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Inventory Database

Types, Key Features, Pricing

ScienceSoft combines 18 years of experience in database development with 10 years of expertise in building inventory solutions to help companies design and implement reliable inventory databases.

Inventory Database Software
Inventory Database Software

What is an Inventory Database?

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

Types of Inventory Databases

Spreadsheets (Microsoft Excel, Google Sheets)

  • Budget-friendly.
  • A short learning curve for new users.
  • It’s possible to partially automate inventory data analytics with formulas.
  • Low employee productivity and high risk of errors due to manual data maintenance routines.
  • Low or absent traceability of changes made to the data when used in a collaborative mode.
  • Poor security of inventory data.

Database apps (Microsoft Access, LibreOffice Base)

  • Easy installation with no need for complicated programming.
  • Quick and simple data migration from spreadsheets to the app.
  • Convenient multi-user access.
  • Affordable for businesses of any size.
  • Provides only basic data management operations.
  • No access to real-time data.
  • Support for a limited number of data formats.
  • Time-consuming generation of large-volume reports.

Custom inventory database software

  • Supports data management operations of any complexity.
  • The workflows can be tailored to your needs.
  • Real-time data aggregation and analysis.
  • Handles all required data formats.
  • Easy data navigation.
  • Robust data security.
  • Custom database design requires additional time.
  • Higher implementation cost compared to other options.
  • May have a longer user adoption period.

Key Features of an Inventory Database

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

Inventory database management

  • Template-based SKU creation with user-defined parameters (batch, price, supplier, dimensions, color, expiration date, etc.).
  • Batch uploading and processing of inventory data.
  • Automated detection and merging of duplicate data.
  • Rule-based item cataloging.
  • Automated updating as new relevant data appears.
  • Inventory-related event logs (e.g., new inventory added, new order made).
  • Data backup, versioning, and recovery.
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Inventory data storage and navigation

  • Centralized storage of all inventory-related data, including:
    • General SKU information.
    • Current inventory levels.
    • Purchase orders.
    • Sales orders.
    • Inventory reserved for customer orders.
    • Purchasing and holding costs.
  • Support for multiple data types (textual and numerical content, images, data from RFID sensors and barcode scanners, and more).
  • A search engine with filtering (by storage facility, in-stock/out-of-stock, etc.) and metadata querying (e.g., by keywords or serial number) to navigate inventory data.
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Inventory control

  • Real-time monitoring of inventory levels across:
    • Multiple domestic and foreign locations (warehouses, distribution centers, manufacturing facilities, points of sale, etc.).
    • Various stages of production (raw materials, goods-in-progress, finished goods).
    • Owned and consignment inventory (for retail, healthcare, and more).
  • Alerts on low-level inventory.
  • Automated inventory valuation based on FIFO, LIFO, weighted average costing, and other methods.
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Inventory order management

  • Automated generation of purchase orders triggered by reorder points, certain dates, etc.
  • Template-based creation of sales orders.
  • Automated inventory reservation for a customer order.
  • Recording the packing and shipping details.
  • Creating and tracking return orders.

     

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Inventory reporting

  • Real-time calculation of essential metrics: total inventory levels by location, on-hand/low-stock inventory, turnover, days sales of inventory (DSI), and more.
  • Scheduled and ad hoc report generation on inventory KPIs (by period, region, storage location, etc.).
  • Customizable templates for inventory reports, including inventory discrepancy, turnover, backorder reports, and more.

     

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Advanced analytics

  • Trend-based demand forecasting across various inventory categories.
  • AI-supported calculation of optimal reorder points for each item.
  • Predicting the expected delivery dates based on the lead time specified by a vendor, shipment status, working days calendar, etc.
  • Multi-echelon inventory optimization based on the analysis of stock availability, current demand, inventory carrying costs, lead time, and more.
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A Sample UI of Inventory Databases ScienceSoft Creates

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

Inventory Database Design and Development with ScienceSoft

In custom software development since 1989 and in database development since 2005, ScienceSoft offers a full scope of services to help you streamline inventory management with a custom-made inventory database.

Inventory database consulting

We provide expert advice on the optimal functionality, architecture, and tech stack for your inventory database software and help you avoid unnecessary expenses. You also get a detailed software implementation plan, costs, time, and ROI estimations.

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Inventory database implementation

We cover end-to-end database development, establish the required integrations, run testing procedures, and offer after-launch support. Having proven tech skills and multi-industry expertise, we ensure prompt implementation and topflight quality of your solution.

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Selected Inventory Database Projects by ScienceSoft

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

Inventory Database Development for 1,700-Store Retailer Auchan

  • An auto-updateable, scalable inventory database.
  • Search engine with data filtering.
  • 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.

Development of Inventory Database 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.

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, 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.

Approaches to Inventory Database Implementation

There are two main approaches to inventory database implementation, and they differ drastically in the required investments and timelines. The choice of a particular approach depends on the company’s specific inventory data management needs and the maturity of the inventory software ecosystem.

Back-end inventory database

Implementing a back-end database for inventory data storage and integrating it with the existing enterprise analytics software.

This option offers a fast and cost-effective way to introduce a solution for automated SKU record-keeping and a centralized, secure inventory data storage.

Best for: Companies that already have a robust enterprise BI system but still manage inventory data through spreadsheets and want to automate the data input process.

All-in-one inventory database software

Implementing full-featured inventory database software that comprises a back-end inventory database, an analytics system, and role-specific user applications to access inventory data and analytical results. When integrated with an inventory counting tool, such solutions can offer end-to-end inventory management capabilities.

Best for: Companies looking to implement all-in-one software for inventory data management automation and comprehensive inventory analytics.

Not Sure Which Approach Best Fits Your Business Specifics?

ScienceSoft’s consultants are ready to assist in defining the optimal way to power your supply chain IT ecosystem with a robust inventory database.

How to Create an Inventory Database

Below, ScienceSoft shares a sample roadmap to the implementation of an inventory database:

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

Essential Integrations for the Inventory Database

ScienceSoft recommends integrating an inventory database with the following systems to automatically collect relevant inventory data and ensure full visibility of inventory-related transactions and events:

Integrations for Inventory Database Software - ScienceSoft

ERP

  • For accurate multi-location inventory planning.
  • To use inventory data at all levels of operational and strategic planning.

CRM

  • For automated input of relevant data when creating sales orders.
  • For accurate inventory planning to meet customer demand.
  • To keep sales agents up to date on available inventory.

Alternatively

Alternatively, instead of a CRM, inventory database software can be integrated with order management software or directly with selling channels, e.g., a company’s ecommerce website or a point-of-sale system.

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  • For the automated purchase order submission to suppliers.
  • For facilitated control of the purchase order status.

For automated recording of inventory transactions in the general ledger, accurate inventory value recording and reporting.

For accurate monitoring of inventory level and location.

Alternatively

Alternatively, a database for the inventory management system can be integrated directly with hardware (barcode or RFID readers, computer vision cameras).

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For automated recording of inventory packing and shipping data.

Factors That Determine Inventory Database Success

Relying on decades-long experience in database design and development, 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

for data-driven, precise demand forecasting, inventory planning, lead time prediction, and omnichannel inventory optimization.

Expert advice from Dmitry Kurskov, ScienceSoft’s Head of Information Security Department:

"Robust security is one of the critical factors that determine smooth database operation. To prevent unauthorized access to the database, I recommend our customers to implement multi-factor authentication and permission-based access control. In addition, consider applying intelligent fraud detection algorithms to spot manipulation of inventory data and prevent inventory fraud."

Inventory Database Software Development Pricing and ROI

Inventory database software development costs may range between $90,000 and $400,000, depending on the solution complexity and a chosen approach to database implementation.

Below, we provide the approximate cost estimations based on ScienceSoft's experience in custom database development.

$90,000–$150,000

Back-end inventory database development and integration with the existing analytics tool.

$150,000–$250,000

Building custom inventory database software with basic analytics capabilities.

$250,000–$400,000+

Creating a comprehensive custom inventory database system powered with advanced analytics.

NB! Using low-code platforms can substantially reduce the costs of creating a database for inventory management software. For example, average development costs are 74% lower with Microsoft Power Apps.

The average payback period for an inventory database solution with predictive analytics capabilities is 8–9 months with the average ROI of 160%.

Main Benefits of an Inventory Database

Up to 30% decrease in on-hand inventory volumes.

10–30% reduction in inventory purchasing and holding costs.

100% visibility of inventory data and operations.

Minimized risk of stockouts and overstocking.

50%+ growth in productivity of the inventory team, resulting in decreased indirect labor costs.

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

When to Opt for Custom Inventory Database Software

ScienceSoft recommends building a custom inventory database system in the following cases:

  • You need an inventory database with functionality that off-the-shelf solutions cannot provide, for example:
    • Designing custom SKU templates.
    • Automating complex or industry-specific processes, such as perishable inventory management.
    • AI-powered inventory analytics.
  • You want to ensure smooth and cost-effective integration of an inventory database with your existing corporate systems (ERP, CRM, accounting software, a vendor portal, etc.) and inventory tracking hardware.
  • You need inventory database software that is compliant with the relevant global, region- and industry-specific regulations.
  • You operate in a highly regulated industry (e.g., government sector, healthcare, defense) and need your inventory database solution to meet strict data security requirements.
  • You have large teams involved in inventory management processes and want to avoid costly subscriptions to a market-available database product.

Make Inventory Data Management a Breeze!

ScienceSoft is ready to design and develop a custom database to streamline your unique inventory management processes and provide full visibility of up-to-date stock.

Our Customers Say

ScienceSoft’s work has facilitated more detailed and extensive data analysis. The team worked quickly, efficiently, and simply and displayed extensive competence regarding backend development. They clearly understood the scope and intent of the project and completed it using robust processes.

Jonathan Knowles, Founder & CEO, Type 2 Consulting

About ScienceSoft

ScienceSoft is a global IT consulting and software development company headquartered in McKinney, Texas. Since 2005, we help organizations design and implement reliable inventory database solutions. Being an ISO 9001 and ISO 27001 certified company, we rely on a mature quality management system and guarantee that cooperation with us does not pose any risks to our customers' data security. If you need expert assistance on inventory database launch, you are welcome to check our database development offering.