INVENTORY OPTIMIZATION (IO) & MANAGEMENT

Inventory management is the supervision of non-capitalized assets (inventory) and stock items. A component of supply chain management, inventory management supervises the flow of goods from manufacturers to warehouses and from these facilities to point of sale. A key function of inventory management is to keep a detailed record of each new or returned product as it enters or leaves a warehouse or point of sale. (Margaret Rouse at WhatIs.com)

Multi-Echelon Inventory Optimization (MEIO)

To stay competitive, manufacturers are turning to two types of solutions to handle their supply chain: Inventory Optimization (IO) and Multi-Echelon Inventory Optimization (MEIO).

Microsoft Industry Blog titled Multi-echelon inventory optimization vs inventory optimization, provides great insight related to the two solutions. The all-encompassing goal of both IO and MEIO solutions is to efficiently match inventory levels to accommodate forecasted demand. This enables manufacturers to keep inventory levels low, move inventory as quickly as possible, and ensure high service levels for customers.

Inventory Control Software

Inventory management software helps businesses manage and track inventory, purchasing, sales, and deliveries. Inventory management software is often used by businesses to identify and eliminate inefficiencies in the movement of inventory between locations.

Inventory control software, according to G2, Best Inventory Control Software manages businesses’ physical inventory by providing real-time insight into the amount of each product they have on hand and available. Furthermore, as stated by G2, inventory control software often contains warehouse management and barcode features to provide users with a complete inventory management solution. Inventory control solutions that do not include a full complement of inventory management tools will often integrate with warehouse management, barcode, and accounting software. Several key points to consider:

      • Contain a centralized inventory database
      • Use barcode or Radio-Frequency Identification (RFID) technology to track assets
      • Provide inventory forecasting tools

The Top 20 Inventory Control Software products listed by G2 are as follow:

      1. Multiorders
      2. AccountingSuite
      3. Kintone
      4. Webgility
      5. Finale Inventory
      6. EZOfficeInventory
      7. ShipMonk
      8. RFgen
      9. Zoho Inventory
      10. TradeGecko
      11. SalesBinder
      12. eTurns
      13. Megaventory
      14. Acctivate Inventory Software
      15. HandiFox Desktop
      16. inFlow Inventory
      17. StitchLabs
      18. Unleashed
      19. Fishbowl Inventory
      20. Orderhive

Software Advice has 105 applications and companies listed that fall under IO Software. Capterra has 377 listed under Inventory Management Software to include ShippingEasy, Shippo, Craftybase, Skubana, CommentSold to mention a few. Ecommerce Platforms in its post Best Inventory Management Software lists several other applications such as SellerCloud, ChannelAdvisor, nChannel, TradeGeko, Katana, 4PSite, Dear Systems, and StitchLabs.

PC Magazine post lists The Best Inventory Management Software for 2019 as follow:

Business.org lists The 6 Best Inventory Management Software for Small Businesses of 2019 as follow:

      • Cin7: Best overall
      • Ordoro: Most versatile
      • Fishbowl: Best for Quickbook users
      • Veeqo: Most user-friendly inventory software
      • Unleashed: Best for businesses with multiple locations
      • inFlow: Honorable mention

AMAZON

No inventory management conversation can be made without the mention of Amazon as we all are aware, Amazon has changed the playing field for many sectors of the economy. Having firsthand experience and knowledge by working at Amazon, the Founder/CEO at RREVENU can provide great insight. One of the most important developments at Amazon has been the insourcing of transportation as evident by the fact that FedEX is not renewing the Amazon contract. Amazon has squeezed FedEX as much as possible to the point that FedEX no longer views Amazon as a strategic partner but, rather a competitor. Amazon is no longer just an e-commerce retailer and distributor. It is also a manufacturing giant. Somewhere along the line, Founder/CEO, Jeff Bezos realized that not only could Amazon sell products for less than its competitors: it could also make them much cheaper than its competitors. By streamlining manufacturing, distribution and retail of these select products, Amazon has a significant competitive advantage due to the scale it operates on. It wouldn’t be surprising if the AmazonBasics line expanded into more consumer staple products.

Amazon has always tried to make improvements to its business models with different and unbelievable tactics to maximize earnings. And in doing so, Amazon Inventory Management has played a vital role. However, Amazon realized that the best way to handle inventory management was to outsource such services. Currently, Amazon inventory management is enhanced using Appath Cloud Software. In addition, Amazon uses the following inventory and order management software tools:

      1. Channel Advisor
      2. Sellbrite
      3. Linnworks
      4. Seller Express
      5. Monsoon
      6. Solid Commerce
      7. Skubana
      8. TeikaMetrics
      9. Restock Pro FBA
      10. InventoryLab
      11. Appath
      12. Tradegecko

RREVENU will assist on the research and after a thorough review of the client’s needs and forecasted budget in analysis, will be able to provide clients with the best solutions for consideration.

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