Inventory Management Software Examples: Types & Softwares

Key Takeaways:

• Inventory management software (IMS) is an application that assists in tracking supply chain management.
• Various types of IMS systems include barcode tracking, perpetual inventory analysis, and radio frequency identification.
• Inventory management software is essential for enhancing workflow efficiency and resource management.
• Among the inventory management systems available, Timly offers real-time access, facilitating optimal asset management.

In This Article:

An inventory management software is designed to serve as a pivotal tool to assist large and even small businesses in having an inventory checklist of their products, the orders that have been placed and gone out, sales targets and achievements that have been accomplished for the week, month, and year, and even identifying supply chain needs. It also assists in managing a company’s financial transactions with its planning and budgeting needs. In one word, an inventory management system is essential to optimizing operations:

• Item Availability: With Timly, you will be able to know and track the number of products left, the location of your product, and when each item needs to be restocked. This would allow for more secure and accessible asset management.
• Documentation and Reporting: By using an inventory management software like Timly’s, not only would you be able to generate accurate documentation, but you would also be able to report how many items are available, which stocks are highly in demand and profitable, and you would also be able to analyze and forecast the management of stock inventory.
• Workflow Management: Checking stocks manually is a thing of the past. You would also be able to identify which items need more focus, where more manpower is needed, for example, at the warehouse, and which sections would require less focus.

Selecting the best inventory management software is imperative for your organization. Additionally, you’ll need to understand how to manage IT asset inventory and choose the appropriate inventory software to ensure it’s tailored to your needs, such as Timly.

Real-World Applications:

To grasp the magnitude of an inventory management system, you will need to understand how this state-of-the-art software benefits businesses of all sizes. This will help you realize that this software is scalable, user-friendly, and customizable.

Logistics

When it comes to logistics management companies, they are at a huge advantage when they use inventory management software such as Timly. This sector can benefit greatly because it can monitor their inventory system and retrieve and identify stock that is available, pending, and out-of-stock.

Healthcare

The healthcare sector greatly benefits from using inventory management software such as Timly’s to manage products in real-time. For example, pharmaceutical companies can identify products that are in stock to be sent out to hospitals and stocks that need to be replenished in their inventory. By using IMS, companies can categorize products and analyse which garners the highest purchase.

E-commerce

When operating an e-commerce business, it is crucial to inform customers whether an item is available or not. Therefore, a comprehensive system, such as inventory management, must identify and track availability and manageability.

How Do You Compare Inventory Management Software Solutions?

When comparing inventory management software solutions, you will need to consider various factors, such as interface, cost, and customization. These are important aspects that would suit your business needs and requirements.

• Interface: You will need to consider if the inventory software interface is intuitive and easy to use, like Timly. The right inventory software will increase efficiency and help reduce time constraints when teaching users how to use the application.
• Cost: This is the most important factor when selecting inventory management software. It’s not about whether the product is expensive or cheap, but rather the features it provides. Therefore, take into consideration if there are hidden charges, subscription fees, or upfront payments when using features or requesting customization of features for the software.
• Customization: In every scalable business, there comes a point when customization of inventory management software becomes necessary. The key is to ensure that the application can integrate or enhance workflows, add extra fields, and customize reports for different stakeholders and clients.

Therefore, by carefully considering the above factors, such as interface, cost, and customization, you will ensure that the inventory management system in place caters to your business needs while also factoring in future growth.

What Types of Inventory Management Softwares Are There?

Barcode Tracking

Barcode tracking is an intuitive and smart system that scans products and then reads and analyzes them. This type is beneficial because once the product is scanned, it is then audited and thus analyzed, and a report is provided.

Radio Frequency Identification (RFID)

Radio Frequency Identification (RFID) uses wireless technology to manage devices by providing a specific number to each item. This is widely used in warehouses as it manages incoming and outgoing products by scanning them.

Always Better Control (ABC) Analysis

Choosing the right automated inventory management software is crucial in industries such as manufacturing, warehouse, and retail management. Each piece of software comes with its own unique capabilities and features. Here are some examples of inventory management software for you to consider:

Manufacturing Inventory Management

When working with materials in a manufacturing company, you will require inventory management. This is because you need to know what work is being done and the raw materials required to deliver or produce goods.

Warehouse Inventory Management

The most crucial aspect of a warehouse is identifying the location of goods. Inventory management software like Timly offers a multi-location support feature, making the task of finding goods efficient.

Retail Inventory Management

In the retail industry, it is important to ensure that products are not out of stock. The automated recording feature ensures that there are no excess products and that inventory is always up-to-date.

By reading through this article, you can gather that an inventory management software provides visibility on the stock’s availability and amount, right up to managing the entire supply chain. However, what distinguishes an inventory management software system from a non-digital system is its ability to locate and distribute products. Moreover, an inventory management system has the added advantage of providing search functions, system integration, and being cloud-based, thus providing data security.

There is a stark difference when we compare an Inventory Management System to a non-digital one:

• Storage Capabilities: Inventory management software is cloud-based, allowing it to use a single platform to identify assets from any part of the world. In contrast, manual systems are prone to inaccuracy and human error.
• Search Function: Using the search function on an inventory system makes it easy to locate products with keywords or tags. If done manually, it would take an inordinate amount of time.
• Security Control: Inventory management systems provide security with login details and secure encryption, while manual systems require limited access and safety mechanisms.
• Ease of Integration: Integration is the focus when using an inventory management system, making it easy to integrate with other management systems. However, this is unlikely with a manual system.

Examples of a Manual Inventory Management System

Companies are prevalent when it comes to implementing inventory management systems. Nevertheless, certain businesses continue to rely on manual systems, despite their lack of scalability and efficiency. Here are some examples of a manual inventory management system:

• Maintenance logs
• Manual filing systems
• Manual inventory logs

SAP is an inventory management system that mainly focuses on physical assets and not digital asset management, making it feasible for asset management. SAP focuses on product availability, movement of products in and out of the facility, and products that incur high costs, as well as production that is placed on hold due to a lack of materials.

Organizations need to ensure the transparency and accuracy of products within their inventory system. This entails understanding both the concept of why does asset management matter and the reasons for requiring an inventory management system.

Operational Efficiency

Inventory management software ensures that everything is in one place, which helps track down products in the inventory. Moreover, it uses algorithms to forecast and map inventory assets, thus optimizing inventory management and operational efficiency. It also manages orders and allows for tracking sales and purchase orders, which helps identify redundant products and processes and helps reduce expenses within the business.

Asset Security and Compliance

Inventory management software not only enhances operational efficiency but also ensures asset security and compliance. Robust security credentials are necessary to grant authorized personnel access to information about physical assets. By integrating additional technology like barcode scanning, assets can be managed and tracked with ease and efficiency. Furthermore, compliance becomes an added advantage, as each product is tagged and monitored, facilitating adherence to terms and conditions.