Top 42 Demand Forecasting / Replenishment Software (Jun 2024)

Demand Forecasting / Replenishment Buyer's Guide

Overview

Inventory management software is a type of software used by businesses to manage and track their inventory levels, orders, sales, and deliveries. This software helps businesses optimize their inventory processes, reduce costs, and improve efficiency in managing their stock.

Main Features

Key features of inventory management software include inventory tracking, order management, barcode scanning, real-time inventory updates, reporting and analytics, automatic stock alerts, integration with other business systems (such as accounting or CRM), and multi-location support.

Main Business Processes

Inventory management software can assist businesses in various processes such as:

• Inventory tracking and control
• Order management and fulfillment
• Supplier and purchase order management
• Warehouse management
• Asset tracking
• Forecasting and demand planning

Steps to Buy Inventory Management Software

When considering purchasing inventory management software, businesses should follow these steps:

1. Assess your business needs and inventory requirements
2. Research and compare different inventory management software options
3. Request demos and trials from potential vendors
4. Consider scalability, integration capabilities, ease of use, and customer support
5. Check for pricing and licensing options
6. Make a decision and implement the chosen software

Things to Consider

When choosing inventory management software, businesses should consider factors such as:

• Scalability to accommodate business growth
• Integration with existing systems
• User-friendliness and ease of implementation
• Mobile access for on-the-go management
• Customer support and training options

Popular Vendors and Market Share

Some of the most popular inventory management software vendors include:

• 1. NetSuite - Market Share: 15%
• 2. Fishbowl Inventory - Market Share: 12%
• 3. inFlow Inventory - Market Share: 10%
• 4. TradeGecko - Market Share: 8%
• 5. Zoho Inventory - Market Share: 7%

Trends and Future of Inventory Management Software

Some trends in inventory management software include the use of AI and machine learning for demand forecasting, the integration of IoT devices for real-time tracking, and the adoption of cloud-based solutions for increased accessibility and flexibility. The future of inventory management software is likely to focus on automation, data analytics, and seamless integration with other business systems.

10 Questions to Ask Software Vendors During a Demo

1. How does your software handle batch and expiry tracking?
2. Can the software integrate with our existing accounting or ERP system?
3. What kind of reporting and analytics capabilities does the software offer?
4. Does the software support multiple warehouses or locations?
5. How does the software handle stockouts and backorders?
6. What kind of barcode scanning options does the software support?
7. Is there a mobile app or access for on-the-go inventory management?
8. What security measures are in place to protect our inventory data?
9. Can the software be customized to fit our specific inventory needs?
10. What kind of training and support options do you provide for new users?

List of Demand Forecasting / Replenishment Software:

Inventory Management Software Price Range

Inventory management software in the market has different pricing; hence, they can be divided into three tiers, starting from the range of $10 to $50, to the more common range of $50 to $150, and the range of $150 to $250+. These prices are set using different methods, some of which are per inventory, per stocking location, per machine, and per user. Regardless of the pricing method, inventory management software is usually billed per month or per year. For example, RunIT Real-time Cloud pricing starts from $258 per month, ParagonERP costs up to $150 per user monthly, and Inflow Inventory pricing sits around $71 monthly for two user accounts.

In addition to this, inventory management software is also priced based on the size of businesses they are targeting. For instance:

• Small Businesses can expect to pay between $8 to around $50 for an inventory management software, depending on the number of features on the chosen product. For example, Shipstation pricing is at $9 per month, Sortly costs around $39 per month, and eTurns costs up to $40 per month. Also, some products, such as Sortly, have free offerings for small businesses.
• Medium Businesses can expect to pay prices that fall between $50 and $150 for an Inventory Management software. However, the number of inventories, locations, users, etc., can also influence the software price. For example, Finale Inventory pricing starts from $99 per month, BoxStorm costs around $79 per month, while ParagonERP pricing is priced around $150 per month. Also, some products for medium businesses have one-time fees for perpetual licenses. An example is Acctivate Inventory which costs $5,000 for life-time usage.
• Large Businesses can expect to pay from $200 upwards for an inventory management software. For example, ShipHero pricing starts from $1,850 per month, RUnit Real-time Cloud from $258 per month, and InfoPlus costs up to $685 per month. However, some vendors may request separate fees for installation and onboarding, depending on the size of the organization.

Inventory management software best of breeds, and their price ranges are as follows:

• Barcoding Software The prices for barcoding software in the market can be divided into two tiers, starting from $20 to $50, and then $50 to $200. The prices are usually set per user or per assets, depending on the type of package. Billings are usually fixed monthly or yearly. For instance, eCount ERP pricing starts from $55 per month, Zangerine costs up to $199 per user monthly, and EZO Office Inventory pricing starts from $35 per month. Perpetual license can also be bought for some software like Asset Tracking Barcode System which is priced at $995.
• Inventory Control Scheme Inventory control scheme products can be divided into three tiers, and their price ranges are $20 to $40, $40 to $80, and $80 above. The prices are either set per user, per month or per a number of set inventories per month. For example, MarginPoint Mobile Inventory starts from $89 per month, Arbimed Inventory from $100 per month, and MarketPlace Works from $49 monthly and $249 monthly for premium users.
• Order Management Software The price ranges for order management software are $20 to $50, $50 to $100, and $100 above. The pricing for order management products are set on per order, per month or per user, per month basis. For example, Orderwerks pricing starts from $100 per month for a number of orders, InsiTV costs up to $25 per user monthly, and Caspio pricing starts from $125 per month.
• Catalogue Management Software Most catalogue management products in the market are set on a per-user/per-month basis, and the prices range, depending on the package level, are $19 to $48, $48 to $100, and $100 above. For instance, FileStage costs around $99 per month, while Channable starts from around $39 per month based on the size of the project. Additionally, Snappi pricing starts from $20 per month or $0.99 per app usage.
• Order Entry Software Most order entries in the market have pricing that fall between $26 to $50, and they are usually set on per user, per month or per order, per month basis. However, this is the price range for standard or entry-level offerings; more premium offerings range from $100 to $250 per month. For instance, Handshake costs $39 per user, per month, Blendzi $200 per month, and Handshake $40 per user, per month.