The Covid-19 pandemic has created many challenges for businesses worldwide and also at local levels. Still, companies are trying to find out solutions to overcome the new challenges they are facing. And one of the biggest problems they had encountered was related to Inventory management. As the people who were in charge of handling it were not present at the location physically. So the need for Inventory Management Software was of great importance in this period.
Why is Inventory Management needed?
If Inventory Management is not taken care of in an organization, it could result in a Large number of Stocks piled up, severely affecting the Cashflows. The Inventory Management process includes sorting Inventories which can solve the sorting of Production processes for Manufacturing concerns. Also, with these types of problems solved, businesses could focus on issues like sales and other significant things.
Read More - Inventory Management: Ultimate Guide for SMEs
What is Inventory Management Software?
Inventory Management Software is software that helps in managing, recording and tracking the Inventories for the businesses. It majorly helps in automation of the Inventory related processes like alerting about maintaining Optimum Stock levels.
Let's end your wait here it is 😃 😊 😍
List of Inventory Management Software suitable for SMEs-
Zoho Inventory software is a cloud-based Inventory Management software that is very well suited for E-commerce Operators and Small Business Retailers. The software provides its users with an integrated advanced inventory management software that provides an additional function apart from inventory management like helping E-commerce businesses with their sales on digital marketing platforms like Amazon, E-bay, Shopify, and Etsy.
- It helps to provide inventory management solutions with GST enabled features, which auto-populates the GST details in documents like purchase order, sales order, etc.
- Zoho assists in Accounting activities in the organization very much. But it is not very good in integrating the data of accounting and inventory systems with each other.
- It provides good customer support services to its users.
- Zoho is only beneficial to Small Retail businesses and E-commerce businesses, not the Manufacturing industry, as it does not provide proper linking data of business workflows. So it makes Tracking of Inventories on a Real-time basis difficult for Manufacturing concern as it's hard to detect inventories in which business process it is now.
Vyapar is a Billing and Accounting software and mobile app which also provides inventory management solutions to Small Traders and Retailers.
- It provides the consumer with a GST compliant feature that they can easily access from mobile and desktop. They can track their business on a real-time basis.They provide end to end solutions to their customers belonging to the Microbusiness sector.
- The software offers features like Barcode Integration, Vendor Management, Budgeting, Tax management, etc., in a very affordable pricing structure compared to its competitors in the same sector.
- The software highly suggested for Small Traders & Wholesalers but not for the SMEs and Manufacturing sectors or Large Enterprises.
TranZact is a cloud-based platform that offers an Inventory Management system for SMEs to digitize business processes right from customer inquiry to dispatch.
- It provides things like Document processing feature right from the document Request from Quotation (RFQ) to the preparation of Goods Received Note (GRN) and others.
- It helps in making this documentation process fully automated. And it helps in tracking inventories on a Real-Time basis very easily.
- TranZact's intelligent BI Dashboard makes its user's tasks easy to track everything going on in the business. Its informative and precise Real-time data makes the Decision-making process easy and effective.
- It helps in reducing the users' burden by Alerting them about Low Stock levels. Also, help in forecasting what quantity of product needs to get order to meet future demands.
- The software being cloud-based is very easy to access. Also, it is easy to use. And TranZact Customer support services are very active and helpful in solving any queries of its users in really less time.
- The organization offers their Digital Transformation Tool free of cost. They believe in the Freemium Policy and envisions digitalizing the Indian SMEs market.
- It is very well suited for SMEs and Manufacturing organization for their Inventory Management needs.
Tally Prime is an Enterprise Resource Planning Software that offers the features like Accounting, Payroll Management, Banking, Inventory Management and many other things.
- It offers services like providing Stock Summary, Godown Report, Stock Aging Report, Batch Summary, Re-order Level, and many other things which comes in Inventory Management.
- It is suitable for small and medium-scale traders and retailers mainly it helps in the area of Retail Inventory Management. So it is not suitable for SMEs and Manufacturing concerns.
- Also, Tally is one of the oldest ERP software present in the Indian market. But it is generally used for Accounting and Tax Management related area. And not a lot in the Inventory Management field.
- The features like BI Dashboards and Real-time data related to inventories are not present. And these are some things that are essential in Decision-making. It is a great deal in the Inventory management field.
Organizations should carefully examine the nature and their scope of business before choosing any software. Because if any wrong type of software gets chose up, it can have a devastating effect on the organization. They should take the Inventory Management software as per their need and not by copying others. As in inventory management also there are different types, and they should choose accordingly.