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Inventory Optimization Software


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An Intuit Gold Partner for more than a decade, Fishbowl is a well-known inventory add-on for QuickBooks. Reduce double data entry. Improve speed of reordering and receiving processes. Improve data accuracy and more.
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An Intuit Gold Partner for more than a decade, Fishbowl is a well-known inventory add-on for QuickBooks. Reduce double data entry. Improve speed of reordering and receiving processes. Improve data accuracy and more.
 
 
Agiliron cloud-based point-of-sale (POS) solution is designed to serve both in-store and mobile businesses as well as online sales channels. The system offers a host of features that work in tandem with the point-of-sale solution,... Read More
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Agiliron cloud-based point-of-sale (POS) solution is designed to serve both in-store and mobile businesses as well as online sales channels. The system offers a host of features that work in tandem with the point-of-sale solution,... Read More
 
 
Odoo is a fully integrated and customizable open-source suite of business applications including sales, CRM, project management, manufacturing, inventory, accounting and other business needs in one software solution. Odoo was designed... Read More
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Odoo is a fully integrated and customizable open-source suite of business applications including sales, CRM, project management, manufacturing, inventory, accounting and other business needs in one software solution. Odoo was designed... Read More
 
 
TRXio by Cairnstack Software is a cloud-based inventory solution that helps businesses of all sizes across various manage their assets, protect their brand and comply with industry standards. Within TRXio users gain access to demand... Read More
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TRXio by Cairnstack Software is a cloud-based inventory solution that helps businesses of all sizes across various manage their assets, protect their brand and comply with industry standards. Within TRXio users gain access to demand... Read More
 
 
Systum is a cloud-based enterprise resource planning solution for small to midsize businesses. Key features include marketing, customer relationship management, sales automation, e-commerce, inventory management and quoting and billing. Systum... Read More
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Systum is a cloud-based enterprise resource planning solution for small to midsize businesses. Key features include marketing, customer relationship management, sales automation, e-commerce, inventory management and quoting and billing. Systum... Read More

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Finale Inventory is a cloud-based inventory and supply chain management solution designed for small and midsize businesses that offers stock management, purchasing, order management and reporting functionalities within a suite. The... Read More
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Finale Inventory is a cloud-based inventory and supply chain management solution designed for small and midsize businesses that offers stock management, purchasing, order management and reporting functionalities within a suite. The... Read More
 
 
Infoplus is an inventory management solution for small to midsize organizations in industries including consumer goods, electronics, food and beverage, retail, pharmaceuticals and more. The system is offered primarily as a web-based... Read More
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Infoplus is an inventory management solution for small to midsize organizations in industries including consumer goods, electronics, food and beverage, retail, pharmaceuticals and more. The system is offered primarily as a web-based... Read More
 
 
Lead Commerce is an integrated order management suite that offers applications like inventory management, merchandise planning, and customer relationship management. The solution helps small and midsize businesses streamline and automate... Read More
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Lead Commerce is an integrated order management suite that offers applications like inventory management, merchandise planning, and customer relationship management. The solution helps small and midsize businesses streamline and automate... Read More
 
 
Zangerine is a cloud-based distribution management solution for small to midsize e-commerce businesses. Key features include inventory management, order management, quotes, purchasing, customer relationship management (CRM), point... Read More
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Zangerine is a cloud-based distribution management solution for small to midsize e-commerce businesses. Key features include inventory management, order management, quotes, purchasing, customer relationship management (CRM), point... Read More
 
 
SalesPad offers a cloud-based inventory management solution to helps businesses manage their inventory lifecycle. Key features include point of sale (POS), order processing, purchasing management, payment processing and reporting. SalesPad... Read More
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SalesPad offers a cloud-based inventory management solution to helps businesses manage their inventory lifecycle. Key features include point of sale (POS), order processing, purchasing management, payment processing and reporting. SalesPad... Read More

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eTurns is a cloud-based inventory management solution that helps distributors and their customers automate inventory replenishment at the point-of-use (stockrooms, service trucks, etc.) using smartphones, scanners, RFID and IoT weight... Read More
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eTurns is a cloud-based inventory management solution that helps distributors and their customers automate inventory replenishment at the point-of-use (stockrooms, service trucks, etc.) using smartphones, scanners, RFID and IoT weight... Read More
 
 
SkuVault is a cloud-based inventory management software designed for small and medium-sized omnichannel businesses with a focus in eCommerce. SkuVault features inventory management applications that include multi-warehouse inventory... Read More
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SkuVault is a cloud-based inventory management software designed for small and medium-sized omnichannel businesses with a focus in eCommerce. SkuVault features inventory management applications that include multi-warehouse inventory... Read More
 
 
FlowTrac is a cloud-based and on-premise warehouse management solution offered by EMS Barcode Solutions that helps companies manage their inventory, assets and warehouse. The solution is suitable for multiple businesses. Users can... Read More
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FlowTrac is a cloud-based and on-premise warehouse management solution offered by EMS Barcode Solutions that helps companies manage their inventory, assets and warehouse. The solution is suitable for multiple businesses. Users can... Read More
 
 
PathGuide Technologies delivers comprehensive warehouse management systems to optimize productivity and key processes across distribution enterprise. Their flagship product, Latitude WMS, is engineered to embrace the system’s flexibility... Read More
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PathGuide Technologies delivers comprehensive warehouse management systems to optimize productivity and key processes across distribution enterprise. Their flagship product, Latitude WMS, is engineered to embrace the system’s flexibility... Read More
 
 
SIMMS by KCSI is a comprehensive inventory and supply chain management (SCM) system that helps businesses organize and control various aspects of their inventory. With features like serial number tracking, lot control, kitting and... Read More
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SIMMS by KCSI is a comprehensive inventory and supply chain management (SCM) system that helps businesses organize and control various aspects of their inventory. With features like serial number tracking, lot control, kitting and... Read More

Call us for a free FastStart Consultation: (844) 680-2046


 
 
Jazva is a cloud-based e-commerce management solution with an array of functionalities for small to midsize B2B and B2C retailers that operate on a variety of online marketplaces and ship their goods from multiple warehouses or fulfillment... Read More
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Jazva is a cloud-based e-commerce management solution with an array of functionalities for small to midsize B2B and B2C retailers that operate on a variety of online marketplaces and ship their goods from multiple warehouses or fulfillment... Read More
 
 
Oracle SCM Cloud is a cloud-based supply chain management solution that offers distribution, manufacturing, inventory management and fleet management within a suite. The product features product development, which allows users to... Read More
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Oracle SCM Cloud is a cloud-based supply chain management solution that offers distribution, manufacturing, inventory management and fleet management within a suite. The product features product development, which allows users to... Read More
 
 
S2K Enterprise Management solution by VAI is a cloud-based, integrated ERP system designed to manage midsize and enterprise businesses in the wholesale distribution, manufacturing and speciality retail industries, across many vertical... Read More
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S2K Enterprise Management solution by VAI is a cloud-based, integrated ERP system designed to manage midsize and enterprise businesses in the wholesale distribution, manufacturing and speciality retail industries, across many vertical... Read More
 
 
mobe3 is a cloud-based warehouse management solution (WMS) for midsize and enterprise warehouse facilities. It is an iOS-compatible solution that lets facility managers simulate their warehouse operations, including inventory management,... Read More
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mobe3 is a cloud-based warehouse management solution (WMS) for midsize and enterprise warehouse facilities. It is an iOS-compatible solution that lets facility managers simulate their warehouse operations, including inventory management,... Read More
 
 
ACTOR’s Before! software application solution for inventory replenishment optimization starts with a highly accurate demand forecast that minimizes forecasting error.  This software produces a model that is able to quickly pick... Read More
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ACTOR’s Before! software application solution for inventory replenishment optimization starts with a highly accurate demand forecast that minimizes forecasting error.  This software produces a model that is able to quickly pick... Read More
 

Buyer's Guide

by Lisa Hedges,
Content Analyst
Last Updated: February 21, 2019


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.

Here's what we'll cover:

What Is Inventory Optimization Software?
Common Features of Inventory Optimization Software
What Type of Buyer Are You?
Benefits of Inventory Optimization Software
Key Considerations

What Is Inventory Optimization Software?

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.

EazyStock software's inventory optimization graph

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:

Demand forecast

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.

Order planning

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.

Integrations

Integrate the software with your existing systems such as material requirements planning (MRP), enterprise resource planning (ERP) and warehouse management software (WMS) systems.

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.

Key Considerations

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.
 

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