Inventory Database Software: Types, Key Features, Pricing
With 17 years in database development, ScienceSoft provides consulting on 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 search and filtering
Basic analytics and reporting
AI-based predictive analytics
Order and cost management
Simplified Inventory Management with Inventory Database Software
IMPLEMENTATION ROADMAP FOR AN INVENTORY DATABASE
1. Inventory database requirements engineering & architecture design.
2. Inventory database project planning: timeline, scope of work, KPIs, etc.
3. Inventory database development and testing.
4. Inventory data migration (from spreadsheets or a previously used inventory system).
5. Integration with other systems, e.g., ERP, CRM.
6. Inventory database deployment.
7. User training.
For more information on the specifics and duration of each stage, please visit our detailed guide on inventory system creation.
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.
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.
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.
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
Indirect cost savings
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.
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
Inventory database software implementation
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.