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Inventory Software and Loss Reduction Secrets

No company likes losing money. It is especially frustrating when the money is lost due to employee or customer theft, spoilage of product with expiration date, or breakage due to carelessness or an overcrowded warehouse. The right inventory software package will include the controls you need to stop inventory related losses due to theft or wastage. Find out more in this article or get your customized inventory software search started here.

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The companies and representatives you sent our way were prompt and thorough… I definitely would recommend your company as a means to exploring options with qualified providers. — Bruce Conley
Your service saved me some very valuable time and hooked me up with some excellent resources. Thanks for providing this top-notch service. — Linda Vittori
Thanks! Having a service like this to help navigate the ocean of accounting software and help identify potential good-fits without having to delve through numerous bad-fits is of tremendous value! — Mark Carpenter

Don’t be a victim

In the US, each year billions of dollars are lost in product theft. Product theft can be a customer walking into a retail store, putting product in their coat and walking out to an employee walking out with inventory. During the latest recession, companies saw in an increase in product theft. People still need/want the product but no longer have the funds to pay for those items. Parents are under pressure to provide for their families, employees whom have had to make sacrifices at work see they are “owed” something and the business is the one that loses.

Now, more than ever, it is important to maintain lean inventory; stocking what you need and no longer carrying mass amounts of product that isn’t selling.

Waste not, want not

In addition to theft, spoilage is another major cause of losses. Watch an episode of Gordon Ramsey’s Kitchen Nightmares and you will see instances of product going to waste in coolers. This is partially due to mismanagement but also due to the fact that they don’t have an accurate idea of what menu items are selling and are over purchasing.

Spoilage isn’t just found in the food industry. While it is a major area of spoilage due to the shelf life of product, manufacturers and distributors also have to worry about product expiring. Chemicals can become ineffective after a certain date and having too much of a product on hand when that expiration date arrives means money down the drain.

They broke it, you bought it

Product breakage is another form of inventory loss. Too many items on the shelves can lead to product falling off shelves, stacking product too high can cause packaging to collapse and ruin the product, product on the floor (not in designated inventory location) can be ruined by a pallet jack, fork lift or a careless employee. Worse yet, it is a safety issue. An employee accident could not only damage the product losing money on that item, an injury could result in medical bills, lost employee time, etc., that cost the company much more than the loss of the product.

Having a proper inventory control system will help reduce theft, spoilage, and breakage. In all instances, reducing the amount of inventory on hand will greatly reduce the chances of losses.

  • First track product sales. Use the inventory to know what items are moving and what items are staying stagnant. Forecast your inventory needs with sales and determine what products are needed for the near future.
  • Identify products that are going to move quickly to ensure there is enough product on hand to meet the customer needs, but also allow you to track those items in greater detail with cycle counts. The more individual items of a sku, the better the chances of losses.
  • Identify which products are not selling to liquidate those items, reducing the chances of theft and reducing the chances for breakage.

A strong inventory control solution not only helps you identify what is in stock, it also helps identify losses. The inventory control solution is an important tool that will help protect your assets.

Key takeaways

  • Reducing theft will increase profits
  • Inventory tracking allows you to move expiring products or remove from inventory
  • Properly locating inventory leads a safe warehouse and reduces risk from accidents

Popular Inventory Control Software Products

Looking for great inventory control software options? Below you can check out a list of the products most commonly considered by others searching for inventory control software. The list on this page is based on many years of real software matches. But everyone’s needs are different. Browse for fits with your specific requirements or let us help you identify your top options.

Which software is right for you? Get quick and accurate recommendations.

What if you could simply tell someone about your software needs and they’d find your best choices? Look no further. We’ll listen to your needs and find your top software matches. That’s it. There’s no pressure, no cost.

The companies and representatives you sent our way were prompt and thorough… I definitely would recommend your company as a means to exploring options with qualified providers. — Bruce Conley
Your service saved me some very valuable time and hooked me up with some excellent resources. Thanks for providing this top-notch service. — Linda Vittori
Thanks! Having a service like this to help navigate the ocean of accounting software and help identify potential good-fits without having to delve through numerous bad-fits is of tremendous value! — Mark Carpenter
  • SAP Business One by SAP

    SAP Business One provides a single, affordable solution for managing your entire business, including financials, sales, customer relationships and operations. Streamline your end-to-end operations, gain instant access to complete information and...

  • SYSPRO 6.1 by SYSPRO

    SYSPRO - Software You Can Count On Every day thousands of people on six continents rely on SYSPRO for information, functionality and technology. Formed in 1978, SYSPRO has stood the test of time as a company and as a business solution for...

  • Dynamics GP by Microsoft

    For more than 25 years, Microsoft Dynamics GP has delivered out-of-the-box business management functionality—from financials and human resource management to manufacturing and operations—to power diverse small and midsize companies around...

  • Sage 100 ERP by Sage

    Drive growth with enterprise resource planning (ERP) software that helps you run your business better. Sage 100 ERP (formerly Sage ERP MAS 90 and 200) is an innovative, flexible solution for growing businesses with a low total cost of ownership...

  • Dynamics NAV by Microsoft

    Microsoft Dynamics NAV delivers industry-specific functionality along with multi-language and multi-site capabilities. Its integrated development environment enables customizations with minimal disruption to business processes. Designed to work like...

  • NetSuite by NetSuite

    NetSuite enables companies to manage all key business operations in a single, integrated system, which includes customer relationship management; order management and fulfillment; inventory management; finance; ecommerce and Web site management; and...

  • TRAVERSE by Open Systems

    TRAVERSE accounting software is the business management backbone for many small, growing and mid-market companies. In addition to the full suite of accounting and eBusiness applications, TRAVERSE also offers specialized modules for manufacturing,...

  • Acumatica ERP by Acumatica

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    AccountMate 9 is a real-time, customizable business management and accounting solution designed to address the needs of medium-sized businesses. AccountMate takes advantage of the speed of client/server technology and the latest...

  • Financials, Distribution, Manufacturing and Planning ‑ R4 Enterprise by Royal 4 Systems

    As a Total Solution, R4 financials complete your operation. R4 back office financials delivers a multi-entity, multi-currency and multi-lingual enterprise resource planning system. This system fully integrates AR, AP, GL, and other financial...

  • Denali Business+Accounting by Cougar Mountain Software

    Everything you expect from a leading business accounting solution, plus the tools to manage cash flow, monitor profitability, analyze trends, track inventory, and make informed financial decisions based on real-time accounting data. Let us show you...

  • True ERP by True ERP

    TrueERP is a software solution that goes beyond accounting. It is a true ERP solution designed to integrate the information from all your key business functions from inventory control, purchasing and manufacturing through to sales and fulfillment...

  • Sage 300 ERP by Sage

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  • E‑Syst by Rennie, Lindsey and Associates

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  • Infor ERP SyteLine by Infor

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  • Clear Spider by Clear Spider

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  • Sage ERP X3 by Sage

    Sage ERP X3 is the most powerful and flexible business management solution offered by Sage. It empowers mid-sized and larger companies within the manufacturing and distribution industries with the ability to grow a competitive business with limited...

  • Evo‑ERP Software by Evo-ERP

    Evo-ERP is a fully integrated accounting and ERP system that can help you manage your business and juggle multiple tasks and responsibilities. All modules are always included so there is no decision to make when purchasing the system as to which...

  • Visual Ledger by Aboard Software

    Visual Ledger is a robust, very scalable and perfectly priced ERP software package that addresses the present and future needs of your growing business. The system incorporates as standard features many unique features that are either not...

  • Dynamics RMS (Retail Management System) by Microsoft

    Dynamics RMS (Retail Management System) offers small and mid-market retailers a complete point of sale (POS) solution that can be adapted to meet unique retail requirements. This powerful software package automates POS processes and store...

  • MISys Manufacturing by MISys

    MISys is a time-tested, fully integrated MRP system that can streamline a manufacturer's process, saving them time and money. From basic Inventory and BOM needs, to complex Shop Floor Control and Serial/Lot Tracking, MISys offers a scalable solution...

  • Small Business Consolidator by Aboard Software

    Small Business Consolidator is a robust, very scalable and perfectly priced ERP software package that addresses the present and future needs of your growing business. The system incorporates as standard features many unique features that are...

  • ProphetLine for Windows by ProphetLine

    ProphetLine for Windows is an affordable, easy to install, simple to use and powerful POS, Inventory, Accounting and Web-Shopping solution used by thousands of successful retailers. Visual ProphetLine is a powerful, scalable and highly...

  • xTuple ERP for Windows, Linux, Mac and mobile by xTuple

    Use xTuple on-the-go, anytime, anywhere. xTuple’s multi-client approach empowers customers to leverage today's — and tomorrow's — technology, especially employee preferences to BYOD (bring your own device). Users may access xTuple via our...

  • Dynamics AX by Microsoft

    Designed for mid-size and larger companies, Microsoft® Dynamics AX (formerly Microsoft Axapta) is a multi-language, multi-currency enterprise resource planning (ERP) solution. Its core strengths are in manufacturing and e-business, and it...

  • ACE Retail 3000 by ACE Retail Management Systems

    5 Reasons ACE Retail is the Key to Profit Making *1. Know Where Your Business Stands...Instantly* ACE Retail 3000 reaches beyond standard POS transaction tracking functions to provide you with a detailed picture of your business...

  • Infor ERP VISUAL by Infor

    Infor VISUAL Enterprise was the first true Windows-based Enterprise Resource Planning (ERP) solution for custom, assemble-to-order, make-to-order, make-to-stock and mixed mode manufacturers. Its leading-edge technology is designed to manage the...

  • Eagle Business Management Software (EBMS) by Eagle Business Software

    EBMS contains complete enterprise resource planning tools that are important in managing a business more efficiently. The EBMS software is a great upgrade from more basic software such as QuickBooks and Sage 50/Peachtree without a large budget...

  • Epicor Prophet 21 by Epicor Software

    Epicor Prophet 21, a leading enterprise software solution for distributors, combines the power of Microsoft® SQL Server® and the familiarity of Windows® in a solution designed to meet distributors’ specific business needs. Epicor Prophet 21...

  • ALERE Accounting by TIW Technology

    ALERE Accounting contains the features you need to grow your business. Everything from keeping track of complex inventories, processing customer orders and managing payables, to providing sophisticated general ledger financial controls. ALERE does...

  • SouthWare Excellence Series ‑ ERP Software by SouthWare Innovations

    SouthWare Excellence Series - ERP Software SouthWare combines traditional accounting functions with innovative products and services to make work easier for organizations of all sizes in many industries. Our family of integrated financial and...

  • Assist 2K by Rennie, Lindsey and Associates

    Wholesale distribution package includes the applications listed below * Accounts Payable * Accounts Receivable * Customer Service * Foreign Currency * General Ledger * Inventory Control * Purchase Order Processing * Sales...

  • Sage BusinessVision Accounting by Sage

    Superior financial management is at the core of any successful enterprise, so when you commit the future of your business to a particular accounting or business management system, you must first make a careful evaluation. After all, you're making a...

  • ECi M1 by ECi Software Solutions

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  • DS90 by Software Concepts

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  • Epicor Manufacturing by Epicor Software

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  • Dynamics SL by Microsoft

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  • Infor VISUAL Jobshop by Infor

    Affordable, integrated, quick-to-install, easy-to-learn—exactly what smaller engineer-to-order and make-to-order manufacturers are looking for, and exactly what Infor™ VISUAL Jobshop has to offer. Infor VISUAL Jobshop includes integrated tools for...

  • VisionCore by Comtech Solutions Worldwide

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  • ACCTivate! Advanced Inventory and Distribution Management by Alterity

    ACCTivate! is a complete business management system designed for inventory intensive businesses with one major goal ... to help them control and manage their operations efficiently and more profitably. It can help you take control of your...

  • Seradex ERP Software by Seradex

    In 1992, Seradex became the first company to release a 100% Microsoft based ERP software package. Seradex software is designed from the ground up to use industry standard development tools and to integrate with industry standard...

  • Inventory Traker for Manufacturing & Distribution by Traker Systems

    Provides user friendly warehouse and inventory management software for US and Canadian based companies. The manufacturing tracking software from Inventory Traker™ offers a user friendly interface to easily manage manufacturing and distribution...

  • Adagio Accounting Suite by Softrak Systems

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  • VersAccounts Cloud ERP by VersAccounts

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  • Maxwell Systems Management Suite by Maxwell Systems

    Maxwell Systems Management Suite is a comprehensive business management software solution for the construction industry. From takeoff through the final bid, this end-to-end estimating and accounting solution helps contractors make the most of every...

  • Advantage by ADS Solutions

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  • Infor Service Management ‑ Plus by Infor

    Infor Service Management - Plus is an integrated business solution developed specifically for companies which service is the primary business. It includes GL, Financial Reporting, AP, AR, Order Management, Purchasing, Inventory Management, Service...

  • Exact Macola 10 by Exact

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  • S2K Enterprise Software by VAI

    VAI’s flagship product, S2K Enterprise Software, is used by a variety of businesses worldwide, with clients in the manufacturing, wholesale distribution, retail, food, rental, service and repair, and related service industries. Advanced...

  • Appgen Custom Suite by Appgen Business Software

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Your Inventory Control Software Recommendations

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