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MRPeasy
MRPeasy
MRPeasy is a versatile cloud-based ERP system for small and scaling companies (perfect for up to 200 employees). The software offers a complete ERP solution with robust production planning and inventory management functionalities ...Read more about MRPeasy
Netstock
Netstock
Netstock is a cloud-based inventory management solution which helps businesses handle purchase orders, customers, suppliers, demand forecasting and more on a unified platform. It allows professionals to manage bills of materials (...Read more about Netstock
abas ERP
abas ERP
Abas ERP is a solution geared towards small to midsize manufacturers and distributors. Abas has three main application offerings on the market today: Abas ERP, Abas Distribution and Abas eB, a line of e-business solutions that can...Read more about abas ERP
S2K Enterprise
S2K Enterprise
VAI is an independent software developer and the author of S2K Enterprise, an award winning cloud-based ERP solution utilized by customers operating across the distribution, manufacturing, specialty retail, and service sectors, wi...Read more about S2K Enterprise
JOBSCOPE
JOBSCOPE
Jobscope is a cloud-based manufacturing solution that helps aerospace, electronics, industrial machinery, metals, automotive and high technology companies in enterprise resource planning (ERP) functions. Key modules of the solutio...Read more about JOBSCOPE
IFS Cloud
IFS Cloud
IFS Cloud is a composable enterprise software application that orchestrates customers, people, and assets to reduce complexity, cost and risk as you plan, manage and optimize critical asset availability, strive for operational exc...Read more about IFS Cloud
Decision Builder
Decision Builder
Decision Builder ERP is an enterprise resource planning (ERP) solution that serves companies in the manufacturing, distribution and service fields throughout the North American continent. Decision Builder is an integrated sy...Read more about Decision Builder
BatchMaster ERP
BatchMaster ERP
BatchMaster Software offers process manufacturing software solutions for the food, chemical, nutraceutical and pharmaceutical industries. Users can run the manufacturing application with QuickBooks, Sage 100&300, Microsoft Dynamic...Read more about BatchMaster ERP
SCP 4.0
SCP 4.0
Jada vendor management inventory and demand planning system is suitable for businesses looking to manage inventory holding costs and track service levels. SCP is offered as a best of breed application that is ideal for both midsiz...Read more about SCP 4.0
Expandable ERP
Expandable ERP
Expandable by Expandable Software, Inc. is an enterprise resource planning (ERP) solution designed for manufacturers of all sizes. It offers material requirement planning, production planning, accounting, business intelligence and...Read more about Expandable ERP
E-Z-MRP
E-Z-MRP
E-Z-MRP is a manufacturing software solution for make-to-stock, make-to-order and batch process manufacturers. The system is used by a variety of manufacturers including automotive, aerospace, metals, electronics, industrial machi...Read more about E-Z-MRP
NetSuite
NetSuite
With an integrated system that includes ERP, financials, commerce, inventory management, HR, PSA, supply chain management, CRM and more – NetSuite enables fast-growing businesses across all industries to work more effectively by a...Read more about NetSuite
PRIMS
PRIMS
PRIMS or "Product Recipe Ingredient Management System" is recipe management software for programmable logic controller-based ingredient batching systems. It offers recipe management, batch management, inventory control, lot tracki...Read more about PRIMS
PBS Accounting
PBS Accounting
PBS Accounting is robust professional level accounting software that fits a wide range of businesses and grows with your company. The CashPoint version acts as back end accounting for NCR Counterpoint. Flexible, up to the minute r...Read more about PBS Accounting
NDS ERP Solutions
NDS ERP Solutions
NDS Systems provides enterprise resource planning (ERP) solutions for small to mid-sized organizations in the discrete manufacturing, wholesale distribution and fulfillment industries. It is built on Oracle platform which helps in...Read more about NDS ERP Solutions
Aptean Process Manufacturing ERP ProcessPro Edition
Aptean Process Manufacturing ERP ProcessPro Edition
Aptean Process Manufacturing ERP ProcessPro Edition is a complete Enterprise Resource Planning (ERP) solution for small to mid-sized batch process manufacturers to manage their business operations through manufacturing, sales, inv...Read more about Aptean Process Manufacturing ERP ProcessPro Edition
Fitrix ERP
Fitrix ERP
Fitrix Electronics Manufacturing ERP solution offers an integrated application for accounting, distribution and manufacturing management functions. It is fit for small and midsize companies in discrete, make, and assemble-to-order...Read more about Fitrix ERP
InStyle
InStyle
InStyle is a cloud-based inventory control solution that helps apparel manufacturing companies manage daily business activities on a centralized interface. The platform enables users to manage various processes such as concept dev...Read more about InStyle
Fishbowl
Fishbowl
Fishbowl is the #1 manufacturing and warehouse inventory management software! Its powerful inventory control system gives your small or midsize business the exact tools needed to transform your inventory management and scale your ...Read more about Fishbowl
MISys Manufacturing
MISys Manufacturing
MISys Manufacturing is a cloud-based and on-premise manufacturing solution designed for small and midsized companies. It caters to electronics, food and beverage, aerospace, defense, chemicals, health and beauty, medical devices, ...Read more about MISys Manufacturing
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Buyers Guide
Last Updated: March 16, 2023Maintaining tight control over inventory is crucial for manufacturers operating in modern manufacturing environments where stock is kept at a minimum and orders are filled just in time (JIT). Manufacturing inventory software, sometimes referred to as manufacturing inventory control software, is one of the more traditional manufacturing applications. For this reason, there are more than 100 vendors that offer some form of manufacturing inventory management software.
This buyer’s guide, along with our manufacturing inventory software reviews, cover the essential information needed to make a purchase. Here’s what we’ll cover:
What Is Manufacturing Inventory Management Software?
What Is Manufacturing Inventory Management Software?
Inventory management software helps optimize supply levels so manufacturers always have what they need as orders are placed, without tying up capital in excess parts or ingredients. The systems allow manufacturers to instantly determine on-hand inventory balances, which is useful for financial planning. In addition to tracking raw materials and stocked items, the system also records work-in-progress (WIP) items, finished products and more.
Most inventory systems will track purchased material and stocked items by lot number and/or serial number. Inventory management solutions use these numbers to track and locate in-stock items and produce picking information for item retrieval. Many systems have barcode, or radio frequency identification (RFID), functionality to scan items that are received, picked or transferred. Inventory management systems can also track purchase orders and other value information that is helpful for accounting.
What Type of Buyer Are You?
Before deciding on which system best fits your needs, it’s important to determine what type of buyer you are. More than 90 percent of buyers typically fall into one of these three categories:
Full-suite buyers. These buyers appreciate the integration that a solution from a single provider offers. Having a single system control all manufacturing functions improves information sharing between applications. For instance, a full-suite system can manage inventory picking, product assembly and invoicing from a single source.
Multi-location manufacturers. Operating multiple facilities adds a layer of complexity to the software requirements. These buyers need to track inventory for multiple facilities and balance levels across a geographic region. For manufacturers with international operations, the system should include multi-currency and multi-language support.
Small manufacturers. These buyers have straightforward requirements and need a system to improve data entry and inventory tracking. Small manufacturers are typically transferring over from pen and paper to a more automated system and only need basic inventory control functions such as order processing and lot/serial tracking.
Benefits and Potential Issues
In order to remain competitive in today’s global economy, manufacturers need to reduce excess inventory and have the capability to manage stock levels with an automated system. Here are a few of the benefits and potential issues that accompany a manufacturing inventory management system.
Time savings. An inventory system will reduce the amount of time spent processing and recording. It also enables manufacturers to immediately find the location of an in-stock item and check availability in real time.
Improved inventory accuracy. Fewer manual entry mistakes, such as logging the same inventory item twice, are made using an an electronic system. Getting a better grip on inventory management will also help reduce potentially costly manual recording errors.
Implementation difficulties. Implementing a comprehensive inventory management solution can be expensive and time consuming. Furthermore, manufacturers have to start from a clean physical inventory so the system can work off a well-organized inventory from the beginning. This can be very labor intensive.
Market Trends to Understand
Time and again different inventory management concepts, such as lean manufacturing, Kanban, six sigma methodology and 3D printing, arise to make the manufacturing process more efficient. Inventory management is moving away from the manual process, which is onerous and prone to errors. Instead, it is moving toward digital technology, which constitutes web services, mobile and internet of things (IoT). Therefore, manufacturers are looking for digital solutions that can help them manage their inventory efficiently.
Manufacturing inventory software is a niche market that is still evolving as its adoption in manufacturing organizations is increasing. Before buying a manufacturing inventory solution, decision makers should consider the following industry trends when they are evaluating a solution:
Smart inventory tracking. One-dimensional barcoding has gained a foothold in industrial and inventory tagging. Advanced systems use RFID, which enables remote monitoring to track the inventory status and product availability. Manufacturers can track products throughout the supply chain in real-time to help reduce instances of theft and spillage. In addition, real-time inventory report generation helps manufacturing and supply chain professionals to monitor business performance and take corrective actions.
Adoption of web-based platforms. There has been a gradual shift in manufacturer’s preferences from on-premise to cloud-based solutions. One of the reasons for this shift is that software-as-a-service (SaaS) solutions require very little upfront investment. In addition, the digital infrastructure helps companies save maintenance.
Enhanced business intelligence. Manufacturers are increasingly looking to track and analyze their inventory levels to understand lead time, analyze the variability in product demand and avoid inventory stock outs. Advanced manufacturing inventory solutions provide real-time business intelligence and analytics features to improve planning and strategic decision-making capabilities by providing timely updates.
Access from mobile applications. Inventory professionals have moved from working at a fixed, single location to mobile workstations. These mobile workstations are typically connected through wireless networks and operate in remote locations. To facilitate business operations from these mobile workstations, manufacturing inventory software vendors offer mobile applications that can be accessed 24/7 from any mobile device. Moreover, these mobile applications share notifications whenever an order is received, confirmed, packed, shipped and delivered to the user.
Internet of things (IoT). With this technology, internet-connected sensors communicate without any human intervention. Though it is still in its nascent stage, this technology is expected to grow exponentially and disrupt supply chain and manufacturing operations. Small businesses should keep a watch on this initiative and prepare themselves for IoT in the future.