Stock management or inventory management is a critical part of any manufacturing business, and choosing the right one is vital for business success. The best stock management software will save you significant working capital and inventory costs by streamlining your stock processes from start to finish.
Every business has different stock needs and there are several factors to consider when choosing the right stock management software. This includes the size of your business, your inventory turnover, and the features you require as per the nature of your business.
Read Inventory vs. Stock: What’s the Difference & Why It Doesn’t Really Matter.
Best Stock Management Software
Traditional stock management is an inhibiting problem in every business, owing to endless manual tracking that is more prone to errors. By shifting to stock management software, small businesses can witness significant gains in productivity.
Here is a list of the best stock management software that can be used by businesses to optimize their inventory to its full capacity:
TranZact
TranZact is a cloud-based stock management software that helps businesses to keep track of their inventory and stock movements. It offers real-time stock updates, inventory management, order tracking solutions and more.
Features
- TranZact provides businesses with real-time information on their stock levels.
- The software helps businesses to track their inventory levels and stock movements to make informed purchase decisions.
- It also helps businesses to keep track of all their orders, demand and delivery timelines.
- By offering a complete inventory overview at one glance, TranZact identifies inventory problem areas for businesses before time, helping businesses to improve their bottom line.
Pros
- TranZact is very easy to use and implement. It comes with an intuitive interface that is simple to understand and collaborate with.
- It tracks goods and raw materials across multiple stores with ease.
- It automates purchase and re-ordering processes to save time on a daily basis.
- It also controls the wastage of key resources like stockroom space by optimizing stock movement and reducing the inventory holding period.
- TranZact offers affordable pricing for SMEs, along with excellent customer support to resolve inventory challenges of users.
- TranZact offers a free sign-up on all its base modules. Users can explore these base features for an unlimited time period and upgrade to advanced features only when they are ready.
Zoho Inventory
Zoho Inventory is a simple stock management software that enables businesses to streamline their inventory management process.
Features
- Zoho Inventory lets businesses track their inventory status in real-time.
- The software enables businesses to manage their orders from start to finish.
- It generates reports to provide businesses with insights into their inventory levels.
Pros:
- It's easy to use and navigate. The software is affordable for small businesses.
- It has robust reporting features.
Cons:
- It does not integrate with as many third-party applications as some of its competitors do.
- The software does not have a built-in accounting module.
- Customer support is limited.
ProfitBooks
ProfitBooks is a business stock management software that helps businesses to track inventory, manage stock orders and generate reports.
Features:
- It enables businesses to track stock movement in real time across multiple locations.
- It offers stock order management and supplier information tracking solutions.
- Businesses can generate reports on inventory details, stock requirements, and product details.
Pros:
- It's an affordable, cloud-based solution.
- It's fairly easy to use.
Cons:
- It does not offer all the features that an SME manufacturing business needs for day-to-day operations.
- It does not have a mobile app version.
- It does not offer a free trial.
eRetail Cybertech
eRetail Cybertech's pranaPOS inventory management is a cloud-based solution that helps businesses to manage and track inventory levels.
Features:
- It allows businesses to supervise inventory, stock locations, and order history.
- Enables real-time alerts for low stock levels and out-of-stock items.
- Provides reports on inventory, stock locations, and order history.
Pros:
- It's a cloud-based software and is easy to use and navigate.
- It provides real-time stock alerts.
Cons
- It does not offer a mobile app version.
- It has limited support options.
TYASuite Inventory Management
TYASuite Inventory Management is an inventory management software that allows users to oversee inventory, orders, and deliveries.
Features:
- Enables centralized storage of inventory data, making it easy to track and manage inventory operations.
- The software includes tools for managing orders, such as tracking order status and delivery schedules.
- It includes tools for managing deliveries, such as tracking delivery status and delivery routes.
Pros:
- Streamlines inventory management processes and improves inventory efficiency.
- Includes a variety of features for managing inventory levels, orders, and deliveries.
Cons:
- It may be complex to use for some users.
- It does not offer other modules required by manufacturing SMEs such as production planning and material requirements modules.
Read Inventory Management: TCS vs. TranZact Automation Benefits
What Is Stock Management Software?
Stock management software is an automated tool that tracks inventory movement for businesses, and manages orders, and other important data related to stock levels for a business. A stock management software can track end-to-end inventory processes across multiple locations, monitor stock trends over time, and generate reports on key inventory data.
It helps to manage sales and purchases, and resource planning by linking order management with inventory.
Inventory and stock management is at the heart of a manufacturing business. Therefore, an automated stock system plays a critical role in streamlining stock processes, ensuring inventory optimization, reducing unnecessary cost, and manual errors, and therefore, leading to business growth.
A stock management software for small businesses automates several inventory-related tasks, such as ordering and reordering stock, tracking stock movements and optimizing inventory holding period.
This empowers small businesses to gain greater control of their inventory for effective production cycles.
Read Best Stock Management software in 2024.
Benefits of Stock Management Software
In today's manufacturing business ecosystem, a stock management system is important to ensure that a company has the right amount of inventory for uninterrupted production processes.
In addition to this, there are ample benefits that can be realized by implementing a stock management system, we've listed them here for you:
Increased efficiency
Stock management software can help a business keep track of their inventory operations in real-time, meaning that they can always be aware of what products they have in stock and make purchase decisions accordingly.
The software can automate tasks such as reordering stock when it gets low or sending alerts to staff when stock on hand is below recommended levels. It also saves a lot of time and effort for businesses, as they can be confident that their stock usage is being managed efficiently.
Accurate inventory tracking
An important benefit of using stock management software is its ability to help businesses track their inventory levels accurately. By digitally updating inventory records based on sales and purchases, businesses can avoid stockouts and overstocks, and better forecast future inventory needs.
Improved customer service
By using stock management software, businesses can improve their customer service levels. This is possible because inventory teams are now more aware of what products they have in stock and, therefore, can fulfil customer orders in a timely manner.
Reduced costs
Stock management software can help businesses to reduce overhead inventory costs. It provides insights about current stock details, enabling purchase teams to make more informed ordering decisions. Thereby, they can avoid stock-outs, which can be costly.
Increased sales
Businesses are able to make better decisions about what products to maintain in stock by using customer data and demand predictions. This allows businesses to meet customer needs better and improve overall customer satisfaction, thereby leading to increased sales.
Features of Stock Management Software
An efficient stock management system and stock maintenance software are characterized by certain key features, let's understand them here:
Tracking stock levels and inventory
This is one of the most essential features of any stock management software, It allows businesses to track how much stock they have on hand at any given time.
Managing orders and deliveries
Stock management software can track and manage incoming and outgoing orders by recording the date, time, and quantity of each order. The software can also generate reports detailing the inventory status of each item.
Setting reorder levels
Another feature of stock management software is the ability to set reorder levels. This allows businesses to automatically generate orders for new stock when levels reach a certain point, ensuring they never run out.
Tracking stock movements
Many stock management software programs also include features for tracking stock movements. This can be useful for identifying trends and patterns in stock usage and can help businesses make better decisions about ordering and stocking levels.
Read How Does TranZact Help You Manage Inventory Efficiently?
How Stock Management Software Can Help Your Business?
If you're keen to make your inventory efficient, then investing in stock management software for inventory optimization is the best solution for your business. This software can help you track your sales in real time so that you can make adjustments to your stock requirements accordingly.
By providing live notifications about the inventory status, stock management software provides improved inventory oversight for SME business owners, enabling them to control and monitor inventory on the go.
In addition, the best stock management software can provide insights into customer buying habits, and help businesses to make more informed decisions about stocking levels and product mix.
Ordering excess inventory and having it lie idle in one's stockroom is a waste cost for a manufacturing business. Idle stock contributes to an unnecessary rise in stockroom, warehousing and maintenance costs. Therefore, it's important that managers only order what they need for production. Not less, not more.
A stock control system ensures that managers have the required information to place the right orders at the right time. Such advantages of stock management tools, equip businesses to save time and money while improving inventory control.
Why SME Manufacturers Should Start Using a Stock Management Software?
We have seen how centralized software for stock management, provides key advantages for a manufacturing business. It reduces the time a small business owner spends on managing their inventory and enables them to free up cash and time! TranZact's stock management software is closely linked with purchases and sales modules, enabling seamless collaboration between all teams.
It offers barcode features to track every inventory item, ensuring error-free inventory cycles. It's a highly customizable tool for stock management, encouraging data-driven decision-making & intelligent inventory analysis!
FAQs on Best Stock Management Software
1. How to choose the best stock management software?
The best stock management software will offer a variety of features to help you keep track of your inventory. Look for a program that offers real-time updates, barcode scanning, and the ability to create custom reports. It would be best if you also considered the software's scalability so that it can grow with your business.
2. Which software is best for stock management?
The best software for stock inventory management will vary depending on the specific needs of your business. However, we recommend TranZact as a powerful and user-friendly option that can help you keep track of your inventory, automate key processes, and improve your overall inventory efficiency.
3. How can you manage your inventory with TranZact?
With TranZact's barcoding features, you can manage your inventory in real-time, enable auto stock adjustment, and control stock levels in a hassle-free and quick manner. It's recommended as the best free stock management software by thousands of Indian SMEs.
