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Inventory Database Software

Types, Key Features, Pricing

Inventory Database Software

With 18 years in database development, ScienceSoft provides consulting on inventory database software.

Database App Development Services
Inventory Database Software

What is Inventory Database Software?

Inventory database is a centralized repository for all inventory data in an organization. Database for inventory management software allows balancing inventory costs and risks against the desired inventory performance metrics.

Types of Inventory Databases

Database type

Pros

Cons

Spreadsheets (Microsoft Excel, Google Spreadsheet)

Custom inventory database software

Key Features of an Inventory Database

ScienceSoft creates inventory database software with unique functionality closely bound to our clients’ objectives. Here, we share a set of features commonly requested by our customers:

Data storage

  • Storage of multiple data types (image, RFID data)
  • Duplicate data detection and merging.
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Database search and filtering

  • Querying by keywords and serial number.

  • Search segmentation (storage facility, in-stock/out-of-stock, etc.).

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Database administration

  • Automated and manual inventory data uploading and editing.

  • Bulk uploading.

  • Event logs (e.g., new inventory added, new order made).

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Basic analytics and reporting

  • Inventory discrepancy reports.

  • Stock discrepancy reports.

  • Inventory turnover reports.

  • Average days to sell reports.

  • Backorder reports.

  • Custom analytics reporting and visualization.

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AI-based predictive analytics

  • Demand planning

  • Inventory allocation across multiple storage facilities

  • Lead times prediction

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Order and cost management

  • Purchase order management (order creation and approval, order request emailing, creation of accounts payable records, etc.).

  • Sales order management (sales order creation, reserving inventory for a specific customer, recording packing and shipping details, etc.).

  • Inventory holding costs management

  • Alerts configuration about inventory-related processes, e.g., about low stock.

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Key Functionality Illustrated

Easy-to-search storage of multiple inventory data types

Bulk inventory data upload with duplicate data detection and merging

Automated event notifications with a drill-down into details

Automated reports on inventory turnover

Sales analytics and demand forecasting for inventory items

Multi-location inventory management

Real-time tracking of purchase order status

Real-time tracking of sales order status

Automated reports on inventory holding costs

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For more information on the specifics and duration of each stage, please visit our detailed guide on inventory system creation.

Implement Inventory Database Software with ScienceSoft

With 32 years in custom software development and 17 years in database development, ScienceSoft can help you optimize inventory management with a custom inventory database by offering the following services:

Inventory database software consulting

  • Defining inventory management needs.

  • Selecting optimal inventory database software functionality and tech stack.

  • Designing software architecture.

  • Preparing UX and UI mockups.

  • Providing a software implementation plan, estimations of projects costs, time, and ROI.

Go for consulting

Inventory database software implementation

  • Business analysis.

  • End-to-end inventory database software development.

  • Migration of data from legacy systems.

  • Implementation of required integrations.

  • Inventory database software testing and quality assurance.

  • Application support.

Go for implementation

Inventory Database Implementation: Selected Projects by ScienceSoft

Development of a Supply Chain E-Collaboration Network for 1,700-Store Retailer Auchan

Development of Supply Chain E-Collaboration Network for 1,700-Store Retailer Auchan

  • An auto-updateable, scalable inventory database.
  • Search engine with data filtering.
  • Role-based access control.
  • Real-time aggregation of inventory data from relevant sources.
  • Advanced inventory analytics and automated report generation.

Customer’s benefit: high quality and relevance of inventory data, minimized risk of stockouts and overstocking.

Rapid Development of Inventory Management Software for Herbal Medicine Manufacturer

  • Monitoring the herbs stock at the stages of harvesting, internal packaging and storing.
  • Solution integration with an electronic scale for the automated upload of weighing information.
  • The intuitive information layout for easy inventory database navigation.

Customer’s benefit: more convenient and efficient control over inventory data and operations at scale.

Development of a SaaS Module for Food Inventory Management

  • A centralized database to add, manage and store data on raw food items, final products, recipes, product menus, manufacturers, and more.
  • Assigning user-defined SKU values, such as unit cost, barcode, etc.
  • Real-time inventory level monitoring.
  • Automated updates of stock data upon inventory utilization for production and selling.

Customer’s benefit: optimized inventory levels.

Restaurant Inventory Management Software Development

  • Permission-based access to the stock database for restaurant executives, managers and barmen or waiters.
  • Web and mobile access to the up-to-date menu for restaurant guests.
  • Drill-down dashboards to track, manage and transfer stock items.
  • Inventory order management.

Customer’s benefit: streamlined inventory management, enhanced team productivity, improved client experience.

Management Software Implementation for a Beauty Stores Chain

  • Integrating the POS system with the inventory solution for seamless updating of stock data.
  • The ability to monitor up-to-date inventory levels across the stores.
  • Role-based access to the store management module.

Customer’s benefit: enhanced visibility into the real-time inventory data.

Worthy Integrations for Inventory Database

ScienceSoft recommends integrating inventory database software with multiple corporate solutions to eliminate double data entry across disparate systems and build a resilient supply chain.

Integrations for Inventory Database Software - ScienceSoft

  • Inventory database software + order management system: automatic transfer of inventory order details from order management software improves order distribution accuracy, simplifies recall management, and allows setting up custom order workflows.
  • Inventory database software + inventory tracking solution (based on barcode, RFID or IoT technology): automated transfer of inventory items’ location data from an inventory tracking solution to an inventory database for improved inventory location and volume tracking.
  • Inventory database software + CRM: automated transfer of inventory availability data from an inventory database to a CRM and sending order details from a CRM to an inventory database allows quicker sales order creation and invoice generation.

Factors That Determine Inventory Database Success

ScienceSoft’s consultants have defined a set of factors that help maximize ROI for inventory database solutions:

Powerful search engine

for convenient and fast inventory search by different parameters (name, type, batch, in-stock status, etc.).

Thought-out user experience

for inventory management teams to quickly input, search for, update, and request the required data.

Advanced data analytics

with predictive capabilities for data-driven, accurate demand planning, reduction of inventory overheads and stock outs, optimized storage, and faster deliveries.

Investments and ROI

The cost of the inventory database system implementation varies greatly depending on the functionality scope and the solution complexity. The investments range from $90,000 to $250,000 for a midsize organization, and from $250,000 to $400,000 for an enterprise-level organization with complex inventory management workflows. However, using low-code platforms can substantially reduce development costs of inventory database software. For example, average software development costs are 74% lower with Microsoft Power Apps 

An average payback period for an inventory database solution with predictive analytics capabilities constitutes 0.7 years, with an average ROI of 160%.

Key financial outcomes

Direct cost savings

  • Reduced on-hand inventory volumes.

  • Optimized inventory holding costs.

  • Optimized efficiency of inventory management operations: faster transactions, elimination of double handling of receipts, etc.

Indirect cost savings

  • Increased customer satisfaction and retention due to timely and accurate order handling.

  • Reduced indirect labor costs due to increased operational efficiency, e.g., reduced materials handling expenses due to demand-based allocation of inventory across multiple storage facilities.

Custom inventory database software - ScienceSoft

It is advisable for your organization to opt for a custom solution in case you have complex inventory management workflows, the range of inventory types to manage is extensive, and the industry you operate in requires you to comply with inventory management requirements, e.g., ISO 9001:2015 (8.4.1; 8.4.2; 8.5.4). Also, a custom inventory database system is a good choice if you need to implement a specific integration with custom third-party systems.

Leverage Complete and Up-To-Date Inventory Data

ScienceSoft is ready to develop a robust inventory database application for you to streamline your inventory management process.

About ScienceSoft

ScienceSoft is an IT consulting and software development company headquartered in McKinney, TX, US. We help businesses improve inventory management processes by implementing inventory database solutions and providing accompanying consulting services. Being ISO 9001 and ISO 27001-certified, we rely on a mature quality management system and guarantee cooperation with us does not pose any risks to our customers' data security. If you are interested in our assistance, you are welcome to check our offer in database development.