Inventory Database Software: Key Features, Pricing

With 16 years in database development, ScienceSoft provides consulting on inventory database software.

CUSTOM INVENTORY DATABASE SOFTWARE: THE ESSENCE

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

CUSTOM INVENTORY DATABASE SOFTWARE: KEY FEATURES

Data storage

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

Database search and filtering

  • Querying by keywords and serial number.

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

Database administration

  • Automated and manual inventory data uploading and editing.

  • Bulk uploading.

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

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.

AI-based predictive analytics

  • Demand planning

  • Inventory allocation across multiple storage facilities

  • Lead times prediction

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.

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.

WORTHY INTEGRATIONS FOR INVENTORY DATABASE SOFTWARE

Worthy 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.

INVENTORY DATABASE SOFTWARE SUCCESS FACTORS

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.

INVENTORY DATABASE SOFTWARE INVESTMENTS AND ROI

The cost of the inventory database system implementation varies greatly depending on the functionality scope and the solution complexity. For an enterprise-level organization with complex inventory management workflows, the investments range from $250,000 to $400,000.

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.

WHEN TO OPT FOR CUSTOM INVENTORY DATABASE SOFTWARE

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.

IMPLEMENT INVENTORY DATABASE SOFTWARE WITH SCIENCESOFT

With 31 years in custom software development and 16 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.

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.

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. If you are interested in our assistance, you are welcome to check our offer in database development.