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Jesta I.S. is a leading supplier of integrated software solutions for midsize and large retailers, wholesalers and manufacturers specializing in branded goods, apparel, footwear, hard goods and specialty industries.
Jesta's c...Read more
Companies adopting SCP 4.0 have reported up to 65% inventory reductions and annual savings over $2 million. This vendor managed inventory and demand planning solution provides great suggestions to keep inventory on target....Read more
Fishbowl is a hybrid manufacturing and warehouse management solution designed for small and midsize companies. Key features include inventory control, material requirements planning (MRP), job shop floor control, work order manage...Read more
QStock Inventory offers a comprehensive inventory control system that helps businesses increase their profitability while reducing inefficiencies across the supply chain. QStock Inventory offers real-time monitoring....Read more
Luminate Platform by Blue Yonder (formerly known as JDA Software) is a cloud-based supply chain management solution for large and enterprise companies. It serves clients across a variety of supply chain industries including automo...Read more
EazyStock is a market-leading inventory optimization tool that connects with ERP systems to digitalize inventory management operations.
While most ERPs are good at stock control, many rely on users to manually calculate and input...Read more
IntelliTrack Assets helps businesses maintain and track various assets including technology, furniture, tools, off-site equipment, and more. The platform enables organizations to monitor asset movement, maintenance schedules, assi...Read more
SIMMS by KCSI offers a full suite of features that are essential to successful inventory and supply chain management, such as tracking, kitting and industry-specific customizations that ultimately help boost the bottom line....Read more
Join the over 2,000 people who have utilized AdvancePro's dynamic and customizable inventory management solution to oversee their warehouses efficiently and maintain customer satisfaction. Deployed as Web-based or on-premise....Read more
Built for growing product-selling businesses using QuickBooks, Acctivate is a premium inventory management & multi-channel order fulfillment add-on that helps you focus on growth without operational limitations.
Solve for QuickB...Read more
topShelf Cloud from Scout offers an end-to-end inventory management solution. Applications for kit building, work orders, and asset management are easily accessed from any smartphone or tablet, at anytime. ...Read more
Packed with features and flexibly priced, browser-based Accolent ERP can be installed on-premises or hosted in the Cloud for distributors from 3 to 100+ users. ADS Solutions has 25+ years of experience. ...Read more
Stitch Labs is an integrated, cloud-based inventory and order management solution that caters to mid-size multi-channel retail brands.
Stitch serves as an operational hub to brand operations, centralizing inventory across al...Read more
Unleashed Software is a cloud app that gives product businesses the freedom to better make, manage and move products by giving complete clarity and control over suppliers, production, warehouses and sales. Unleashed allows busines...Read more
Solid Commerce is a cloud-based inventory management solution that caters to businesses of all sizes across various industries such as computer software, apparel and fashion, consumer goods, business supplies, retail, and more. Ke...Read more
Tigerpaw is a cloud-based professional service automation (PSA) solution designed for small and mid-size customers. It offers project management, time tracking and billing management within a suite.
The project management fun...Read more
Megaventory is a cost-effective, Web-based inventory management system. Designed with small businesses in mind, Megaventory includes standard features such as order management, demand forecasting and reporting capabilities....Read more
QuickBooks Commerce is a powerful cloud-based inventory and order management software for modern online businesses. Seamless integration across all major e-commerce platforms ensures that product listings, orders, and data stay up...Read more
One Platform. Total Commerce Control.
Linnworks is a leading commerce automation platform that works with the world’s major marketplaces and selling channels.
Linnworks connects, manages and automates commerce operations, power...Read more
In a complex business environment where companies support many sales and purchase channels at multiple locations, accurate planning and forecasting of inventory can be challenging. Without proper management, excess inventory can obstruct your supply chain and working capital.
If you're still using manual methods to estimate the items and their quantities for your inventory, you need to look to automation to optimize your inventory.
Inventory optimization is the process of calculating and determining the right inventory levels across your organization's supply chain. This lets you satisfy customers—who expect a quick delivery time—as well as reduce the high costs of stocking large quantities.
After all, keeping materials and products on the shelf for longer than required drives up your costs. With inventory optimization software, you can increase your visibility across your whole supply chain and ensure that your products stay on the shelf only for the requisite time.
We wrote this buyer's guide to help you understand how inventory optimization software works. This guide provides details on everything you need to know, from benefits to features, before purchasing an inventory optimization solution.
Inventory optimization software helps businesses control and optimize inventory levels across different warehouse locations. It keeps track of the different products and materials in stock and analyzes the items, as well as the quantities, that need to be reordered.
This software serves as a critical tool for managing perishable inventory, such as food items and medicines. It also analyzes an organization's historical sales and demand data to generate insights on how to optimally utilize and maintain your warehouse operations.
Inventory optimization graph in EazyStock software
As with most complex challenges, selecting the best inventory optimization software tool for your business is easier when you break it down into parts. In the next section, we break down the most common applications and features of this software.
Common Features of Inventory Optimization Software
Vendors offer a variety of functional breadth and depth in their inventory optimization solutions. Most inventory optimization software vendors offer some or all of the following capabilities:
Review historical sales and demand data to automatically select the right statistical model for calculating future demand. Users can also modify and re-evaluate the demand forecast based on additional information from the key management team, suppliers or vendors.
Projected inventory levels
Calculate and display accurate inventory levels for future periods. The projected inventory levels are calculated based on the organization's current inventory, demand forecast and incoming supply.
Get replenishment suggestions and create an order plan by analyzing when, which and how much of an item to order. Upload the order proposal data to your connected purchasing system (e.g., material requirements planning system) for further action.
Stock-out and overstock alerts
Alert your organization in case any product is in short supply, or in excess, in your inventory.
KPIs and reports
Monitor business performance with a customizable dashboard that includes operational key performance indicators (KPIs), graphical reports and various filters. These will help users make informed decisions about inventory optimization.
To further understand these features and the vendors in this category, call our advisors at (844) 687-6771 for free, no-obligation help. They'll help you narrow down your options by understanding your requirements and recommending the best-suited solutions for your business.
As you begin shortlisting solutions, you need to understand the type of buyer you are, to better narrow down your requirements. The next section breaks down the most common buyer types.
What Type of Buyer Are You?
Inventory optimization software is used by businesses of all sizes, across a variety of industries. Before you start evaluating different inventory optimization software, you should know your buyer category. We believe most buyers of this software fall into one of the following categories:
Small businesses. These buyers have simple requirements; they're looking to improve their inventory demand forecast and order planning. Most are currently using manual methods, so the transition to automated systems should be slow and methodical. They should start with the basic inventory optimization features so employees have time to learn the solution.
Midsize businesses. These buyers require additional features because they deal with a relatively higher volume of customers, suppliers and vendors. They're operating from multiple facilities and require additional features such as projected inventory levels, as well as stock-out and overstock alerts.
Large businesses. These buyers typically use the inventory optimization functionality offered in an ERP software suite. They need a single system that controls all their manufacturing and inventory functions in order to centralize the exchange of information between different applications.
Benefits of Inventory Optimization Software
While some of the benefits of inventory optimization software should be clear from our discussion above, we've called out the most important ones below:
Improved cash flow. Accurate demand forecasting and projected inventory levels help organizations reorder only the required products. This results in lower handling and storing costs, thus improving the overall cash flow.
Enhanced customer service, satisfaction and loyalty. High customer satisfaction is an obvious market advantage. Product availability at all times will lead to higher satisfaction rates among customers, helping you ensure better customer retention rates and greater customer loyalty.
To conclude this buyer's guide, here are some important questions to consider before you purchase and implement inventory optimization software:
Is the software scalable? Ask your shortlisted vendors about the scalability of their inventory optimization software. Scalability is essential when your organization grows—the software should be capable of efficiently handling your expanding business needs. For instance, it should be able to support multiple warehouses and distribution centers at various locations.
Does the software support integrations? Check with the vendor whether the solution supports integrations with your existing systems, such as MRP, ERP or WMS. Quick and seamless integration will help you efficiently import and export data.
Does the vendor offer customer support? Find out whether the vendor offers support 24/7, only during business hours or not at all. In addition, ask about available support options such as email, phone or live chat.
Popular Inventory Optimization Software Comparisons