Best Automated Inventory Management Systems

Automated inventory management is a critical step to take for any growing business. With advanced POS software, businesses can keep track of sales, promotions, and ordering. Tasks and vendor management can be automated. And you can do it across multiple locations. In this blog post, we’ll explore four of the best automated inventory management systems.

Better yet, features that were once unobtainable for the average business can now be had for the same price you pay for your internet. A lot of small businesses we talked to didn’t even know how proper inventory management can impact their business. So let’s go over some of the ways that modern software can help your business and the many benefits of automated inventory management.

1. KORONA POS: Best for high-risk retail stores

Key features

• Age-verification capacities: KORONA POS helps high-risk retailers (liquor stores, vape and smoke shops, convenience stores; etc) comply with age restrictions by prompting cashiers to verify customer ID during relevant transactions. The built-in age verification feature acts as an extra layer of security, potentially reducing the sale of age-restricted items to minors.

• Automated reorder levels: Automated reordering is one of the most important features for smooth inventory management. With stock notifications, custom par levels, and vendor relations, merchants can relax knowing that they’ll always have the right amount of stock on hand. Each retailer can set their own levels for each product in their inventory. The point of sale will determine the best time to place a reorder and automatically do so when the inventory hits that threshold.

• Store order cycles: These take the automation a step further. Instead of setting custom reorder levels for each individual product, store orders automatically create a single report for all items that need to be ordered. From there, the software sends out order requests to each appropriate vendor. Again, all of this is done without you having to click a single button.

• Dispatch notifications: When orders are placed internally or externally, automated dispatch notifications keep everyone in the loop. Instead of wondering when something might arrive, checking tracking information, or making annoying phone calls, this lets you know as soon as action is taken.

• Franchise features: Finally, for stores that grow into franchises, look for franchise POS software. This can do a whole lot to make running a complicated franchise business much easier. You can manage franchisor royalties, create automated ordering directly through the franchisor, produce custom reports, and run a consolidated loyalty program.

Pros

• Cloud-based inventory management system
• Robust reporting and metrics
• Can integrate with any payment processors
• 24/7 customer support

Cons

• Not ideal for the highly matrix-sized types of business
• Not ideal for complicated menus for restaurant
• Learning curve

Pricing

Here’s a breakdown of KORONA POS’s pricing plans:

• KORONA Core: This is the most basic plan, costing $49 monthly
• KORONA Retail: This plan offers additional features compared to Core and costs $59 monthly
• KORONA Add-ons: Offers several add-on modules you can purchase for additional features from $10 to $50 per month, depending on the add-on you’d like.

2. Brightpearl: Best for wholesalers with hyper-scalability

Key features

• Warehouse management: Brightpearl provides robust warehouse management capabilities, including bin location tracking, pick-and-pack processes, and integration with third-party warehouse management systems (WMS). This feature streamlines warehouse operations, improves efficiency, and reduces fulfillment errors.

• Automated inventory replenishment: Brightpearl’s inventory replenishment feature uses advanced algorithms to automatically calculate reorder points and suggest optimal replenishment quantities based on sales forecasts, lead times, and safety stock levels. This automation helps businesses maintain optimal inventory levels, reducing the risk of stockouts or excess inventory.

• Pre-built integrations: Brightpearl integrates with popular eCommerce platforms, accounting software, and other business applications, enabling seamless data synchronization and streamlined operations.

• Barcoding and serialization: Brightpearl supports barcoding and serialization, enabling businesses to track individual products and manage complex inventory scenarios. This feature is particularly useful for businesses dealing with serialized or lot-controlled products, such as electronics, pharmaceuticals, or high-value items.

• Inventory forecasting and reporting: Brightpearl offers advanced inventory forecasting and reporting tools, providing businesses with valuable insights into sales trends, inventory turnover rates, and future demand. This information helps businesses make informed decisions about inventory levels, product assortments, and sales strategies.

• Multi-location inventory management: Brightpearl supports multi-location inventory management, allowing businesses to track and manage inventory across multiple warehouses, stores, or fulfillment centers. This feature ensures accurate inventory visibility and enables businesses to optimize their supply chain processes.

Pros

• Highly scalable and suitable for high-volume operations
• Robust inventory management and order fulfillment capabilities
• Extensive integration options for a seamless tech stack
• Comprehensive reporting and analytics tools

Cons

• Relatively high pricing compared to some alternatives
• Steep learning curve for complex implementations
• Limited customization options for specific business requirements

Pricing

Brightpearl follows a quote-based pricing model, where the cost is determined by factors such as the number of users, order volume, and required features. Interested businesses need to contact Brightpearl for a personalized quote.

3. Lightspeed Retail: Best for Matrix-Sized Businesses

Key features

• Inventory matrix: This feature enables you to create complex product variants based on attributes like size, color, material, etc. It simplifies the management of products with multiple variations, ensuring accurate tracking and efficient organization of your inventory.

• Serialized inventory tracking: For businesses dealing with serialized or unique products, Lightspeed Retail offers serialized inventory tracking. This feature allows you to track individual items by their serial numbers, ensuring better control and traceability.

• Cycle counting: Instead of performing a complete physical inventory count, Lightspeed Retail allows you to conduct cycle counts on specific products or categories. This continuous inventory verification process ensures accuracy and minimizes disruptions to your daily operations.

• Vendor management: Lightspeed Retail provides robust vendor management capabilities. You can track vendor information, purchase orders, and vendor performance metrics. This helps streamline your supply chain and maintain strong relationships with your suppliers.

• Automated purchase orders: The system can automatically generate orders based on predefined reorder levels and sales forecasts. This ensures you never run out of popular items and can optimize your inventory levels to meet demand.

• Inventory bundles and kits: You can create bundles or kits by combining multiple products into a single sellable item. This feature is particularly useful for retailers who sell products often purchased together, such as gift sets or product combos.

Pros

• Supports multiple locations
• Robust reporting
• User-friendly interface

Cons

• No free trial
• Not much flexibility in payment processing
• Poor customer service
• Limited offline functionality

Pricing

• Lean plan: $119 per month for basic point of sale and Inventory management

• Standard plan: $169 per month. It includes lean plan features, additional accounting tools, eCommerce tools, etc.

• Advanced plan: $249 per month. It includes standard plan features, loyalty programs, analytics features, etc.

• Enterprise plan: Custom-priced: This includes advanced plan features, one-on-one consultation payment processing discounts, etc.

4. Toast POS: Best For Restaurant Businesses

Key features

• Actual vs Theoretical (AvT) reporting: Toast analyzes the difference between your actual inventory based on sales data and your theoretical inventory based on recipe costing. This variance helps identify areas of waste or potential errors in counting or ordering.

• Mobile app-based inventory counts: Ditch the clipboards! Toast allows staff to conduct inventory counts directly on their mobile devices. These counts can be mapped to your specific kitchen layout for efficiency and even work offline if there’s no Wi-Fi available.

• Value-based inventory insights: Toast goes beyond simply tracking quantities. It allows you to assign values to your inventory items, giving you real-time insights into the actual dollar value of your stock. This helps with profitability analysis and controlling rising food costs.

• Online ordering & delivery: Toast offers a comprehensive solution for maximizing off-premise sales while minimizing costly third-party commissions. Its POS system is designed to help restaurants and eateries increase sales by allowing guests to easily order directly from them, whether through their website, the Toast TakeOut app, or over the phone. Toast facilitates curbside pickup and contactless delivery options, enabling businesses to offer these services commission-free.

Pros

• Intuitive user interface
• Cloud-based
• Kitchen display system

Cons

• Frequent hardware malfunction
• Poor quality of hardware

Pricing

• Quick start bundle: Free for the first month, then $0/month (limited features)
• Core: $69/month
• Growth: $165/month

How To Choose The Best Automated Inventory Software?

Here are some key factors to consider when selecting an automated inventory software:

• Scalability and growth potential: Look for software that can grow with your business. Consider the number of products, locations, and users you have now and may have in the future. Ensure the software can accommodate your growth plans without requiring a complete overhaul.

• Integration capabilities: Evaluate how well the inventory software integrates with your existing systems, such as accounting software, eCommerce platforms, and POS systems. Seamless integration can streamline processes and reduce manual data entry.

• Inventory management features: Assess the software’s core inventory management features, including stock tracking, reorder level alerts, barcode scanning, and real-time inventory updates. Look for features that align with your specific industry requirements and workflows.

• Reporting and analytics: Robust reporting and analytics features are essential for making informed business decisions. Look for software that offers customizable reports, dashboards, and insights into inventory trends, sales patterns, and forecasting.

• User-friendliness and training: Consider the software’s ease of use and the learning curve for your employees. Look for intuitive interfaces, comprehensive documentation, and training resources to ensure a smooth implementation and adoption.

• Security and data protection: Evaluate the software’s security measures, such as data encryption, user access controls, and backup and recovery options, to ensure the safety and integrity of your inventory data.

• Vendor support and reputation: Research the vendor’s reputation, customer support offerings, and overall reliability. Look for companies with a proven track record, responsive support, and a commitment to continuous improvement and updates.

• Cloud-based or on-premises: Decide whether you prefer a cloud-based solution (software-as-a-service) or an on-premises installation based on your IT infrastructure, data security requirements, and budget considerations.

• Cost and pricing structure: Compare the total cost of ownership, including upfront costs, ongoing fees, and any additional charges for customizations or integrations. Ensure the software fits within your budget and provides a good return on investment.

FAQ Question: Best-Automated Inventory System

What is an automated inventory system?

An automated inventory system is a software application that helps businesses track and manage their stock levels, orders, sales, and other inventory-related activities in a digital and automated manner.

What are the 4 types of inventory management systems?

• Periodic inventory system
• Perpetual inventory system
• Just-in-time inventory system
• Material requirements planning (MRP) system

What are some advantages of an automated inventory system over a manual system?

Some key advantages of an automated inventory system over a manual system are:

• Increased accuracy and reduced human errors
• Real-time tracking of inventory levels
• Improved efficiency and productivity
• Better forecasting and planning capabilities
• Enhanced data security and backup options

Conclusion: Best Automated Inventory System

This blog post highlights the four best automated inventory systems that cater to different businesses.

• KORONA POS is the best automated inventory software for high-risk businesses like liquor stores, convenience stores, vape shops, smoke shops, and CBDs.
• Brightpearl is a cloud-based Retail Operating System (ROS) for multichannel retailers and wholesalers.
• Lightspeed Retail is particularly well-regarded for businesses with a large or complex inventory, allowing them to track various item types (single, matrix, serialized, boxed) and manage stock levels across multiple locations).
• Toast POS is built specifically for restaurants. This means it has features and functionalities that directly address restaurant needs, such as staff scheduling and management, reporting & analytics, customer loyalty programs, etc.

KORONA POS can create unique SKUs and upload all product data into a single system. It makes running one store’s inventory as it is for running 30. Your dedicated product specialists will give you a personalized tour of the software so you can see exactly how it will work with your business. We’ll even upload your inventory data. It’s easy to get started, and there are no commitments required. Click below to learn more.