Monitoring your inventory is one of the most challenging parts of running a business. New inventory management software has made the process much easier. However, since there are so many inventory management applications on the market, choosing the right one can be difficult. Here is a brief review of some of the best inventory management solutions I have come across.
#1. SysAid IT Asset Management (ITAM)
SysAid IT Asset Management (ITAM) is a unique inventory management platform for software vendors. Few inventory management solutions are equipped to deal with the nuances of managing software applications, so this program fills a major void in the market. Here are some of the core features:
- You can remotely manage inventory.
- You can automatically export data to your configuration management database (CMDB).
- You can track inventory in real-time and get real-time alerts on changes.
- You can quickly pull data on all assets in your CMDB.
- You can deploy patches to multiple devices in your network.
ITAM offers flexible plans, so pricing varies depending on the features you request. The starter package costs $1,211 a year, which allows you to manage up to 500 virtual assets and gives up to 5 people access to your software. This is cheaper than many other top-tier asset management applications, such as Cin7, which lack the ability to track virtual assets.
PC Magazine’s Lanette Creamer states that it is one of the best solutions for IT asset management. “Great asset visualization and network detection. Agents available for download. Manages mobile devices. Includes help desk, Lightweight Directory Access Protocol (LDAP) integration, and an HTML5 mobile browser client.”
#2. Inventory Tracker
Inventory Tracker is an inventory management software for iPad users. You can use the program for free on a single device. If you want to use Inventory Tracker on multiple devices, you will need to pay $2.99 a month.
Here are some of the things you can do with Inventory Tracker:
- Import and export data to Excel spreadsheets
- Automatically export inventory data to Dropbox after the app is closed
- Use filters to create inventory reports
- View quick summaries of the amount of inventory you currently have on hand
If you own an iPad and want a simple, low-cost inventory management tracker, this is one of the best.
Cin7 is a cloud-integrated inventory management software. It is primarily used by small and mid-sized retailers and wholesalers. Here are some of the reasons people use it:
- You can integrate it with ecommerce platforms
- It offers point-of-sale solutions
- It can be used both on the cloud and on-site
- They offer third-party logistics
Cin7 offers very responsive customer service, which is unusual for inventory management software providers.
This is by far one of the most comprehensive inventory management platforms I have ever seen. However, it has a major drawback for smaller companies – its steep price. The starter package is $249 a month. The business package is $349 and the professional version is $799.
If you can afford that, it should be at the top of your list. However, brands with smaller budgets should look at other alternatives.
TradeGecko is an original inventory management solution with many features most of its competitors lack. Sam Drew of Austin Footwear Labs states that it is a tremendous time-saver. “Using TradeGecko has saved us around 60% to 70% of our day, time we used to spend wrestling with spreadsheets.”
One of the main benefits of TradeGecko over other inventory management applications is that it can track different currencies and taxes. It is a great solution for ecommerce providers that operate in multiple geographies.
You can sync TradeGecko with a number of third-party ecommerce platforms, including:
- Intuit QuickBooks
Data can easily be exported and extracted from these cloud-based applications in real-time.
TradeGecko costs between $79 and $359 a month, billed annually. You can also purchase a custom solution if the existing options don’t suit your needs.
#5. jumpStock Inventory Management
jumpStock is an inventory management solution that allows you to track orders through mobile devices. This is a feature that most other asset management applications still surprisingly lack.
jumpStock is primarily used in the healthcare industry. According to their sales page, hospitals that use it are decreasing their inventory needs by an average of 20%. Some healthcare providers have used jumpStock to reduce inventory by up to 60%.
Since jumpStock is so simple to use, companies can easily have a 100% compliant inventory management system as soon as they set it up.
#6. SOS Inventory
SOS Inventory is part of the Intuit App Center and it is a great application for people using Intuit QuickBooks. You can easily use it to integrate with QuickBooks. Christina DesMarais of Inc. states that it is a robust tool with plenty of great features.
“SOS Inventory offers serious inventory, order management, and manufacturing features and is designed specifically to integrate with QuickBooks Online, which on its own doesn’t include sales orders. SOS Inventory lets you create sales orders, shipments, and invoices. It also lets you manage inventory in multiple locations, track items by serial number and cost history, track multiple stages of work-in-progress, and create pick tickets and packing slips.”
You will still need to pay a monthly fee to use SOS Inventory, which begins at $25 a month. If you want the most powerful version of the application, you will need to spend $200 a month. It is much more affordable than Cin7, but still more expensive than many other applications.
Inventory Management is Crucial for Any Retailer
Whether you operate an ecommerce platform or a brick-and-mortar business, managing inventory is essential. You need to track inventory to:
- Identify shrinkage
- Track taxes properly and write off lost or damaged inventory as expenses
- Avoid ordering too much inventory
- Avoid having insufficient inventory on hand
- Identify the best-selling inventory in your product lines
There are a number of great inventory management solutions on the market. You need to choose one that fits your business needs and matches your budget.