5 Most Reliable Inventory Management Software In Nigeria

How you track and control your business’ inventory as it is bought, manufactured, stored, and used would largely impact your business success.

If your business must be profitable and scale, then you must have a systematic approach to the sourcing, storing, and selling of your inventory — both raw materials (components) and finished goods (products).

This you must do. Because an effective inventory management governs the entire flow of your goods — from purchasing right through to sale — ensuring that you always have the right quantities of the right item in the right location at the right time.

So, what is inventory management?

Simply put, inventory management means the right stock, at the right levels, in the right place, at the right time, and at the right cost as well as price.

But, how does inventory management really work?

Inventory management, at a basic level, works by tracking products, components and ingredients across suppliers, stock on hand, production and sales to ensure that stock is used as efficiently and effectively as possible.

It can go as deep as you need it to: for example, by examining the difference between dependent and independent demand, or forecasting sales to plan ahead. But at the end of the day, it all goes back to your stock.

However, you must note that it is not all inventory management software systems that are reliable. Some may not effectively handle the five (5) main stages of the inventory management process which are:

• Purchasing: This can mean buying raw materials to turn into products, or buying products to sell on with no assembly required.
• Production: Making your finished product from its constituent parts. Not every company will get involved in manufacturing — wholesalers, for instance, might skip this step entirely.
• Holding stock: Storing your raw materials before they’re manufactured (if required), and your finished goods before they’re sold.
• Sales: Getting your stock into customers’ hands, and taking payment.
• Reporting: Businesses need to know how much it is selling, and how much money it makes on each sale.

So, to take the stress off you, we have made a list of the five (5) best inventory management software systems that you can rely on any day.

These five (5) most reliable inventory management software systems, in no particular order, are:

1. Invex Inventory Management Software
2. QuickBooks
3. Zoho Inventory
4. inFlow Inventory
5. Ordoro Inventory

Each of these inventory management systems dictate how you run your business, serve your customers and grow sales.

Multiple reviews and testimonials from numerous users of inventory management software have shown these inventory management systems reliable, among others; peculiar to the Nigerian market.

Upon a deep and unbiased research, we found out that Invex Inventory Management Software is a simple, low-cost, fast and easy-to-use inventory management software that has been used and trusted for more than a decade by reputable companies like Thermocool Distribution, PKO Technologies Ltd. (Port Harcourt), Pep Philips Ltd. (Lagos), Tiwanet Technologies Ltd (Lagos), Samsung Homes (Port Harcourt), PertroBase Group, Amarava Agroprocessors Ltd. (India), Foru-Solution B.V Ltd. (Lagos), Solak Expertise Ltd. (Lagos), Moreplex Television Ltd. (Lagos), Isocare Ltd. (Lagos), Bozz FM (Aba), House On The Rock (Port Harcourt), Olikks Electriks (Port Harcourt), Atlantic Marine & Oilfield Services (Lagos), Hydroferric Marine Ltd. (Port Harcourt), Fexspace Ltd. (UK), Tropical Naturals Plc (Lagos), Oil Train Ltd. (Port Harcourt), Deslog Energy Services Ltd. (Port Harcourt), Mertesacker Nigeria Limited (Port Harourt and Bayelsa), Gilbert Iweka Global Concept (Abeokuta and Akure) and many others in different locations of the country.

For businesses based around selling products – from craft breweries to big wholesale distributors – managing inventory efficiently is crucial.

Here are three key reasons why:

1. Run your business smoothly.

   Helps you match your supply of materials and production to customer demands.

2. Keep customers happy.

   Customers will be much more likely to come back for more if they know your organization can consistently deliver orders on time and let them know what’s available.

3. Grow your company.

   Rapid growth tends to bring a lot of time-consuming tasks: hiring staff, moving to bigger premises and negotiating with new suppliers. So, putting an effective stock system in place early is key.

But these aren’t the only advantages of inventory management. It can also bring several direct benefits to your business’ bottom line:

• Make it easy to add new products and channels, analyze performance and empower salespeople with up-to-date product information, so you can grow sales revenue

• Eliminate the inefficiencies that lead to lost stock, overstocking, and stockouts — reducing holding costs and growing margins

• Reduce the time and manpower spent on inventory admin, saving on staff costs

Hence, the need for an inventory management system cannot be undermined. However, deciding when you might need dedicated inventory management software is a key step in the growth of your company.

And the time to decide is NOW.

So, to find out more about how to manage your inventory better, begin your journey by calling us on +234803 458 9805, +234708 881 1463 or +234907 666 7747. And, if you’d like more information, visit www.excellentbridge.com