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Inventory management software also helps you cut down on costs. It helps you keep track of when to reorder, and it usually comes with advanced reporting so you can tell which products are selling well. In some cases, inventory software may also include demand forecasting, which helps you avoid the extra cost of excess inventory. Almyta’s ACS software is an excellent inventory management solution for companies looking for maximum customization. The platform already includes multiple warehouse management and advanced reporting features, but its open-source code allows you to personalize the platform to suit your needs to the tee.

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The system not only alerts you when you are running out of stock, but it also informs you when there is excess stock at hand that could be affecting your profit margins. Over two-thirds (68%) of small-business owners report using inventory management software. And 79% of those small-business owners say that keeping track of their inventory is how they know merchandise has been stolen. Not sure if inventory tracking software is right for your business? But even if you opt not to use software, every business needs a way to manage their inventory and supply chain. Find out more in our guide to why inventory management is important.

If you run a multichannel retail business and feel intimidated by learning a new inventory management system, Veeqo’s easy-to-use platform may be the best bet for you. The platform consolidates all your sales channels in a single place for easy management you don’t have to spend all day on. Cin7 offers an inventory management system that can do more than just inventory management. In fact, it’s a one-stop shop for all your business needs, including everything from inventory optimization to point-of-sale and manufacturing—pretty much everything except for accounting software.

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We’ve spent the past year doing extensive research on inventory management software options. We used this new perspective to completely rewrite this guide with the most up-to-date information—not to mention new top-recommended providers for every type of business. Pricing for asset management software varies depending on the features offered and the pricing method. Some AMS providers base their pricing on the number of users, while others base it on the number of assets or a Family Feud combination of the two. Some providers charge a flat annual fee based on a range of users and assets.

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For businesses on a budget, inFlow Inventory is a great inventory management system. inFlow offers, in our opinion, the best free inventory management service on the market . Or you can enjoy more features with inFlow’s paid plans—some of the cheapest available, starting at a low $71.00 per month. Ordoro is our recommended inventory management system for any business selling online. Between its multichannel selling features and dropshipping capabilities, this inventory software has everything you need to run an online store.

So, it isn’t easy to compare pricing unless you know precisely what you are looking for in an AMS system. As an asset moves through its lifecycle, AMS tracks its location, who’s using it, as well as its downtime and uptime. Automated reports provide management with critical data and analysis of each asset. Businesses use asset management software to optimize asset efficiency while minimizing the cost of lost or underutilized assets. Asset management software automatically collects all of that data and compiles reports the business can use to optimize the use of its assets.