Are you looking for the best supplier management software? If yes, then you are in the right place. Looking for business software can be overpowering. Google search results can be like to stroll down on a market road bazaar. Search results work as market vendors showing their new products and yelling at you to purchase here. Hence, it can get exceptionally generic and overpowering rapidly.

Supplier management tools must provide an exceptional set of functionalities that help you enhance the right way you speak with vendors. Also, the ultimate objective of making this cycle more beneficial than whatever you're doing now. So what are these novel functions? Here, you'll discover a detailed guide for picking the best supplier management software that is right for you.

What is a Supplier management System (Software)?

Generally, supplier management software serves as a project, communication, and payroll management solution for organizations utilizing freelancers and contractors.

Best Supplier management software serves three main features:

1. Vendor Engagement

Accessible and efficient communications modes that enable quick and simple interaction amid contractors and the managers they work with.

2. Project Management

An advantageous tool for process tracking, task assignment, work coordination, and different features of agile project management and collaboration platform.

3. Payroll Management

Straightforward and effective processes to sort out vendor and contractual worker payments, agreements, and costs.

How To Choose the Best Supplier Management Software For Small Business

There are many vendor management software to look over. Regardless of whether you try and narrow it down to those appropriate for small businesses. So before you can pick a supplier management tool, consider this. To begin with, you have to characterize what needs this framework will serve. At that point, think about what features it can play to make your business run smoother and spare costs.

When you deliberately deal with your vendors, you can rapidly identify zones for compliance gaps, consolidation, and performance management. At the point when you know all that, you can ensure that you're getting the extreme value from your suppliers. You should have the option to lessen risks and make smart choices. That all starts with the correct supplier management software.

Every business has its prerequisites, and nobody knows your business as you do. But, there are more than a couple of demands that are valid for each business:

1. Ease of Use

Having a brilliant tool that nobody utilizes is more terrible than no tool at all. While choosing a solution to deal with your managers, ensure it's one administrator and team leaders will work with.

2. Ease of Deployment

Ensure the tool you pick is financially savvy when you think about all the factors. Among them is the deployment speed, particularly if you have a quickly developing business that requires a supplier management tool yesterday.

3. Compatibility & Integration

Your Supplier Management Software will not work in a vacuum. If you want to integrate other systems, consider what frameworks your supplier Management software needs to connect with, and plan this process well before picking the correct solution for your business.

4. Vendor Characteristics

It's essential to pick a framework you'll be happy with utilizing, and your work contractors like. But if your freelancers and contractors are not ready to utilize it - you'll have an issue. Consider your vendors' propensities, uniqueness, and their behaviors, both as people and as a team.

5. Payroll & Work Hours Logging

If you already have payroll software, you may need your vendor management tool to incorporate with it, to keep everything in a single place. You may likewise need to utilize an inherent time clock to monitor your contractual worker's billable hours, so you're never astonished toward the week's end or month. If these are functions you need, search for them while picking a VMS.

6. Compliance & Regulations

A few businesses require specific cycles to comply with native legislation and guidelines. Banks, development projects, and clinical fields are only a couple of them that require supplier management ERP with help for specific features, workflows, and training methods. Ensure your supplier management software can answer these queries.

7. Qualification, Training & Onboarding

By what means will your supplier management software work with your hiring, training, and onboarding cycles for vendors? By what means will it make them more powerful (and practical) to execute? If you need to utilize your supplier management cloud ERP to onboard vendors, train them appropriately before assigning them tasks, think about these functions to incorporate in your list of demands.

8. Project Management

If your vendors can be appointed to different undertakings as per their aptitudes and skills, you should utilize a supplier management tool that lets you manage work processes, ideally with pre-made layouts to enable fast deployment and customization.

9. Communication, Collaboration & Engagement

You need your vendors to invest time doing what you pay for, and doing whatever it takes not to get undertakings or wasting their time accomplishing something that isn't exactly what their director meant when they relegated a task to a contractor. To make things clear, enable efficient collaboration and interaction among vendors and their managers.

10. Security & Reliability

Peace of mind is one of the most ignored models while choosing a software of any sort. Which is a disgrace! A lot more contractors would have thicker normal hair if this was a thought. Envision exactly what amount of hair you would lose if your vendor records disappeared, got hacked, or modified by unapproved users of the framework? Try not to disregard these horrible situations, and pick the supplier management software to keep your line with a solution that provides security and strength.

4 Best Supplier Management Software of 2020

1. TYASuite VMS

TYASuite Vendor Management Software or Supplier management Software is the world's 1st plug and plays cloud software that is hosted on a cloud server, which makes it secure and safe to use. With its outstanding functionalities like RFI/RFQ, vendor rate card mapping, vendor audit score, real-time screening, multi-location handling, onboarding of vendors, reverse biddings, and a lot more. It is surely an effective and efficient VMS tool to manage your business vendor-related issues.

Who it's for: Businesses working in exceptionally directed and high-risk industries like, aviation, construction, services, transport, and healthcare provision as well as business with high volume of vendors as well as business which requires a timely payments to their vendors.

Pricing: monthly/yearly.

2. Ivalua Supplier Management

This strong SaaS software provides 22 modules for various business processes: e-sourcing, spend analysis, procure-to-pay; and supplier management. Its supplier management platform incorporates functionalities for document validation, vendor data management, risk assessment, and a lot more.

Who it's for: Businesses searching for central profile management for their vendors. For associations in exceptionally managed businesses (like healthcare and manufacturing) Ivalua provides industry-specific solution bundles.

Pricing: $2,000.00/month/user

3. Tipalti

This worldwide payment automation software is your complete payroll and supplier management software. It can help you manage the authoritative side of representative, supplier, and vendor payments, from onboarding to tax compliance, everything in an online cloud-based solution.

Who it's for: Organizations looking to handle their payroll and automate other payment procedures.

Pricing: $850/month plus a flat transaction fee based on the payment method.

4. ProcureWare

ProcureWare is a supplier management, bidding, sourcing, and contract management ERP solution. Supplier management functions uphold the making of a redid supplier self-registration process, permitting centralized admittance to a searchable, and updated supplier database.

Who it's for: Businesses looking to streamline vendor diversity and enable for vendor project bidding.

Pricing: By quote

Supplier Management and Beyond

Big numbers of the supplier management software solutions out there offer much more than what you may have set out as your needs in choosing the supplier management software for your business. Odds are that a large number of these frameworks incorporate functions that can replace existing software and solutions in your business. Consequently, expanding efficiency and reducing costs.

Generally, the solutions we've listed above oblige all the necessities that today businesses have in handling vendors. Indeed, these requirements change quickly. So our last tip to you is to think about the necessities and objectives your businesses and your vendors will have tomorrow, as opposed to today.

TYASuite is one of the best supplier management software solutions in 2020. It is designed to manage vendors of any business efficiently. It enables businesses to go paperless and outsource vendors using the best Supplier Management Software. You should try it for yourself and perceive how it can help with your supplier management by taking a free demo.

TYASuite Cloud ERP is a World 1st Plug and Play ERP Solutions. It has a lot of pre-customized features that can be modified to suit your requirement in the click of a button.

While ERP software may give an impression of being costly from the outset, their firmly integrated cycles would generally compensate for the underlying steep investment. This is the reason numerous businesses treat them as investments instead of costs. Besides, these solutions boost productivity and, in expansion, esteem. In this way, they are ideal considered as assets rather than liabilities.

But, if you are searching for the best cloud ERP software in 2020, at that point you've come to the ideal place. In this post, we present the 11 best cloud ERP software you can discover on the market now. We positioned them as far as how they coordinate assets well from numerous departments, their convenience, adaptability, and analytics. Ideally, you can discover something that accommodates your business preferences and requirements.

What Are the Top cloud ERP software?

1. TYASuite ERP Software
2. Scoro
3. Odoo
4. Sage Intacct
5. Syspro
6. Oracle ERP Cloud
7. SAP ERP
8. Epicor ERP
9. Brightpearl
10. FinancialForce ERP
11. Microsoft Business Central

Getting an ERP platform is certifiably not a quick pass to the magic fortune of 500 lists. An instant reality check on a few very much advertised ERP failures should deal with bringing you sensible quick. If there's one thing to be found out about these, it's that while ERP guarantees luxurious returns, achievement doesn't come for the time being using a one-time purchase and simply watching it overpower staff and CEOs.

Quit worrying about that ERP solutions for SMEs are currently extremely common, motioning to businesses that ERP software has never been more available. But the underlying elation can simply wear off once you discover that implementation can likewise mean a lot of interruption and, hence, longer implementation. The greatest challenge of ERP integration is hierarchical change. Even though 95% of businesses report upgrades in the wake of utilizing ERP tools, around 74% experience delays in the project, and approx. 64% go over budget.

The Biggest Problem in ERP Projects: Organizational Change

It isn't going great from that point. An individual sets aside a decent measure of effort to figure out how to utilize advanced tools well, significantly more the entire association. The accomplishment of the ERP platform relies on a very much idea of a change management plan, to persuade users why change is vital and why they should be prepared for it if they are to be included at all. Consequently, before you invest in a top ERP software, you ought to likewise plan how to turn it out.

The solution is clear as the issue: establishing an appropriate authoritative change management plan can get the ball on the road in the correct way, on time, and in all probability without hopping over the financial plan.

11 Best Cloud ERP Solutions

1. TYASuite ERP

With broad tools from procurement to financial management, production, billing and order management, and supply chain management to fulfillment and warehouse, cloud-based TYASuite ERP covers all the business processes that you have to incorporate to cause your business to work at an ideal stream. The wide scope of services has profited businesses of any size, making it the most broadly integrated ERP platform in the market today. Business proprietors and their workers hail the app for how it makes their work more clear in the context of the general business objective. TYASuite Cloud ERP is world 1^st plug and play cloud ERP where you can go live in weeks.

2. Scoro

A project management ERP that is essentially vague from standard ERP contributions, Scoro helps organizations tie up numerous work processes and groups through definite work management tools. It accompanies invoicing tools, numerous currency support, and other financial modules. It likewise offers a CRM that paves the way for expanded sales, and insightful reporting and analytics functions to help business proprietors start acting responsibly and develop their businesses.

3. Odoo

It is an open-source, cloud-based platform with every computing module you will need or consider, Odoo is your portal to propping up your business for progress with applications that you can incorporate and downsize as you see fit. It is one of the best tools for your accounting and financial management, CRM and sales modules, purchase, invoicing, costs and payment, HR and recruitment, eCommerce, timesheet, and project management needs, among others.

4. Sage Intacct

AICPA-certified Sage Intacct gives all the basic financial business requirements. The cloud-based platform has accuracy accounting at its core, with expansions for inventory management, bank reconciliation, numerous sales tax calculations, and various currency support. Your financial information is protected by big business security conventions, while amazing analytics gives you helpful reports to guide your organization to develop.

5. SYSPRO

Accessible as a cloud or on-premise integration, 40-year nonconformist SYSPRO deploys numerous outstanding computing innovations to help businesses with top-rated accounting services, billing, quote and payment management, supply chain control and inventory management, auditing and fraud detection, order and invoice processing, and forecasting. It outfits bots to deal with dull and unremarkable tasks, so human operators can focus on what they excel at.

6. Oracle ERP Cloud

Among those in this accumulation of the best cloud ERP software platforms with a worldwide impression, Oracle ERP Cloud sets out a strong business establishment. An adaptable way to deal with pricing lets you run the application whenever and pay just for those functions that you use, sans any agreement term. If commitment is more as you would prefer, Oracle provides an agreement term from 1 to 7 years, the cost contingent again upon the modules that you choose.

7. SAP ERP

From Germany and a brand that is inseparable from reliability and longevity, SAP ERP gives completely consistent financial and accounting solutions alongside sales and CRM features, HR and supply chain management, procurement and billing modules to deal with different aspects of your business from one intuitive dashboard.

8. Epicor ERP

Consolidating the most recent advancements with what is already a strong ERP, Epicor ERP conveys coordinated, consistent business activities that benefit as much as possible from the digital technology in the field of artificial knowledge, big data, and mobile computing. It manages the most unpredictable numbers for effective, big data, accounting, and financial management, responsive client communications, human capital, supply chain, and inventory management, alongside project management, among others.

9. Brightpearl

Cloud-based Brightpearl packages together the most fundamental computing solutions to help your business explore the advanced demands of worldwide trade. The solutions extend from inventory and order management, sales order, purchasing, accounting, and vendor management, to delivery and fulfillment.

10. FinancialForce ERP

One of the best cloud-based ERP software is FinancialForce ERP, which is a salesforce's software of professional services automation tools acclaimed by best industry practices and insightful analytics to get your business rapidly going for progress as only Salesforce knows how. The tools are worked around a strong financial management framework that highlights smart billing processes, alongside a great general ledger.

11. Microsoft Business Central

Microsoft Business Central is the most recent manifestation of business management solution Dynamics Nav, presently providing a cloud-based membership choice and robust integration with other programs of Microsoft. The new iteration includes a remarkable business analytics tool on head of the jobs and financial management, human resource and payroll, project management, inventory management, sales, and marketing tools that Dynamics Nav was prestigious for.

Are You Ready for Your ERP Integration?

Well, those are the first-class ERP software accessible on the market. But once more, simply having the right software doesn't get you the advantages that top organization users do. There is a "delicate" part with regards to implementation, and that is the individuals. It involves some persuading and training them to utilize these top cloud ERP software to their most elevated potential. Accordingly, there is truly more work to be done when you receive a solution from the outset.

Adoption needs planning

Authoritative change requires planning. What's more, probably the most ideal approach to start your ERP integration planning is to evaluate some software first. Indeed, we suggest you start from our highest level platform, TYASuite Cloud ERP. It is a full-fledged ERP solution with simple to-utilize, amazing features from collaboration software to analytics. If you need to examine the highlights intently, you can undoubtedly do so when you sign up for a TYASuite Cloud ERP free demo.

If you take this way, you'd have hands-on expertise with the platform and see whether it will work for you first. Thusly, you would have a thought of how the transition pretty much would work for your association. Additionally, power users pair their ERP platforms with different systems, for example, inventory and purchasing solutions, among others. Likewise, ensure that your picked ERP software will likewise accommodate your present architecture, design, culture, and use.

We at TYASuite always thrive our best to cater to the best industry experience with inexpensive ERP Cloud software. Getting a free demo of TYASuite ERP is one of the initial steps to take.

Let's get in touch and start your journey with TYASuite Plug & Play Cloud ERP today.

Are you looking to improve your business productivity? Is managing your business inventory getting out of hand?

An effective inventory management tool can enable companies to swiftly take advantage of the changing market demands at substantially low prices. This will also assist in the proper functioning of the supply chain system which might change their potential customers into actual customers.

The following strategies can help in improving business productivity through inventory management software to deliver better results:

Categorize the Products

The categorization of the inventory stocks is important. There are many products which a company tends to sell and holding them at one warehouse is a tedious task. Therefore, a user-friendly system of categorization is helpful as it classifies the items based on value and documentation. One of the most famous methods to do it is “ABC classification”. This system also keeps the inventory tracking system up to date. TYASuite catalog management feature can also help you to create catalogs for all your products which provides a point of differentiation amongst them.

Integrate Mobile Technology

By integrating your inventory with mobile technology, it will improve your business productivity effectively. This can also help in warehousing management by controlling and tracking the stocks and shipping them at the right time and location. It can also drive towards a better supply chain thus, in turn, improving customer satisfaction.

Use of Efficacious Data Analysis Feature

From time to time every company needs to analyze its inventory and requires forecasts for the future. A built-in analysis tool will speed up the process which will be fruitful for the profit margins of the organization. Also, the company can keep an update about the stocks to its increasing demand in the market through an inventory tracking tool, which will tell exactly when to reorder the products.

Invest In Training

Training your staff to work with the modern Cloud ERP software in a constructive way is essential. This will dramatically enhance the workflow and the results which you were hoping would be achieved in less time. This is one of the main strategies for improving business productivity, as, without prior knowledge about warehouse management software, these staff members won’t be able to function properly; for only you to realize months down the line that you haven’t accomplished the result you were hoping for.

Upgradation of Shipping Structure

Proper and successful inventory management largely depends on the warehousing and shipping system of the company. If the packages are not handled carefully and delivered at the correct time, then this could harm the reputation of your company. This problem can be tackled by a flexible inventory management software, which will lead to overall efficiency in the warehousing facility of the organization. This can be accomplished through TYASuite’s supplier management and barcoding/RFID features, which enhances your shipping structure altogether.

We at TYASuite family always do our best to cater to the best experience you can have in the industry with inexpensive ERP Cloud software.

Try TYASuite plug and play ERP software which provides you with the best services at affordable prices. Grab our FREE DEMO version now before the offer vanishes with a blink of an eye!

By bringing suppliers online and streamlining the entire process with the help of a procurement software is making the way of a business easier than ever. For organizations using the best e-procurement software, business processes have become transparent and easy to manage.

E-procurement implies that procuring products from suppliers/vendors and interacting with vendors online. Businesses create e-procurement portals where vendors can register. Once they’re registered, vendors see which products are required and quote prices at which they will supply them. This streamlines the whole process and makes everything simplified and transparent. As every transaction is done online; corruption, which plagued procurement in the past, has been eliminated.

Earlier what vendors could do only by visiting buyers' premises, is now done online. This has lowered the overall costs for stakeholders and creates a win-win situation for the companies and the vendors. There is no to and from between purchasers and sellers because communication is simple and easy. Also, all vendors who have registered on e-procurement portals or vendor management portal, they enjoy equal access to data and information. This builds faith in the processes, and between vendors as well as businesses.

Why Do Business Need Procurement Software?

Because Procurement software or procurement to payment software as it called many times can make the purchasing process streamlined, automated, organized, and efficient. The primary task of procurement tools is to make the life of business owners easier and their business more productive. Automating the processes of purchasing materials and goods as well as maintaining an inventory of products usually is performed through automation and simplification of such functions as:

1. Sending Quotation request online through quotation management software
2. Receiving and comparing quotations without any manual effort
3. Ordering a product or service
4. Generating, receiving, and fulfilling purchase orders
5. Sending and processing invoices
6. Maintaining an inventory
7. Matching invoices to the materials received
8. Paying all the bills online
9. Tracking, controlling, approving the entire procurement process

Benefits of E-procurement Software in Business

1. Advantages of procure to pay Businesses with e-procurement portals can create Request for Proposals (RFPs) for vendors. Once RFPs are created, vendors quote prices at which they will fulfil them. Quotes submitted by vendors help businesses shortlist suppliers.
2. E-procurement cloud portals also enable businesses to create auctions. Businesses hold reverse bidding by stating any vendor willing to supply a product at a less than quoted price will win a contract. Hence unlike traditional procurement channels, e-procurement quickly allows businesses to receive quotes from many vendors. This software can also play role of reverse bidding software.
3. Another advantage of procurement management system is they store all information online thus eliminating the need to manually keep track of it. But the advantages of e-procurement portals don’t end here. Technology is reshaping what is possible with e-procurement portals.
4. Artificial Intelligence (AI) has an important role to play in e-procurement. Like search engines, e-procurement portals use AI to produce relevant results. When users input keywords in portals, AI produces relevant results. This makes finding buyers' needs easy for vendors.

Key Features of Procurement Software

If you’re still unconvinced by this evaluation, here are a few of the less obvious, but equally rewarding features of using Procurement software:

1. Flexibility: Sourcing and procurement software applications like TYASuite are native to cloud, mobile, and touch innovations. This means that customers can access it anyplace, anytime, and on any of the computing devices – tablet, laptop, or mobile phone.
2. Everything Under One Roof: As a single, unified platform that incorporates all relevant features at its core, such a tool allows more constant data, processes, and workflows. And unlike modular items, integration is seamless, so you don’t need to think about the integration costs, delays, or glitches.
3. Speed: It is designed to speed up and strengthen the way procurement pros work, such software helps you to switch fluidly between similar tasks.
4. Boost Adoption & Happiness: Intuitive, user-friendly tools smooth the learning curve, boosting adoption, and supporting use over the long duration, thereby needing no comprehensive or expensive re-training.
5. Proven Best Practices: Standardize on documented, best practice processes field-tested across a wide range of industries, requirements, and uses that help your procurement team achieve tangible savings faster.
6. Boost Savings: The overall functionality of procurement platforms helps the realization of significantly more leading savings, usually in the 25 to 40 percent range.
7. Save Time: Save time and effort spent on vendor discovery and on-boarding a new world of suppliers already combined into your core sourcing and procurement platform, completely integrated with your native workflow.

So in the end, if you aren’t already using procurement cloud software, you’re efficiently losing out on the opportunity to streamline and hence automate significant parts of a very complex system that could very easily be costing you millions with every passing day. This then just begs the query – what are you waiting for?

TYASuite is the best e-procurement software suite that can take your business to the next level and increase productivity 10 times higher.

At TYASuite, we offer end to end procurement software that can enable any business to boost its profit. TYASuite Cloud procurement Software is a World 1^st Plug and Play software. It has a lot of pre-customized features that can be modified to suit your requirement in the click of a button.

Don’t miss our free demo in a time of crisis.

In this fast-paced world, businesses around the globe are working tirelessly to make ends meet. While doing so they work and handle several suppliers at once. The business environment becomes complex for a person to handle all the processes manually, to overcome this problem a vendor management software is the best solution available in the market.

As the business grows, these vendors are not merely people who provide goods, services, or platforms to companies but also become a partner, in the long run, to achieve success simultaneously. A cloud ERP Vendor Management Tool helps in easy onboarding of suppliers, performance tracking through vendor tracking tool feature, timely payments through accounts payable automation software, contract management, risk management, and strong relationship bonds.

There are many features and benefits of Vendor management software which can help you to enhance your business processes with higher productivity to yield fruitful results.

Features of Vendor Management Software

1. Easy Onboarding

A supplier management software helps in easy and faster onboarding of suppliers. This reduces time wastage by screening the vendors on a real-time basis. It also provides information about the vendors and uses diversified catalogs to ease the whole process.

2. Endorses Collaborations

A cloud-based vendor management tool enhances and promotes the process of collaborations with other processes and vendors. Due to easy collaborations with other departments, it becomes easy to monitor and analyze the performance of vendors. It also avoids redundancy in business operations.

3. Efficient Tracking

It also keeps a tab on the performance of the vendors to draw useful insights from the derived data. It helps in keeping into consideration the vendors who do not adhere to the rules and regulations of the company and need to be blacklisted.

4. Self-service to Vendors

This is a feature where it gives the vendor the liberty to update their information, and get regular alerts on new orders and payments. Vendor Portal Software or vendor Login software feature allows this facility.

5. Reviewing of Critical Information

A vendor software also helps in précising reviewing all the critical information relating to any third-party vendor risk. This is done by using proper rules and regulations. It also helps in gathering and storing all the essential contracts in one place for future reference.

Benefits of Vendor Management Software

1. Centralized Management

From vendor onboarding, billing information, and contracts, everything is managed in one place. It eases the process of data retrieval and helps in analyzing that information at a faster rate.

2. Stronger Supplier Relationships

With in-built features, vendors can create customized criteria for everything. There is a transparency in reviewing the performance of the vendors which boosts the morale of the vendors. It thus creates good bonds between suppliers and management.

3. Helps in Mitigating Risks

A supplier portal software also helps in mitigating risks involving vendors and the way they perform. There are times when a company needs to fulfill certain conditions to onboard a vendor. Thus, all the compliances relating to suppliers are taken care of due to cloud ERP vendor software.

4. Provides Better Value

The main objective of a vendor management tool is to provide better value to the company regarding the money they are investing in that supplier. Thus, it leads to a huge amount of savings in the long run if implemented perfectly. Reverse Bidding software function helps organization to always have the lowest possible cost of the procurement.

5. Enhances Productivity

It also assists in enhancing the overall productivity of the business. From finding the right vendors to the products which are needed by the business to the timely re-stocking, everything is planned smoothly.

Why Choose TYASuite Vendor Management Software

TYASuite Vendor Management Software is India’s 1st plug and play software that is hosted on a cloud server, which makes it safe and secure to use. With its unique features like RFI/RFQ, vendor audit score, vendor rate card mapping, real-time screening and onboarding of vendors, multi-location handling, and much more, it surely is an effective tool to use to manage your business vendor-related problems. The software is affordable and reliable as well as customizable.

While stepping up the success ladder in the corporate world, one of the biggest challenge which any business face is related to inventory. With a surge in the demand for goods, there has been a tough competition among organizations to sell more and more types of items. Every company tends to increase the number of products they sell which at times creates hodgepodge due to mishandling of operations at such a large scale. Due to mis-management Inventory gets slow-moving, spoiled, overstocked etc. To cater to these problems an inventory management software is the best solution. It has many features and benefits which prove to yield fruitful results for a company. Some of them are-

Features of Inventory Management

1. Catalogue Creation

Often a company deals within a range of products and services and managing them all at once is a tedious task. To overcome this, an inventory management system provides the feature of creating catalogues. This eases the process of searching for a specific item from the wide list of available options.

2. Barcoding System

Each product is given a unique barcode to identify and track the whereabouts of that item. This helps in providing transparency in operations while exactly knowing when the product will reach its end consumer.

3. Pricing Management

This feature of inventory management software helps in controlling the prices of each product regarding the market price. If there is a change in the prices, the system would automatically update the price for an efficient working system.

4. Return Management

Most of the time, a customer wants to return a certain product due to size or quality issues. Managing the return process efficiently becomes a hassled task while optimally managing the task of fulfilling the new orders on time. But with inventory management, this can become an easy task. 

Benefits of Inventory Management

1. Visibility of Inventory On Real-Time Basis

One of the main benefits of an inventory management software is to provide up-to-date reports about inventory to the management for the smooth functioning of business operations.

2. Automate Re-Order Process

Businesses often run out of stock due to untimely replenishment of the inventory. This leads to a bad image of the company in the market among its customers. To save you from this situation an inventory control system would keep a track of the stock in the inventory and would automatically place an order to replenish the stock. 

3. Highlighting Slow-moving items

A good inventory management software can highlight to management slow moving items in your company. Based on this, management can take a timely decisions to liquidate the inventory at a discount before it is too late.

4. Digital Tracking of Goods

From the time when a customer places an order, he/she wants to know when they would receive it. With the help of inventory tracking software, it keeps a digital track of the goods until they reach the customers in good shape and form. 

5. Robust Reporting

This system also provides detailed analysis reports which are useful in managing the inventory of the company. Thus with these reports, the process of decision making is eased with faster outputs.

6. Integration with Other Processes

An inventory management software is integrated with other business processes like procurement to pay, sales, and more to increase productivity with utmost efficiency. 

Have a glance at TYASuite Inventory Management Software which lets you undergo your inventory-related tasks hassle-free in less time frame. Through its unique features like grant-specific controls, multi-location GST option, filter functions, RFID feature, it assists you in seamlessly fulfilling your business operations. Therefore when a company decides to switch to plug and play Cloud ERP based modules, it can transform its business drastically.