Inventory Management Software Development | Inventory Management System (2024)

Inventory Management System

Inventory Management System is seen as an important technique to run a business efficiently and profitably. Having up-to-date information about inventories such as goods, products, commodities, raw materials, etc is as important as any other business operation.

Inventory Management System is essential to keep track of what is there in stock to avoid the risk of stockouts. But doing this manually is a time-consuming process and at times there is a chance to show inaccurate records. This is where Inventory Management Software comes in.

According to statistics, the market for inventory management software is expected to increase at an average annual rate of 11.9% to $2998.55 million by 2028.

Inventory Management Software lets you work stress-free since it keeps all of the inventory information up-to-date. It automates and streamlines business workflow by delivering your orders on time.

Inventory Management Software Development

Maticz is the leading Inventory management software development company with years of experience in providing futuristic inventory management solutions. We offer Inventory Management Software with customized features that facilitate and speed up your inventory management.

Our inventory software developers are known for developing adaptive and affordable Inventory management software for both startups and well-established companies to meet their requirements.

Inventory Management Software Development Services

Custom Inventory Software Development

Our skilled developers have hands-on knowledge of developing custom inventory management software with intuitive architecture. We incorporate other internal software and hardware for better analysis.

Cloud-based Inventory Software Development

We build cloud-based inventory management software to access data from multiple devices like PCs, laptops, mobile phones, and portable devices using various internet connections while maintaining secure data storage.

Inventory Management App development

We develop inventory management apps integrated with third-party APIs that are compatible with multiple platforms and devices to manage tasks like purchasing, reordering, and forecasting inventories.

Inventory Management Software Integration

We integrate software and product identification code scanner like QR, RFID, Barcode, etc into the already existing software to improve its tracking performance.

Inventory Software Implementation

We implement well-built software for SCM, ERP, and CRM systems to perform various types of inventory management like inventory control and order, supply chain, warehouse, and logistics management.

Inventory Aggregation and Sync Software

We develop inventory aggregation and sync software to accumulate data from various platforms and warehouses. It helps sync data from different platforms to avoid duplicate and wrong entries.

Consulting Services

Our experts offer consulting services based on your business needs and technical requirements. We help you choose the appropriate tech stack and create a project blueprint with an estimated budget and time.

Support and Maintenance

We provide maintenance and technical support like updating the latest operating system versions even after the successful launch of your inventory management software.

Inventory Software Development Solutions

Fleet Inventory Management Software

Our fleet inventory management software solutions predict future supplies and streamline your fleet management processes by providing real-time track records like reminders, delays, fuel cost, etc using GPS technology.

Warehouse Inventory Software

Being built using resource planning software, our warehouse inventory software helps manage warehouses of various sectors, be it hospitals, restaurants, or grocery shops, and also monitors the inflow and outflow of goods.

POS Inventory Management Software

Being integrated with the right point-of-sale system, our POS inventory management software solutions let you know of mis-shipments and obsolete items thereby boosting your inventory management.

SCM Inventory Management Software

SCM inventory management software solutions provide accurate reports and turnover rates, purchase orders, and history overview.

Retail Inventory Management Software

For those who need to handle multiple retail shops in various locations, these retail inventory management solutions come in handy. It sends alerts when they run out of goods or overstock and also ensures their goods and supplies are ordered on time.

Materials Requirement Planning Software

Our material requirement planning software alerts you to the needed raw materials and their prices ahead of time and handles accounts, ledgers, and invoices. It also manages client portals and ratings using CRM tools.

Inventory Database Management Software

Inventory database management software automates the import and export of data. It has backup, recovery, and activity logs to rectify data even if it gets hijacked or stolen.

Features of Inventory Management Software

Inventory Control Management

The inventory control management feature takes control of the stocks and manages them by checking information such as cost and availability. It makes mention of the new arrivals and alternative products in the inventory listings.

Asset Tracking

This feature keeps track of the inventories in a warehouse by scanning serial numbers, barcodes, QR codes, etc.

Multi-location Support

Multi-location support feature manages the goods and supplies from multiple warehouses in different locations.

Logistics Tracking

By integrating third-party features like tracking and travel analytics into the inventory management software, one can get to know the exact location of inventories and their estimated arrival time.

ERP Integration

With the ERP integration feature, one need not enter data repeatedly in different programs which eventually saves a lot of time.

Automatic re-ordering

Automatic reordering lets you set a minimum quantity line for their products and goods and you get notified when they reach that line. It automatically places orders based on your requirements and demands.

Benefits of Inventory Management Software Development

Centralized Storage

Delivering products to the right person quickly is hard unless inventories are stored in one location. But inventory management software lets you know of products’ location and state and helps deliver them swiftly to the customers.

Sales Productivity

Owners need not face issues like out-of-stock or excess goods since this software keeps you updated about the availability of products.

Order Adjustments

Making the right orders can boost the revenue of a business in any industry. This software prevents overstocking and shortages of goods and meets the demands of customers.

Automation

With Inventory Management software, users can automate processes related to inventory and warehouses, like purchasing, selling, billing, and reordering. It carries out the process without any errors.

Customer Retention

Right from the placement of orders, this software keeps in contact with the customers providing pieces of information about their products like the date and time of their delivery. It offers full access for customers to track their orders.

Error-free Operation

Everything is automated in inventory management software reducing the risk of errors and mistakes which affect the performance of the supply chain.

Tech stack used in Inventory Software Development

Artificial Intelligence

Predicting future purchases and demands for inventories, one can multiply their sales and boost their revenue. AI development in the inventory system ensures that inventory does not get out of stock and automatically places the order whenever any item reaches the minimum quantity line set by owners.

Machine Learning

Inventory management software incorporated with machine learning technology does the job in a way that no human can match. It lets users find their inventories through voice search and forecast their future stock needs. It completes repetitive tasks perfectly without manual involvement. It makes stakeholders aware if anything goes wrong in the supply chain.

Blockchain

Blockchain provides a distributed and unbiased platform where stakeholders upload information. It increases the reliability and authenticity of the tracking system. It cannot be changed by anyone unless it gets the approval of all stakeholders. Using this technology, retailers, suppliers, and stakeholders can connect in real-time with accurate data.

Drones

Using Drones, one can locate and scan the inventories present in various warehouses and update information in the software. It makes the software more accessible to everybody. The quality and quantity of the inventories can also be monitored and checked with this technology in inventory management software.

Why Choose Us for Inventory Software Development?

Maticz is one of the best Inventory software development companies in India that offers custom inventory management software at an affordable cost. Our developers collaborate with clients to deliver tailor-made solutions that fulfill their unique requirements and streamline their inventory management workflows. We specialize in crafting custom-made inventory software solutions, leveraging cutting-edge AI and machine learning technologies to enhance inventory management for businesses.

We help global firms across various niches to effectively implement on-premise or Cloud-based applications for better business results. Whether you want inventory software integration or to develop from scratch, we will support you with specific resources based on the preferred business model. Develop high-quality and error-free inventory management software by teaming with the best software development company based on the requirement and moving ahead with optimized process flow and improved sales.

Inventory Management Software Development | Inventory Management System (2024)

FAQs

Inventory Management Software Development | Inventory Management System? ›

Inventory management software automates inventory management, streamlining the tasks required to track inventory effectively, manage reordering and update accounting data.

What is inventory management software development? ›

Inventory management software automates inventory management, streamlining the tasks required to track inventory effectively, manage reordering and update accounting data.

Is inventory management software a system software? ›

Inventory management software is a software system for tracking inventory levels, orders, sales and deliveries. It can also be used in the manufacturing industry to create a work order, bill of materials and other production-related documents.

What are the 4 types of inventory management system? ›

The four types of inventory management are just-in-time management (JIT), materials requirement planning (MRP), economic order quantity (EOQ) , and days sales of inventory (DSI). Each inventory management style works better for different businesses, and there are pros and cons to each type.

Which software system is used to maintain inventory? ›

Zoho Inventory is an online inventory management software with a robust free version and affordable paid plans. For small businesses or start-ups, Zoho Inventory lets you add items, fulfill orders and view inventory from any device, making it the best free option.

What are the three types of inventory management systems? ›

There are three types of inventory management system: manual, periodic, and perpetual.

Is inventory management in a ERP? ›

ERP inventory management is an integrated approach to business operations. ERP inventory management systems help businesses manage each of their business operations from a single platform. Typically that includes the management of inventory, finance, operations, planning, and logistics.

Is SAP an inventory management system? ›

SAP Inventory Manager is a complete wireless inventory management solution. It provides the tools to improve and manage inventory levels, efficiently fill customer orders, and track the movement of materials using mobile devices with scanning functionality.

Is Excel an inventory management software? ›

Excel is suitable for small to medium-sized businesses with simple inventory management spreadsheet needs. However, larger businesses with complex inventories may require more advanced inventory management software.

Is inventory management part of CRM? ›

What is a CRM with inventory management? Combine customer and inventory management with a simple CRM solution designed to support both. A CRM with inventory management takes data from purchase orders and compares them to customer orders to give you a snapshot of current fulfillment capabilities.

What are the two major system of inventory management? ›

There are two main ways in which companies manage inventory: periodic systems and perpetual systems.

What are the two main systems for inventory? ›

Two types of inventory are periodic and perpetual inventory. Both are accounting methods that businesses use to track the number of products they have available.

What are examples of an inventory management system? ›

  • Shopify inventory software.
  • Shopify order management.
  • WooCommerce inventory management.
  • WooCommerce order management.
  • Xero manufacturing.
  • QuickBooks manufacturing.
  • QuickBooks inventory management.
  • BigCommerce inventory management.

What is the most commonly used inventory systems? ›

Three of the most popular inventory control models are Economic Order Quantity (EOQ), Inventory Production Quantity, and ABC Analysis. Each inventory model has a different approach to help you know how much inventory you should have in stock.

How do you create an inventory management system? ›

The following are the key elements to a well organized inventory tracking system.
  1. Create well designed location names and clearly label all locations where items may be stored.
  2. Use well organized, consistent, and unique descriptions of your items, starting with nouns.
  3. Keep item identifiers (part numbers, sku's, etc..)

What are the three 3 tools used to improve inventory management? ›

Inventory management tools and techniques
  • Barcode data collection. The perpetual inventory system is highly dependent on timely and accurate reporting. ...
  • Cycle counting to improve accuracy. ...
  • ABC analysis for prioritisation. ...
  • Integrated planning and execution. ...
  • Lot tracking and traceability.
Apr 19, 2021

What are the 5 types of inventory? ›

Depending on the business, inventory can include raw materials, component parts, work in progress, finished goods, or any packaging.
  • Raw materials inventory. ...
  • Maintenance, Repair, and Operating (MRO) inventory. ...
  • Decoupling inventory. ...
  • Work In Progress (WIP) inventory. ...
  • Finished goods inventory.
Dec 3, 2021

What is the difference between ERP and inventory management systems? ›

ERP system manages and integrates all the core business functions of a company, such as order processing, accounting, customer relationship management, and human resources. On the other hand, an inventory management system, or an IMS, manages the physical inventory of a business.

What SAP module is inventory management? ›

SAP S/4 HANA Inventory Management & Stock Management Module Overview.

Is Oracle an inventory management system? ›

Oracle Inventory Management allows you to consolidate your disparate inventory tracking and control systems into a single, global inventory management solution for material in every stage of the product lifecycle across all of your types of business.

Is Salesforce an inventory management system? ›

Salesforce Field Service Inventory Management

Salesforce Field Service connects sales to service by letting customer service track and manage inventory to make sure that field service representatives always have the right tools and parts for each job.

What does SAP stand for in inventory? ›

The Systems Applications and Products or SAP software is a favorite tool for financial planning, risk analysis, and inventory management.

Does Microsoft Office have a inventory management? ›

The Inventory page in the Microsoft 365 Apps admin center gives you insights into the state of Office installations on devices in your organization.

Is QuickBooks used for inventory management? ›

QuickBooks Online has everything you need to manage your inventory. Track what's on hand, get alerts when it's time to restock, and see insights on what you buy and sell. You can also enter non-inventory products and services so you can quickly add them to your sales forms.

Does QuickBooks allow inventory management? ›

Yes. QuickBooks Desktop Enterprise offers warehouse inventory management features that track movement and storage of products and materials. Features such as lot tracking, bin tracking*, and serial number tracking make it easy to locate inventory quickly and accurately across your locations.

Can I use QuickBooks as a CRM? ›

Automate your sales process and get paid faster with this powerful QuickBooks CRM. For growing businesses who want to automate every workflow from sales management to customer service.

Is a CRM included in an ERP system? ›

Some ERP systems include a CRM component, while others do not, but CRM software systems do not include ERP components.

What branch is inventory management? ›

The American Production and Inventory Control Society (APICS) define inventory management as the branch of business management concerned with planning and controlling inventories. Inventory management is a critical management issue for most companies - large companies, medium-sized companies, and small companies.

What are the different types of computerized inventory management systems? ›

Within those systems, two main types of inventory management systems – barcode systems and radio frequency identification (RFID) systems – are used to support the overall inventory control process: The 2 Main Inventory Control System Types: Perpetual Inventory System. Periodic Inventory System.

How does inventory management system work? ›

Inventory management helps companies identify which and how much stock to order at what time. It tracks inventory from purchase to the sale of goods. The practice identifies and responds to trends to ensure there's always enough stock to fulfill customer orders and proper warning of a shortage.

What are the two opposing needs of inventory management? ›

Ans: Inventory management has two main concerns. One is the level of customer service, that is, to have the right goods, in sufficient quantities, in the right place, at the right time. The other is the costs of ordering and carrying inventories.

What is computerized inventory system? ›

A computerized inventory system enables a company to monitor inventory levels in real time throughout the day. Also known as inventory management software, businesses can stay updated with inventory orders, counts and sales.

Which company has best inventory management system? ›

The Best Inventory Management Software of 2023
  • ShipBob Merchant Plus: Best for hybrid fulfillment.
  • Fishbowl Inventory: Best for QuickBooks users.
  • Skubana: Best for dropshippers and Fulfillment By Amazon (FBA)
  • Sortly: Best for small retailers and asset tracking.
  • monday.com: Best free inventory management software.
May 12, 2023

What is the best way to manage inventory? ›

Inventory management techniques and best practices for small business
  1. Fine-tune your forecasting. ...
  2. Use the FIFO approach (first in, first out). ...
  3. Identify low-turn stock. ...
  4. Audit your stock. ...
  5. Use cloud-based inventory management software. ...
  6. Track your stock levels at all times. ...
  7. Reduce equipment repair times.

How much does it cost to build a inventory management system? ›

Average costs for building the inventory management system vary between $90,000–$250,000 for a midsize company and $250,000–$400,000 for a large enterprise.

What are the key elements of a good inventory management system? ›

Below are four key elements of a solid inventory management strategy.
  • Greater Supply Chain Visibility. ...
  • Accurate Financial Records. ...
  • Inventory Optimization. ...
  • Improved Efficiency and Productivity.
Feb 13, 2019

What is the benefit of inventory management software? ›

Six benefits this solution can provide:
  • Inventory management made easy. ...
  • Ensuring order fulfilment. ...
  • Significant savings from stock control. ...
  • Better business negotiations. ...
  • Enhanced visibility. ...
  • Improved decision making.
Jul 20, 2022

Why do we need inventory management software? ›

Inventory management helps companies identify which and how much stock to order at what time. It tracks inventory from purchase to the sale of goods. The practice identifies and responds to trends to ensure there's always enough stock to fulfill customer orders and proper warning of a shortage.

Which of the following is an example of inventory management software? ›

  • Shopify inventory software.
  • Shopify order management.
  • WooCommerce inventory management.
  • WooCommerce order management.
  • Xero manufacturing.
  • QuickBooks manufacturing.
  • QuickBooks inventory management.
  • BigCommerce inventory management.

What are the pros and cons of inventory management? ›

The Pros and Cons of Stocking Inventory in your Business
  • You can provide better customer service. ...
  • You can take advantage of bulk savings. ...
  • You can manage how much stock you'll need. ...
  • You can entice more customers back. ...
  • You can stay on top of deliveries. ...
  • You need to invest in your inventory. ...
  • You need space for your products.
Jun 2, 2020

What key factors would you look for in an inventory management system? ›

Six Important Inventory Management Features
  • Improved Inventory Control and Forecasting/Projection.
  • Barcoding & Scanning.
  • Improved, Actionable Inventory Analysis.
  • Configurability.
  • Integration and Interfaces.
  • On-Premise versus Software as a Service and Cloud system.

What are the 2 types of inventory systems? ›

There are two key types of inventory control systems.
  • Perpetual inventory system. A perpetual inventory control system tracks inventory in real-time. ...
  • Periodic inventory system. A periodic inventory system is kept up to date by a physical count of goods on hand at specific intervals.

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