7 Best Cloud Inventory Management Software for Manufacturers
Inventory management software is a tool used to automate the process of identifying, tracking, labeling, monitoring, and controlling a business’ stock.
Manufacturers deal with different types of inventories, and the most complex ones are the raw materials, semi-finished, and work-in-progress inventories.
The other common inventory in manufacturing is consumable items which play a very important role in production management.
Consumables are often known as maintenance, repair, and operating inventory which adds costs to semi-finished and WIP inventory items.
So manufacturers need to keep track of each of these inventories in running their business efficiently.
But keeping track of all kinds of manufacturing inventory is a complex and critical part of manufacturing resource management.
And that is where the manufacturing inventory software comes into play.
What Is Manufacturing Inventory Software?
Manufacturing Inventory management software is a system designed to help manufacturers track, monitor, and control their products, materials, and supplies.
These systems not only provide critical information for in-house inventory but also provides the facility to manage outhouse subcontracting inventory.
It is an advanced inventory management system that processes and keeps track of all types of inventory based on locations for specific inventory.
Storage locations can be defined as subcontracting locations, WIP inventory locations, SFG locations, FG warehouses, and so on.
Subcontracting inventory refers to a type of inventory that is owned by a company but is stored or processed by a subcontractor, who is a third-party supplier or vendor.
Subcontractors mostly deal with WIP inventory that is often outsourced for certain job production or processing tasks.
Therefore subcontracting inventory management is one of the critical scenarios which increases the complexity of managing stocks for your company.
Managing FG goods stock can be easy but when it comes to WIP inventory it becomes a complex process for manufacturers because it transitions from one phase to another.
Therefore keeping track of WIP and subcontracting inventory is the real challenge for manufacturers which requires inventory software to address this complexity.
This often calls for manufacturing ERP software to keep track of complex inventory at different stages and phases of semi-finished & WIP inventory items.
Need For Cloud-Based Inventory Management Software
Inventory software provides a centralized database to store information on stock levels, sales, purchases, and other relevant data.
It automates many manual processes, such as updating stock levels after a sale or purchase, or material sent or received during job work.
The software also allows for automatic order tracking, customizable inventory reports, and improved supplier management.
Modern cloud-based inventory software also integrates with e-commerce applications to keep track of inventory.
The goal of inventory management software is to help businesses make informed decisions.
So business owners know when to order products, how much to order, and how to optimize their overall supply chain operations.
Cloud-based Inventory systems help reduce costs and increase efficiency by providing real-time data for supply chain decisions.
The use of cloud technology provides many other benefits, such as reduced costs on hardware and IT maintenance, automatic software updates, and scalability to handle growing business needs.
Moreover, cloud-based inventory systems reduce costs and offer scalability and greater flexibility, and a collaborative platform to improve your business operations
7 Best Cloud-Based Inventory Management Software for Manufacturing Businesses
1. Katana Inventory Management Software
Katana offers cloud-based manufacturing software that enables manufacturers to manage their inventory, production, and accounting processes with real-time data.
The software integrates with various e-commerce and accounting platforms and offers features such as live inventory management, real-time master planning, multichannel order management, and shop floor control.
Katana’s cloud-based software offers flexibility, accuracy, and ease of use, making it an industry leader in manufacturing software.
The software offers a range of options to manage raw material inventory, work-in-progress inventory, finished goods inventory, and maintenance, repair, and operations inventory.
It helps in lowering manufacturing costs, improving overall production efficiency, and reducing inventory levels by automating repetitive tasks, tracking inventory in real-time, setting reorder points, and identifying areas of opportunity.
Additionally, the software streamlines the production process, reduces the chance of human errors, and saves time by allowing companies to set reorder points for each raw material and finished product variant.
Katana’s Inventory Management Guide provides businesses with an overview of inventory management, types of inventory, inventory management methods, inventory control, stock keeping units (SKUs), inventory analysis, and inventory management systems.
2. Zoho Inventory
Zoho Inventory offers a simplified inventory management solution for manufacturers, allowing them to customize, automate, and streamline their operations.
The software provides features such as product bundling, multi-warehouse management, order merging, RFID and barcode scanning, multiple item images, price lists, multi-currency compliance, and shipment and tracking management.
These features aim to help manufacturers manage their inventory efficiently, save time, and increase customer satisfaction.
Some other key feature of Zoho Inventory is product bundling, which allows users to create a new product offering by combining a primary and an ancillary item from their stock.
This feature makes it easier for manufacturers to manage their products and offer customers a wider range of options.
Order merging is another feature that simplifies inventory management for manufacturers. It allows users to combine separate invoices, packing slips, and shipments for multiple orders from the same customers under a single sales order.
This eliminates the need to create separate invoices for each order, saving time and reducing frustration.
Zoho Inventory also allows users to upload multiple images of their manufactured products, providing an all-around view of the product to customers.
Manufacturers can also upload images to highlight packaging details, safety standards, or certifications to boost customer trust and confidence.
3. Acumatica
Acumatica’s cloud-based Inventory Management Software helps businesses simplify inventory processes and offers role-based dashboards and side panels.
It improves fulfillment and boosts customer satisfaction with its flexible item management, quality traceability, and powerful replenishment features.
The software offers robust kitting and disassembly, streamlined item management with matrix items, powerful replenishment for automated orders, quality traceability with a lot and serial control, flexible locations, and role-based dashboards.
It also allows companies to control system-wide inventory across geographically dispersed locations and drive inventory efficiency without losing sight of costs.
Acumatica’s inventory management software is part of its ERP solution, which includes industry-specific editions for construction, distribution, manufacturing, retail-commerce, and service industries.
The software is highly customizable for simplifying complex inventory management, optimizing cost, and customer fulfillment.
Acumatica also improves inventory accuracy through barcoding and physical inventory cycle counts, creating product families based on item attribute variations.
The software also tracks and optimizes costs by providing real-time tracking of the costs of goods sold and inventory carrying costs, identifying low-cost vendors, minimizing freight charges, and reducing write-offs for expired or obsolete inventory.
Overall, Acumatica’s software helps businesses increase inventory turnover, maintain safety stock, and improve fulfillment rates, leading to improved customer satisfaction and streamlined inventory management.
4. Sage X3
Sage X3 is a popular inventory management software that automates each component of the supply chain management system, such as order fulfillment performance, inventory turns, replenishment levels, optimized bin locations, and picking efficiencies.
It helps to reduce errors, increase efficiency, and enhance decision-making by providing accurate data about past sales and inventory levels.
This inventory software streamlines warehouse workflow and layout, replenishment policies, and inventory setup to enhance supply chain management.
It automates various components of supply chain management such as order fulfillment, inventory turns, replenishment levels, optimized bin locations, and picking efficiencies.
The system also has a set of checks and balances that ensure quality products are received on time and in the right location.
Sage X3 evaluates vendor quality based on purchasing and accounting data, past performance, pricing, and material quality.
It also contains business intelligence tools that drill down sales order data to identify what customers are purchasing, allowing organizations to generate reports and analyze them for future use.
Overall Sage X3 inventory software offers high accuracy, increased efficiency, enhanced decision-making, and automated order tracking.
Sage Inventory management software is tightly integrated with Sage X3 manufacturing ERP and offers custom reports to meet the specific needs of enterprises
5. Netsuite
NetSuite is a cloud-based ERP system that offers a comprehensive suite of business management tools, including inventory management.
NetSuite’s inventory management software provides businesses with real-time visibility into their inventory levels, enabling them to optimize their inventory levels and reduce costs.
One of the key features of NetSuite’s inventory management software is its ability to automate inventory tracking, ordering, and replenishment.
By setting up reorder points and minimum stock levels, businesses can ensure that they always have the right amount of inventory on hand to meet customer demand, without overstocking or running out of stock.
This software offers businesses an end-to-end solution for managing their inventory, from purchasing and receiving to tracking and shipping.
Netsuite also allows advanced functionality such as multi-location inventory management and can easily monitor the movement of goods across different warehouses, track stock levels in real time, and accurately forecast demand.
It also provides users with advanced analytics capabilities that enable them to identify trends in demand patterns and optimize inventory levels accordingly.
Additionally, NetSuite Commerce provides a single source of inventory data, which helps businesses ensure that inventory levels are accurate and up-to-date across all sales channels.
6. Inflow Inventory
Inflow Inventory is a powerful inventory management software that helps businesses to efficiently track their products, manage their stock levels, and streamline their order fulfillment process.
With its user-friendly interface and robust features, Inflow Inventory has become one of the most popular inventory management solutions for manufacturers.
It helps businesses to manage their orders and inventory more efficiently.
The inFlow software is a comprehensive inventory management system that offers a wide range of features and functions.
Inflow Inventory provides real-time inventory tracking and can be accessed through mobile devices.
Inflow Inventory is trusted by over 40,000 businesses around the world and offers a 14-day free trial. The software is customizable and can be integrated with other business systems.
InFlow also has a built-in Label Designer that allows businesses to generate unique barcodes for every product and create custom designs for serial number stickers or price tags.
The software can track stock across one or more locations and even restrict user access to specific locations for security purposes.
It also includes various features such as organizing products, multi-level categories, product photos, units of measurement, dimensions, and weight, serial numbers, stock tracking, and reordering,
The software also offers customers to create their own online store through B2B portals, purchase stock, receive shipments, pay vendors, manage customers, and generate reports.
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7. Fishbowl Inventory
Fishbowl inventory management software includes an inventory tracking platform that offers real-time visibility of stock levels across multiple locations, with customization options for tracking and traceability.
The software includes features such as scanning and barcoding, warehouse management, traceability, asset management, and pricing and costing.
Fishbowl’s solution has been trusted by customers across hundreds of industries and has helped businesses increase efficiency, save money, and improve their inventory management processes.
Fishbowl offers an end-to-end inventory management platform trusted by hundreds of customers in various industries such as the US Army, Mercedes Benz, General Electric, and Lowe’s.
The software offers a single, unified system that provides real-time inventory visibility and control across all locations, robust order fulfillment, and consistency for complex manufacturing processes.
Fishbowl Advanced also features purchasing, inventory management, manufacturing, and sales modules that enable accurate tracking of inventory, automate repetitive processes, and optimize complex manufacturing processes.
The software can be easily integrated with other systems such as QuickBooks, Salesforce, and Shopify.
It also integrates with dozens of software platforms, allowing businesses to automate critical processes and gain a competitive advantage.
Its integrations range from warehouse management to accounting, inventory management, e-commerce software, shipping functions, and more.
Modern Inventory Management Software Features:
Modern inventory management systems may vary from one software to another and may exist individually or be a part of the larger ERP system.
ERP inventory management systems provide more features and capabilities for manufacturers and here are some of the latest features of modern inventory management systems.
- Cloud-Based & Web Applications
- Embedded AI/ML
- Automated Inventory Replenishment
- Barcode Scanning and Integration
- Purchase Order Management
- Multi-Location Inventory Management
- Warehouse Management
- Cycle Counting
- Access via Mobile Apps
- Multi-Channel Sales Management
- Enhanced Reporting & Analytics
- Integration with ERP systems
- Customization & Scalability
- Real Time Inventory Tracking and Updates
Top Benefits of Inventory Management Software for Manufacturers
Manufacturers are always on the lookout for ways to improve their operations and increase efficiency.
Inventory management software can bring numerous benefits to a manufacturing business, including improved accuracy in tracking inventory levels, increased productivity, and reduced waste.
Thus some of the key benefits of using inventory management software in manufacturing businesses are:
- Avoid overstocking and understocking
- Improved Efficiency
- Better Inventory Control
- Increased productivity
- Enhanced visibility
- Better Customer Service
- Cost Saving
- Accurate Forecasting
- Reduce waste
- Improve Lot traceability
- Real-time Reporting
Frequently Asked Questions
What is the difference between inventory control and inventory management?
Inventory control refers to the process of monitoring and managing inventory levels within a company.
It involves tracking inventory quantities, identifying stock shortages or excesses, calculating reorder points, and ensuring that products are available when customers demand them.
The goal of inventory control is to minimize costs associated with carrying too much or too little stock while maintaining optimal levels of product availability.
Inventory management encompasses all activities related to managing a company’s entire supply chain from sourcing raw materials to delivering finished products.
Inventory management focuses on optimizing processes such as procurement, production planning, warehouse management, logistics, and customer service.
What are the most commonly used inventory models?
An inventory model refers to a system or approach that businesses use to control and manage their stock levels.
The most frequently used inventory models include the Economic Order Quantity (EOQ) model, the Just-In-Time (JIT) model, and Vendor-Managed Inventory (VMI).
The EOQ model is based on a formula that helps businesses determine the optimal amount of stock they should order at any given time while minimizing costs.
The JIT system involves ordering goods only when there is an actual demand for them to avoid overstocking or understocking.
VMI system involves placing responsibility for inventory management on suppliers rather than in-house personnel.
What is the best inventory management software?
When it comes to managing your inventory, having the right software is key that is best suited for your business needs.
The best inventory management software should help you streamline operations, reduce costs and improve overall efficiency.
One popular option in the realm of inventory management software is Zoho Inventory. This program offers robust features such as customizable dashboards and real-time data updates that allow users to stay on top of their inventory in a seamless way.
Another top pick among businesses is Fishbowl Inventory, which integrates with QuickBooks as well as other popular accounting platforms and boasts advanced tracking capabilities.
Ultimately, the best inventory management software for your business will depend on factors such as budget, size of the operation, and specific needs. It’s important to do thorough research and perhaps even try out a few options before making a final decision.
