Inventory management encompasses much more than simply keeping track of what you keep in your warehouse or retail storeroom. Inventory management also includes keeping track of what's in your parts department, including individual parts and the combinations of those parts used to build other products and services. Inventory management also involves finding out what your supply partners or your best customers have in stock. For small to midsize businesses (SMBs), keeping track of all these items can get difficult quickly if you're just using a spreadsheet to do so. Tying that inventory product information into all of the other data platforms your organization uses requires a dedicated software called inventory management software. Deciding on the right software package for your business can be difficult as you need to weigh required features against the best pricing. To help with this task, we have tested and compared nine inventory management software packages in this review roundup.
The acronyms LIFO and FIFO represent the order in which inventory is acquired and then sold or transferred. FIFO assumes that the oldest inventory is being sold or transferred first, while LIFO assumes that the newest inventory will be used first.
- Real-time Inventory Visibility
- Advanced Inventory & Order Fulfillment for Distributors
- Complete Procure-to-Pay Purchasing
- One System for Your Entire Company
- Generate accurate reports