Inventory Control Software: Everything You Need to Know

Inventory control is an essential aspect of any business. It ensures that there is always the right amount of inventory available to meet customer demand without overstocking or understocking. But manual inventory control can be time-consuming, error-prone, and inefficient. That’s where inventory control software comes in. In this article, we’ll cover everything you need to know about inventory control software, including the different types of inventory control systems, the benefits of inventory control software, and the best inventory management software available in the market.

What is Inventory Control Software?

Inventory control software is a digital solution designed to help businesses manage their inventory levels efficiently. It automates the inventory control process by providing real-time inventory data, tracking inventory levels, and generating inventory reports. Inventory control software enables businesses to optimize inventory levels, reduce costs, and improve their bottom line.

What are the Benefits of Inventory Control Software?

Inventory control software offers several benefits to businesses of all sizes, including:

1. Better Inventory Management

Inventory control software provides real-time inventory data that enables businesses to manage their inventory levels more efficiently. It helps them optimize their inventory levels, reduce stockouts and overstocking, and prevent excess inventory.

2. Increased Efficiency

Inventory control software automates the inventory control process, eliminating manual data entry and reducing the risk of errors. It saves time and resources, enabling businesses to focus on other critical aspects of their operations.

3. Cost Savings

Inventory control software helps businesses reduce inventory holding costs by optimizing inventory levels and preventing excess inventory. It also helps them reduce the cost of manual inventory control processes, such as data entry and inventory tracking.

4. Better Customer Service

Inventory control software enables businesses to track inventory levels in real-time, ensuring that they always have the right amount of inventory to meet customer demand. It helps them avoid stockouts and backorders, improving customer satisfaction.

What Does Inventory Management Software Do?

Inventory management software offers a range of features to help businesses manage their inventory levels effectively. Some of the key features include:

1. Real-time Inventory Tracking

Inventory management software provides real-time inventory data, enabling businesses to track inventory levels and monitor inventory movement.

2. Inventory Optimization

Inventory management software helps businesses optimize their inventory levels by analyzing inventory data, identifying trends, and predicting future demand.

3. Automatic Reordering

Inventory management software can automatically reorder inventory when levels fall below a certain threshold, preventing stockouts and ensuring that businesses always have the right amount of inventory on hand.

4. Inventory Reporting

Inventory management software generates inventory reports that provide businesses with valuable insights into their inventory levels, such as inventory turnover, stockouts, and excess inventory.

What are the 3 Inventory Control Systems?

There are three primary inventory control systems: periodic inventory system, perpetual inventory system, and just-in-time inventory system.

1. Periodic Inventory System

The periodic inventory system involves manually counting inventory levels at regular intervals and adjusting the inventory records accordingly. This system is time-consuming and prone to errors, but it is suitable for businesses with low inventory turnover and limited resources.

2. Perpetual Inventory System

The perpetual inventory system tracks inventory levels in real-time using inventory control software. It provides accurate and up-to-date inventory data, enabling businesses to manage their inventory levels more efficiently.

3. Just-in-Time Inventory System

The just-in-time inventory system involves ordering inventory only when it is needed, reducing excess inventory and minimizing inventory holding costs. This system is suitable for businesses with high inventory turnover and reliable suppliers.

There are three main types of inventory control systems:

1. Just-in-Time (JIT) – JIT inventory control systems are designed to keep inventory levels low by only ordering goods when they are needed. This can help businesses reduce storage and holding costs.
2. Material Requirements Planning (MRP) – MRP inventory control systems are designed to ensure that the right materials are available when needed for production. These systems use data such as sales forecasts, production schedules, and inventory levels to generate material requirements and purchasing orders.
3. Economic Order Quantity (EOQ) – EOQ inventory control systems are designed to minimize inventory costs by finding the optimal order quantity that minimizes the total costs associated with ordering, storing, and holding inventory.

What is the Best Inventory Control System?

The best inventory control system depends on the specific needs of the business. Factors such as the size of the business, the complexity of the inventory management process, and the type of products being sold all play a role in determining the best inventory control system.

For small businesses with simple inventory management needs, a Just-in-Time (JIT) system may be sufficient. For larger businesses with more complex inventory management needs, a Material Requirements Planning (MRP) or Economic Order Quantity (EOQ) system may be more appropriate.

What is Inventory Control Software?

Inventory control software is a powerful tool that helps businesses manage their inventory levels and keep track of their stock. This software provides a centralized system to manage stock levels, track shipments, monitor sales, and manage purchasing orders. It can also help businesses to avoid stockouts, reduce overstocking, and optimize their inventory levels. Inventory control software can be used by businesses of all sizes, from small businesses to large enterprises.

What are the Benefits of Inventory Control Software?

Using inventory control software offers a range of benefits to businesses, including:

1. Improved Inventory Management – Inventory control software enables businesses to efficiently manage their inventory levels, reduce stockouts, and optimize inventory levels to meet demand.
2. Better Decision Making – With real-time data and analytics, inventory control software can help businesses make better decisions about purchasing, stocking, and shipping.
3. Cost Savings – By reducing overstocking and stockouts, businesses can reduce the costs associated with inventory management, such as storage, shipping, and handling.
4. Increased Efficiency – Inventory control software can automate manual processes, reducing the time and effort required to manage inventory levels.
5. Enhanced Customer Service – By having the right products in stock at the right time, businesses can provide better customer service and improve customer satisfaction.

What does Inventory Management Software do?

Inventory management software provides businesses with a centralized system to manage their inventory levels, track shipments, monitor sales, and manage purchasing orders. It can also help businesses to avoid stockouts, reduce overstocking, and optimize their inventory levels. Inventory management software can be used to automate manual processes, such as stock counting, ordering, and invoicing.

Is Excel Good for Inventory?

Excel can be a useful tool for managing inventory levels, particularly for small businesses with simple inventory management needs. However, Excel is limited in its functionality and scalability. As businesses grow and their inventory management needs become more complex, Excel may not be sufficient to manage inventory levels effectively.

Excel is a commonly used tool for inventory management due to its availability and familiarity. However, it has several limitations that make it less than ideal for inventory management compared to a rental software with a complex automated inventory management system with barcode scanning and QR codes.

Firstly, Excel lacks the ability to automate inventory tracking. Businesses using Excel for inventory management have to manually update the inventory count for each product, which can be time-consuming and prone to errors. On the other hand, rental software with an automated inventory management system can track inventory levels in real-time, allowing businesses to make informed decisions about inventory management.

Secondly, Excel does not have the capability for barcode scanning and QR codes, which are essential for accurate and efficient inventory tracking. Rental software with barcode scanning and QR codes can quickly scan and track inventory levels, reducing the risk of errors and improving overall accuracy.

Additionally, Excel lacks the ability to integrate with other systems, making it difficult for businesses to share inventory information with other departments or systems. In contrast, rental software with complex inventory management systems can easily integrate with other systems, such as point-of-sale systems, accounting software, and shipping and receiving software.

Furthermore, Excel does not provide analytics or reporting capabilities, making it difficult for businesses to gain insights into their inventory performance. Rental software with a complex automated inventory management system can provide analytics and reporting functionalities, allowing businesses to make data-driven decisions and optimize their inventory management processes.

Why you should not use Excel for inventory control management

In conclusion, while Excel may be a readily available and familiar tool for inventory management, it has several limitations that make it less than ideal for businesses with complex inventory tracking needs. Rental software with a complex automated inventory management system with barcode scanning and QR codes can provide businesses with more accurate and efficient inventory tracking, as well as integration and reporting capabilities, making it a better option for businesses looking to streamline their inventory management processes.

Best Inventory Management Software

There are many inventory management software options available on the market, each with its own set of features and benefits. Some of the best inventory management software options include:

1. Zoho Inventory
2. Fishbowl Inventory
3. QuickBooks Enterprise
4. Cin7
5. NetSuite

Inventory Management Software Free

There are several free inventory management software available for PC users that can help businesses of all sizes to streamline their inventory management processes. 

Some of the popular free inventory management software for PC include ABC Inventory, Odoo Inventory, InFlow Inventory, and Zoho Inventory. 

These software offer basic inventory management functionalities like inventory tracking, order management, and reporting. 

While they may lack some of the advanced features offered by paid inventory management software, they can be a good starting point for small businesses with limited budgets.

Inventory Management Software Open Source:

Open source inventory management software allows businesses to customize the software according to their specific requirements. One of the most popular open source inventory management software is Openbravo. It offers features like inventory tracking, order management, and reporting, as well as advanced features like demand forecasting and replenishment planning. Other popular open source inventory management software include ERPNext, Dolibarr, and Odoo.

Sharefox Rental Software as an Inventory Control Software:

Sharefox Rental Software is a cloud-based rental management software that can also function as an inventory control software. It offers features like inventory tracking, order management, and reporting, as well as rental management functionalities like rental booking, reservation management, and rental tracking. With Sharefox, businesses can track their inventory levels in real-time, manage their rental operations, and gain insights into their inventory performance.

Benefits of Sharefox Inventory Control System:

The benefits of using Sharefox as an inventory control system include:

1. Real-time inventory tracking: With Sharefox, businesses can track their inventory levels in real-time, allowing them to make informed decisions about inventory management.
2. Rental management functionalities: Sharefox offers rental management functionalities like rental booking, reservation management, and rental tracking, allowing businesses to manage both their rental and inventory operations from a single platform.
3. Analytics and reporting: Sharefox provides analytics and reporting functionalities, allowing businesses to gain insights into their inventory performance and make data-driven decisions.
4. Scalability: Sharefox can be scaled to meet the growing needs of businesses, making it an ideal solution for businesses of all sizes.

Conclusion about Inventory Control Software:

Effective inventory management is essential for businesses to optimize their operations and maximize profits. There are several inventory control systems available in the market, each with its own set of features and functionalities. Businesses should evaluate their specific requirements and choose the inventory control system that best meets their needs. Sharefox Rental Software is one such inventory control system that offers advanced inventory tracking and rental management functionalities, making it an ideal solution for businesses looking to streamline their inventory management processes.