Warehouse Inventory Tracking System (Processes, Costs, And Features)

2. Fishbowl Inventory

Established in 2001, Fishbowl Inventory is known for its advanced inventory and warehouse management features. It is suitable for mid-sized to large businesses. The best part? It can integrate seamlessly with QuickBooks.

Key Features:

Multi-location inventory tracking.

Integration with QuickBooks for seamless accounting.

Automated reordering and stock level monitoring.

Mobile compatibility.

Pros:

Strong integration with accounting tools.

Comprehensive reporting features.

Flexible pricing plans.

Cons:

Limited scalability for very large businesses.

No free version is available.

Price:

Starts at $4,395 (one-time fee) with optional add-ons.

3. Inciflo WMS

It is an intelligent multi-warehouse management platform that is used to manage inventory. Why choose Inflico? Because it supports integration with ERP systems like SAP, Oracle and e-commerce platforms like Shopify.

Pros:

Offers Warehouse layout optimization tools.

Allows for real-time visibility of stock

Easy to use with a friendly userface.

Cons:

Limited advanced features compared to enterprise-level solutions.

Additional costs for specific add-ons.

Pricing:

Pricing details are not publicly available; interested users should contact Inciflo directly for a quote.

4. Oracle NetSuite

Oracle NetSuite WMS is a comprehensive solution that optimizes daily warehouse operations, including receiving, inventory tracking, and order fulfillment.

Pros:

Real-time inventory visibility.

Multi-currency support

Multiple Language support

Seamless Global Integration

Cons:

Higher cost compared to other solutions.

Complex implementation process.

Majorly useful for large enterprises and not small businesses.

Pricing: Available on Request

5. Infor WMS

Infor has been around since 2002 and has evolved its WMS to meet modern supply chain needs. Its WMS is a cloud-based solution designed to help businesses manage their warehouse operations more efficiently. It streamlines processes like inventory management, order fulfillment, and shipping.

Pros:

Easily adapts to growing business needs

Ensures smooth data flow between systems.

Offers reports and analytics to help optimize warehouse performance

Cons:

Initial setup and ongoing subscription fees are high.

Has more features than necessary for smaller operations, making it seem overwhelming.

What Can A Warehouse Inventory Tracking Software Do For Your Business?

A warehouse inventory tracking system plays a crucial role in streamlining inventory management processes. Here's what it can do:

Automate Inventory Management: Reduces manual errors and improves stock accuracy with real-time updates.

Optimize Stock Levels: Ensures the right quantity of products is available, preventing overstocking or stockouts.

Improve Order Processing: Simplifies order management with automated workflows, saving time and effort.

Increase Efficiency: Enhances productivity by minimizing manual tasks and streamlining operations.

Reduce Costs: Cuts operational costs by optimizing labor and inventory usage.

What Are The Features Of Warehouse Inventory Management Systems?

An efficient and reliable warehouse management software must support inventory tracking, order and returns management, integration with other softwares, and reporting tools. Let’s look at them in detail below:

1 Inventory Tracking

Inaccurate inventory records can result in stockouts or overstock situations, affecting cash flow and customer trust. Maintaining precise inventory levels is essential for operational efficiency.

Features to consider include:

Real-time inventory visibility across multiple locations

Barcode scanning or RFID support for easy tracking

Automated stock-level alerts and notifications

Support for Stock Keeping Units (SKU)

Batch and serial number tracking

2. Order Management

Every business has to deal with n no. of customer deliveries. Managing all customer orders, be it online or from stores, can cause confusion and delays. Without proper tracking, fulfilling orders can become challenging and impact customer satisfaction. With WMS software, you get all updates on a unified platform. So, pulling orders and back orders can be done from a single source of inventory. An efficient inventory tracking system must:

Provide real-time order tracking and updates.

Automate order processes on multiple channels.

Integrate with e-commerce platforms.

Offer customizable order-picking strategies.

Have a pipeline for queries and responses.

Reporting tools for accuracy in operations

3. Returns Management

Handling returns can be complex and time-consuming, leading to lost revenue and customer dissatisfaction if not appropriately managed.

Features to consider include:

Automated return authorization processes

Maintaing reasons for returns by customers.

Integration with inventory systems for real-time updates

Reporting tools for return trends and issues

User-friendly interface for customers to initiate returns

4. Reporting and Analytics

Lack of actionable data analytics can hinder decision-making. Businesses need data to identify trends, inefficiencies, and opportunities for improvement.

When you choose a Warehouse management system, look out for reporting features like:

Customizable dashboards for key performance indicators (KPIs)

Historical data analysis for trend forecasting

Integration with business intelligence tools

Alerts for critical inventory levels, outstanding orders or performance issues

5. Integration Capabilities

Integrating your Warehouse Management System (WMS) with other software is essential for smooth operations. While many WMS solutions can connect directly with order sources and shipping providers, you might also want to link it to your finance management software or Customer Relationship Management (CRM) systems.

Look out for the following must-haves in your WMS:

Prebuilt integrations with common order sources (like Shopify or Amazon)

API support for third-party software integration

Compatibility with ERP and accounting systems

Integration with e-commerce platforms to track sales.

Data synchronization across all connected systems

How Do Warehouses Keep Track Of Inventory?

Warehouses use various methods to keep track of inventory, ensuring accuracy and efficiency.

Of all methods, technology has played a major role in revolutionizing how businesses manage their inventory. Some of the common methods to track inventory levels are:

Barcode Scanning Machines

RFID Tags

Inventory Management Software

Periodic Audits

How Do You Check Inventory In A Warehouse?

There are two primary methods for checking inventory: manual and automated.

The manual method involves physically counting and recording each stock item in the warehouse. This method can be useful for small businesses with limited inventory. However, in today's time, this method is very time-consuming, labour-intensive, and prone to human error. It can disrupt warehouse operations.

Another method that is more accurate and less labour-intensive is automated warehouse management systems (WMS).

It uses the following technologies:

Barcode scanners - These devices scan barcodes on products, allowing for quick and accurate data entry into inventory systems.

RFID (radio-frequency identification) tags - These tags use radio waves to automatically identify and track items, even without a direct line of sight

What Is Real-Time Inventory Tracking And Why Is It Critical?

Real-time inventory tracking is the process of keeping an eye on purchases, sales, and other inventory changes. The software has a distributed database that monitors and updates the quantity and locations where stock is located. By monitoring these changes, businesses can gain benefits like:

Improved Business Efficiency

With real-time tracking, you always know what's in stock. This helps you make better decisions quickly, avoid delays, and keep everything running smoothly. Besides, you can also check and maintain your dead stock levels under 15-20%.

Reduced Stock Outs or Overstocking Situations

Real-time monitoring helps you balance your inventory. The database analyses past sales trends and gives estimates. Based on techniques like EOQ (Economic Ordering Quantity), you place orders for raw materials and other supplies in economic quantities only. This way, you won't have too much or too little of any item.

Increased Customer Satisfaction

When you know exactly what is in stock, as a business, you can accurately fulfill customer orders and minimize backorders. For instance, you are an online electronic retailer. A customer places an order for a gadget, but it turns out to be out of stock. Disappointed, they turn to your competitor. You can prevent such problems with real-time tracking and keep your customers happy and loyal.

Gained Competitive Edge Against Competitors

In the world of business, staying ahead of competitors is crucial. Real-time inventory tracking gives you that edge. By having up-to-date information on your inventory, you can make informed decisions faster and respond to market trends more effectively. This proactive approach sets you apart from competitors who might still rely on outdated methods.