discrepancies. Get ERP inventory management at affordable SMB prices. Learn more about Cin7 Core

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Sage Intacct inventory management system helps you improve cash flow and reduce risk.
Sage Intacct's real-time inventory management software features comprehensive reporting so you can see across locations, products, and inventory status. With access to real-time balances and availability, the Sage Intacct web-based inventory management system allows you better manage inventory across multiple locations and product lines. Make smarter decisions that optimize inventory levels, set efficient reorder points and quantities, and use working capital more efficiently with Sage Intacct. Learn more about Sage Intacct

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Simple web based technology gives consignment, resale and antique malls the freedom and resources needed to thrive in today's market.
Manage your consignment, thrift, buy outright shop or antique mall from anywhere with our detailed web based resale software. SimpleConsign provides unlimited POS, plus complete customer, consignor and inventory management. All updates, tech support, training and data transfer is offered free. We're perfect for stores with multiple locations offering Quickbooks integration, robust reporting, real-time consignor/dealer access and more. Our reviews from consignment shop owners say it all...simple. Learn more about SimpleConsign

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Save time and eliminate waste with smart stock control
Spend less time taking stock, and more time managing your restaurant. With Epos Now, it only takes a few minutes to get a handle on your inventory. Track inventory right down to ingredient level Automate purchase orders and use low stock warnings so you never run out of what you need Protect your bottom line with accurate stock control Minimise cash flow tied up in stock Manage inventory and track stock levels between multiple locations Learn more about Epos Now

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Revel Systems is a cloud-based iPad point of sale (POS) solution that is quick, intuitive and secure.
Revel Systems is a robust, cloud-based iPad point of sale (POS) solution that powers the ambitions of restaurants and retailers. A scalable solution, Revel can meet the needs of independent businesses with multiple terminals and 2+ locations, small, midsize, and large chains. Quick, intuitive, and secure, the Revel POS offers extensive in-house features and can integrate seamlessly with partners specializing in payroll, inventory tracking, customer relationship management, and other features. Learn more about Revel Systems

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Discover SAP S/4HANA Cloud, a complete ERP system with embedded AI and machine learning.
SAP S/4HANA Cloud is a complete enterprise resource planning (ERP) system with built-in intelligent technologies, including AI, machine learning, and advanced analytics. It helps companies adopt new business models, manage business change at speed, orchestrate internal and external resources, and use the predictive power of AI. Benefit from tight, native integration between processes, industry depth, and a consistent in-memory data model. Learn more about SAP S/4HANA Cloud

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ERPAG is an ERP cloud service that covers all business processes for small or mid-sized companies.
ERPAG is an ERP cloud service that covers all business processes for small or mid-sized companies. Inventory and order management in real time. FEATURES: Reordering.Order fulfillment.Cloud label printing.Inventory tracking (Barcode, Serial, Lot).Multiple UOMs. Multiple warehouses.Multiple currencies.Multi-language interface.Composite products(BOMs, Kitting, Variable items). User level management.Integrated invoicing and purchasing module.Supports manufacturing. Learn more about ERPAG

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Reduce storage costs through efficient shopping management. Sage 100 is an ERP platform for growing and medium-sized companies.
With the inventory of Sage 100, the next inventory is very easy for you. Reduce storage costs through efficient shopping management. Sage 100 is an ERP platform for growing and medium-sized companies. Sage 100 is the ERP solution for medium-sized companies that want to design their business processes individually. Sage 100 offers you integrated applications for every company area, which you can easily put together individually. Learn more about Sage 100

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Easy-to-Use Inventory Tracking Software: InventoryCloud maximizes profitability, improves efficiency and scales your growing business.
InventoryCloud maximizes profitability, improves efficiency and scales your growing business. Enjoy quick and accurate physical inventory cycle counts, eliminate stock-outs and write-offs, and maintain full inventory control from the loading dock to the warehouse. Inventory reports allow you to compile and analyze essential data, including transactions by site or warehouse, itemized inventory levels by SKU, or individual customer purchase order history. Learn more about InventoryCloud

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Simple-to-use, mobile-first maintenance software. Reduces downtime by 37%, increases productivity by 41%, and more.
Limble CMMS is a simple to use, mobile-first software solution that helps you manage maintenance work, automate work scheduling, monitor work history, generate reports, and organize assets. Our average customer reduces downtime by 37%, increases productivity by 41%, reduces part spend by 29%, and increases asset life by 23%. Limble is trusted by companies around the world including McDonald’s, Rite Aid, etc. Request a demo and we will show you how Limble can help solve your unique needs. Learn more about Limble CMMS

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Quickbase is a no-code platform that enables organizations to gain insights into their inventory management processes.
Quickbase empowers enterprise organizations to quickly turn ideas into applications that make them more efficient, informed, and productive. Streamline complex, inventory management processes, gain new levels of transparency, and rapidly adapt to change. Gain real-time visibility and automation across complex processes and siloed systems to help increase agility. Learn more about Quickbase

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Increase control over your small or midsize business with SAP Business one - a software designed to grow with you.
SAP Business One is designed for all your small and midsize company's needs. The application offers an affordable way to manage your entire business from accounting and financials, purchasing, inventory, sales and customer relationships, and project management, to operations and HR. SAP Business One helps you to streamline processes and gain a greater insight into your business to help drive profitable growth. Let us calculate the cost for your business today! Learn more about SAP Business One

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Sortly helps businesses track inventory, materials, parts, tools, and equipment—from any device, in any location.
Sortly helps businesses track inventory, materials, parts, tools, and equipment—from any device, in any location. Organize, customize, track, update, and manage your inventory in one easy app. Key Features: - Use from any device, any location - Mobile barcode & QR scanning - Barcode label generation - Low stock alerts & reports - Custom folders, fields & tags - Activity reports - Customizable user access - Offline access Learn more about Sortly

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Achieve real-time inventory visibility across multiple channels with robust and scalable software for SMEs, retailers & wholesalers.
Orderhive is a multi-channel inventory management software to track inventory levels at all times, in real-time. It offers fastest inventory sync time across sales channels for every time you receive or ship an order. Manage different storefronts & marketplaces like Amazon, eBay, Shopify etc from a centralized platform, having integrations with leading accounting & payment software & shipping providers. Never worry about over-stocking or under-stocking anymore! Learn more about Orderhive

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Inventory Management Software Buyers Guide

What is inventory management software?

Inventory management software monitors inventory, helping organizations streamline inventory creation and organize order fulfillment operations. These systems help businesses optimize their inventories and improve supply chain efficiency. Advanced inventory management systems provide real-time inventory control and auditing functionalities.

The benefits of inventory management software

Manual inventory management programs, whatever your method, is inefficient and time consuming. These methods cannot handle complex tasks such as inventory auditing, inventory control, and real-time inventory tracking. Inefficient inventory management harms your business; excess inventory increases your total cost of warehousing, while inadequate stock leads to lost sales and negative customer experience.

Inventory management is a key factor that influences whether you make a sale or lose to a competitor, and inventory management software helps your business avoid such damage while overcoming related challenges. 

Specific benefits include:

  • Enhanced inventory tracking
  • Lower incidents of inventory theft
  • Improved supply chain visibility for your suppliers
  • Improved financial performance
  • Accurate accounting and financial reporting

Typical features of inventory management software

  • Inventory auditing:   Run periodic reviews of inventory records and alert management of any discrepancies or process lapses.
  • Inventory control: Optimize inventory levels and reduce instances of overstocking and understocking. 
  • Product categorization:   Monitor inventory based on product attributes such as weight, height, lot, batch, date, and serial number.
  • Purchase order management: Create, review, and modify paperless purchase orders from suppliers. 
  • Reporting/analytics:   Summarize and analyze inventory performance. Some advanced platforms offer real-time data capturing and data visualization tools.
  • Search/filter:   Search products based on features such as location, product type, serial number, and size.

Considerations when purchasing inventory management software

  • Integration with accounting software: Inventory management systems work closely with accounting platforms. Inventory control and inventory auditing are important functions fueled by accounting solution integration. When buying inventory software, ask the vendor about third-party integrations and look for a solution that integrates with your current—or preferred—accounting software.
  • Total cost of ownership: Different inventory management programs offer varied pricing models that make direct comparison a bit tough. Certain vendors may charge for product support, data storage, training, implementation, upgrades, and more. Before purchasing a solution, contact the vendor and calculate the total cost of ownership based on your business’ needs.
  • Vendors add advanced data analytics for better inventory control: Data analytics technologies have grown by leaps and bounds in recent years. In response, inventory management systems vendors are including advanced data analytics modules in their products to offer data visualization , real-time data access , and multiple data connectors . Data analytics helps managers take corrective action in the event of performance deviation.
  • Internet of things will get real: In the coming years, you’ll get something more from the internet of things (IoT) than just the hype you’ve seen so far. In fact, according to a Capterra’s technology trends report , 73% of small businesses are planning to use IoT within the next two years. The IoT is becoming a reality with the launch of products such as BlackBerry Radar —which has advanced tracking and sensor capabilities—and Smart trash receptacles , which share volume status (denoting how “full” the receptacles are) via Wi-Fi to optimize trash collectors routes.