5 Best Inventory Tracking Programs: Features, Types, Costs, And Benefits

2. Zoho Inventory

Zoho Inventory is a popular choice of software to track inventory and sales.

Pros:

Strong eCommerce integrations

Automated order processing

Comprehensive reporting capabilities

Cons:

Limited features in lower-tier plans.

Some users report a steep learning curve.

Price: Starts at $39/month for basic features.

3. TradeGecko (QuickBooks Commerce)

Ideal for small to medium-sized businesses, TradeGecko offers inventory management with an emphasis on automation.

Key Features:

Multi-channel inventory synchronization.

Built-in B2B eCommerce platform.

Automatic reordering.

Pros:

Great for wholesalers and retailers.

User-friendly interface.

Comprehensive automation features.

Cons:

Lacks advanced customization options.

Limited analytics compared to competitors.

Price: $49 / month for basic plan, $117.50 per month for advanced plan.

4. Fishbowl Inventory

Fishbowl Inventory caters to manufacturing and warehousing businesses looking for tailored solutions.

Key Features:

Barcode scanning and tracking.

Manufacturing tools for job costing.

Advanced reporting features.

Pros:

Ideal for manufacturers.

Integrates well with QuickBooks.

Supports multi-location tracking.

Cons:

Expensive for small businesses.

Dated interface compared to competitors.

Price: Price on request.

5. NetSuite Inventory Management

Oracle’s NetSuite is a robust solution for large enterprises needing comprehensive inventory tracking and automation.

Key Features:

Demand planning and forecasting.

Serialized inventory tracking.

Built-in analytics and reporting.

Pros:

Enterprise-grade features.

Advanced scalability.

Customizable modules for business needs.

Cons:

Expensive for small businesses.

Requires technical expertise for implementation.

Price: Price on request.

How To Choose The Best Inventory Tracking Software?

Selecting the right software requires aligning features with your business goals. Here are key factors to consider:

Scalability: Choose software that can grow with your business.

Ease of Use: A user-friendly interface ensures smooth adoption.

Integration Capabilities: Check compatibility with your existing systems.

Cost: Balance your budget with the features offered

Support & Training: Look for platforms offering strong customer support and training resources.

Benefits of Inventory Tracking System Software

Investing in inventory tracking software can revolutionize your business operations. Here’s how:

Time-Saving: Automate tedious tasks like stock updates and order processing.

Error Reduction: Minimize human errors with accurate tracking and alerts.

Enhanced Reporting: Gain insights into sales trends, stock movement, and performance.

Better Customer Service: Avoid stockouts and ensure timely deliveries.

Industry-Specific Advantages:

      Retailers: Real-time updates for multi-location stores.

      Manufacturers: Improved job costing and production tracking.

      eCommerce Businesses: Streamlined multi-channel management.

What Are The Features Of Inventory Tracking Software

When evaluating inventory tracking software, it's important to understand the essential features that can enhance your inventory management processes. Here are some critical functionalities:

1. Alert Management

No business would want a customer to go away because their product was out of stock. An inventory tracking software must send alert notifications on order status changes to stay informed and manage expectations.

2. Real-Time Order Tracking

This is perhaps the most important feature. Having a track of stock levels at all times can help:

Prevent understocking of inventory

Avoid situations with too much inventory (dead stock)

Make quick decisions regarding material procurement, sales etc.

Track stock movement across multiple locations easily.

Eliminate mistakes from manual inventory updates.

Streamline operations and save time with automated updates.

3. Inventory Forecasting

This feature uses past sales data to predict future stock requirements. It helps you avoid over-ordering or under-ordering products, saving money and ensuring you always have what customers need.

4. Barcode and RFID Support

Barcode scanning or RFID technology makes tracking products fast and accurate. It reduces manual work and minimizes mistakes during stock updates, shipping, or receiving goods.

5. Multichannel Integration

If you sell products on multiple platforms, this feature ensures stock levels are synced across all channels. It avoids overselling and keeps your inventory organized, no matter where customers shop.

6. Data Analytics and Reporting

Good software provides detailed reports about stock movement, best-selling items, and inventory turnover. These insights help you understand what’s working and make smarter decisions.

7. System Integration

The software should connect easily with tools like accounting systems or ERP automation platforms. This simplifies workflows like billing and purchase orders while reducing errors from manual data entry.

8. Mobile Accessibility

With a mobile app, you can manage inventory from anywhere. It’s especially useful for teams working on the go, improving efficiency and flexibility.

9. Batch and Serial Tracking

For industries like food or electronics, batch or serial tracking is essential. It ensures you can trace products back to their source and meet regulatory requirements easily.

How Does Software To Track Inventory Differ From Manual Methods?

Unlike manual inventory tracking methods, which are prone to errors, inventory tracking software offers:

Automation: Reduces the manual effort involved in tracking stock levels, minimizing human error.

Real-Time Updates: Immediate inventory adjustments make data accurate and actionable.

Comprehensive Reporting: Automated reports give insights into sales trends, helping businesses make informed decisions

What Are The Best Strategies To Avoid Stockouts?

Setting Reordering Points

A reorder point is the inventory level at which you need to order more stock. To avoid situations of under stocking businesses can determine a reorder level for each product based on sales velocity.

Demand Forecasting

Understanding how much of a product you'll sell in the future helps you keep the right amount in stock. So, the best techniques for demand forecasting would be

Using historical data -Look at sales data from previous months to spot trends. For example, if you notice sales go up during holiday seasons, prepare for that in advance.

Use Seasonal Patterns - Adjust your inventory based on known seasonal demand. Raincoats sell more in rainy season months i.e July to September. So, maintain the inventory accordingly.

Consider Market Trends - Always keep your competitors close. Pay attention to what they are doing and any new trends in your industry.

Collaborating with Suppliers

Having good communication with your suppliers ensures you receive stock when you need it. That's the reason why firms pay any amount for goodwill and reputation.

Maintaining Safety Stock Levels

Having safety stock means keeping additional inventory on hand to guard against unexpected demand spikes and supply delays.

Conclusion

Conclusion Choosing the best software for keeping track of inventory depends on your unique business needs. Whether you’re a retailer, manufacturer, or eCommerce entrepreneur, tools like Ekklavya Solutions’ eAIMS stand out with their customizability and robust features.

Ready to streamline your inventory management? Explore eAIMS and see how it transforms your operations. Visit Ekklavya Solutions today!