Here’s an Easy and Pain-Free Inventory Management System - My Finale Inventory Review
- Neil Pamulaklakin
- Mar 1, 2024
- 14 min read
The rise of inventory management software
I’ve seen so many business owners scramble to find the perfect inventory management system to align their processes with their business. And who would not?
In today's fast-paced business environment, effective inventory management is not just an option for business owners in e-commerce—it's a necessity.
You won’t believe it when I tell you that I’ve seen an organization before handling their supply chain system with just Google Sheets! Yes, with 5 people running purchasing and stock management and 3 people running their backend data collection.
Google sheet works, people! But to a certain extent…
Nowadays, business owners, even those starting in their e-commerce, like to have visibility and control when it comes to managing their product data. They sought out Cloud-Based Inventory Management, Warehouse Management Software, and Real-Time Stock Analysis…even, if they only have but 10 or so SKUs. An overkill at some point, I guess.
But these people know their stuff. They know that their two most important commodities are time and the right information. They need not spend hours extracting data and doing pivot tables. No.
With a few clicks, everything you need to know to make the right decision whether to order and buy stocks or not, to use what available SKUs they have to make a promo or to make B2B deals by creating bundles from their current stocks.
Information and time. That’s fairly it.
With the right software, you can streamline operations, reduce costs, and boost productivity. There are dozens of inventory management apps now in the market. I highly doubt that there’s a one-size-fits-all-all system.
So I do my best and test drive these apps to get a feel for how they perform. I get my hands dirty by plunging in and using them.
So one of the top finds in Google when it comes to inventory management software is Finale. When I encountered it, pronouncing the word sends me off to the idea of an orchestra. Maybe that’s what they intended. A software synchronizing your whole supply chain process.
The supply chain process, ugh, when you say it, you think it can be done in one sitting alone! That’s a big piece of cake to swallow. For a practitioner like me, that would mean, you’ve covered product development, sourcing, inventory, warehousing, and the logistics of the product.
Ok, I’ll lower the bar for the Finale. Let’s be fair. Unlike me, it doesn’t have 2 decades of experience, right? Just cover perhaps the main issue of business owners when they ask, what and how many stocks do I have.
Yes, the inventory management part, which is the profitable metrics of all.
But maybe, that’s just the type of business you run, only stocks.
So let’s consider, is Finale Software the solution you've been looking for?
Finale was introduced in 2014, let's dive in and discover how far this cloud-based software innovated.
Inventory management software is pivotal in optimizing your stock levels, tracking inventory in real time, and providing valuable insights into your supply chain operations. Unless you are a service provider, how else can you make a sale without a product, right?
But how and what does it look like to work without an inventory management system?
During the early part of the eighties, you’ll get by using stock cards. These folks are small cardboard usually, 8 x 2.5 inches in size, placed in the warehouse bins. A warehouse person needs to write everything that goes in and out of the bin. Miss and you’ll get what we dread most during cycle counts, a variance. Relax, it just means trouble of what you thought was in there, was suddenly and hard to explain, vanished!
Then the nineties came, and software came in. Yey!
The main trends are the expensive and all-encompassing ERPs. We still have these today, mostly used by big corporations. They cover not only the supply chain, they include HR, project management, sales, finance, and other organizational processes. And yes, they’re costly. Very costly.
Finding some way to capture relevant information, small, and medium businesses run by Excel which is way cheaper than ERPs. Plenty of programmers, twitching this and that to capture everything you throw in the warehouse.
Excel & Google Sheets remain useful to business owners, even those doing e-commerce.
But the thing is, ecommerce is a bullet train. A purchase here and there from different sides of the planet is hard to capture in real-time. As an e-commerce business owner, you’d like to market your product not just in one country, but various. That’s why they use platforms like Shopify and Amazon. Use Excel or Google Sheets, eventually, you’ll get frustrated. Think of time zones and currencies between your customers and suppliers.
The frequency you need to extract reliable data, push those purchase orders to your suppliers, check stock availability in your warehouse, and fulfill those sales orders would drive you nuts. Oh, let’s add returns from your customers to push you to the edge.
So in one way, you can’t blame business owners for looking for a get relief pill from all of the chaos. That’s why the inventory management app was invented.
Effective inventory management is crucial for maintaining a balance between too much and too little stock, ensuring smooth operations. Advanced inventory management software goes beyond mere tracking; it’s a strategic tool that offers insightful analytics, real-time updates, and proactive stock management.
In essence, if handled properly, it transforms inventory management from a challenge into a competitive advantage. By automating processes, inventory management systems minimize errors, save time, and allow for more accurate forecasting.
Some thoughts on Finale software as a potential solution
Finale Inventory, a cloud-hosted inventory management system for warehousing, distribution, and manufacturing, has been in the business since 2014, primarily serving the business owners and the operations team find method in madness.
And in my test, I find the inventory software visually appealing and easy to use. the Finale system can integrate other e-commerce platforms that run marketing, sales channels, and accounting.
Common Challenges of Inventory Management and how Finale Inventory solves them
Efficient inventory system is the lifeblood of any e-commerce business. It not only impacts customer satisfaction and sales but also plays a crucial role in cost control and business profitability. Unfortunately, several challenges can plague e-commerce inventory management, leading to issues like overstocking, stockouts, and inaccurate data. Let's dive deeper into these challenges, understand their impact, and how Finale addresses them:
1. Overstocking:
Causes:
Inaccurate demand forecasting: Overestimating future demand often leads to excess inventory sitting idle, tying up capital and incurring storage costs.
Poor buying practices: Bulk buying to get discounts or relying on intuition instead of data-driven decisions can lead to overstocking of slow-moving products.
Fear of stockouts: Anxiety about losing sales due to stockouts can lead to overcompensating with excessive inventory.
Impact:
Reduced cash flow: Capital tied up in unsold inventory becomes unavailable for other business needs.
Storage costs: Additional warehouse space or increased fees for existing space add to operational expenses.
Product obsolescence: Products may become outdated or damaged while sitting in storage, leading to write-offs and lost revenue.
Finale addresses this by providing users with real-time, accurate data across different sales platforms and multi-locations.
One quick look at what is available will prompt users on what item needs to be addressed. (see snapshot). Finale's Real-Time Inventory Tracking provides immediate stock level visibility, enabling quick decision-making.
Does it have some sort of color-coding feature? is there a different module?
2. Stockouts:
Causes:
Inaccurate inventory tracking: Lack of real-time visibility into inventory levels can lead to unexpected stockouts and missed sales opportunities.
Demand surges: Unforeseen spikes in demand can quickly deplete inventory, especially for popular products.
Supply chain disruptions: Delays in deliveries or production issues can interrupt your ability to replenish inventory, leading to stockouts.
Impact:
Lost sales: Customers unable to purchase desired products will likely turn to competitors, leading to lost revenue and potential brand damage.
Customer dissatisfaction: Stockouts can lead to frustration and negative customer experiences, impacting brand loyalty and repeat business.
Increased promotional costs: Running flash sales or discounts to compensate for stockouts can erode profit margins.
In Finale, you can set up automated reordering which uses intelligent algorithms to predict stock needs, ensuring optimal inventory levels. It can dynamically calculate reorder points based on historical sales.
But be warned, there are plenty of forecasting tools popping up nowadays that challenges the usual formula for re-ordering using machine language. Is it better? Let's reserve that for another day.
3. Inaccurate Inventory Data:
Causes:
Manual data entry: Human error during manual inventory tracking can lead to inaccurate data and discrepancies.
Poor integration between systems: Lack of proper integration between multiple platforms, inventory management software, and accounting systems can create data silos and inconsistencies.
Lack of regular inventory checks: Inconsistent or infrequent inventory count practices can lead to inaccurate data and misrepresentation of real-time inventory levels.
Impact:
Increased risk of stockouts and overstocking: Decisions based on inaccurate data can lead to over- and under-ordering, exacerbating the challenges above.
Inefficient order fulfillment: Wrong or outdated inventory information can result in incorrect order picking and packing, leading to shipping delays and customer dissatisfaction.
Loss of trust and reputational damage: Repeated issues due to inaccurate data can erode customer trust and damage your brand reputation.
Finale's multi-channel integration connects effortlessly with various sales platforms for uniform inventory data. This makes your order management a breeze to work with as your physical stocks are synced into what you show on your website.
Finale Inventory features that save you tons of time and money
Remember I said we'll dive into its innovation? Well, this cloud-based software is robust.
Conquering the Data Entry Dilemma:
Now if you are tired of wrestling with spreadsheets and manual updates, Finale throws the towel in for you. With it, you can leverage real-time sales forecasting data to preemptively plan reorders, eliminating the risk of stockouts and saving you hours of tedious data entry.
But that's not all. Finale integrates seamlessly with over 40 applications, including accounting systems like QuickBooks Online, creating a single source of truth for your inventory data. This holistic view ensures transparency and accuracy across all your channels, streamlining your operations and giving you peace of mind.
Boosting Warehouse Efficiency:
Imagine your warehouse humming with productivity, orders flying out the door, and your team working in perfect harmony. Finale makes this a reality. The app automatically identifies orders ready for fulfillment within ShipStation, saving your team valuable time spent manually checking stock levels. It also updates order statuses in real time, ensuring a smooth and efficient flow from order to shipment.
Accuracy at Your Fingertips:
Gone are the days of misplaced items and picking errors. Finale's integrated Android OS barcode scanner solution seamlessly integrates with ShipStation, streamlining the picking process.
Scan packing slips from ShipStation and let Finale guide your team to the exact location of each item, ensuring accuracy and minimizing fulfillment mistakes. Now, the physical inventory and system should match!
Scaling Without the ERP Burden:
Large Enterprise Resource Planning (ERP) systems can be costly and complex, often requiring custom coding and significant implementation resources. Finale offers a refreshing alternative. This inventory management solution is built with flexibility in mind, adapting to your existing workflows instead of forcing you to change your entire business model.
This makes Finale cost-effective and scalable, supporting your growth without the burden of a clunky, expensive ERP. And as you scale, Finale's commitment to you doesn't waver. This I can attest, Finale's support team provides unparalleled 1:1 training and ongoing customer support, ensuring you have the guidance you need to succeed.
Taming the Kitting Chaos:
Managing kits and bundles can be a logistical nightmare. But with Finale, it's a breeze. Use Finale inventory to build kits in advance or assemble them on the fly with ease. Familiar with barcoding? The barcode scanner guides your team to each component, ensuring accuracy and efficiency. Finale also automatically updates stock levels of your bundles based on real-time availability, eliminating the risk of overselling and ensuring complete inventory transparency.
How good is their kitting and bundling program? You check out their Expand Bill of Material setting. I think that feature really sets them apart.
More than an inventory management solution, here's what I like about this software
1. Copy and Paste That Data Feature
Finale's powerful copy-paste functionality eliminates that pain by making it incredibly easy to use! Imagine analyzing products in a familiar spreadsheet like Excel, creating a purchase order (PO), and simply copying and pasting your final selections directly into Finale. No more tedious typing, just seamless data transfer by copy and paste from a spreadsheet.
But the magic doesn't stop there. Copy-paste your sales quotes, inventory adjustments, or any data-driven tasks in a flash. Are you a data-first kind of person who loves the power of spreadsheets? Then Finale's copy-paste is your new best friend!
This helps:
Save time: Eliminate manual data entry and its potential errors.
Boost efficiency: Get things done faster, focusing on what matters most.
Reduce errors: Say goodbye to typos and inconsistencies.
Maintain accuracy: Ensure data integrity between platforms.
Flexibility: Works with various data sources and Finale tasks.
2. Data Visualization
Have issues looking at things in the big picture? Finale takes care of that by having visually appealing up-to-date dashboards. Immerse yourself in data insights – visually! Their stunning dashboard isn't just clean and complete, it's connected. Get a bird's-eye view of your entire company's processes, revealing the bigger picture like never before. It's data storytelling at its finest, transforming numbers into a clear, actionable narrative.
See where your sales are coming from:
Here's your metrics:
Want to know your winners?
What's the status of your products?
3. Finale's Reserve Feature:
Say goodbye to fragmented order management! This 2024, Finale's innovative Reserve system allows you to easily handle partial and staggered deliveries. Need an order fulfilled in phases? Simply mark specific items as "reserved" and track their progress seamlessly.
Here's the magic:
Full order visibility: Gain a comprehensive overview of your entire order, including items in transit, received, and awaiting production.
Granular control: Manage each item individually, ensuring your inventory reflects the exact status of your order.
Optimized planning: Make informed decisions with instant access to real-time data on outstanding deliveries.
Supplier transparency: Collaborate effectively with suppliers, knowing exactly what's coming and when
4. Expand Bill of Materials Setting
Imagine this: a customer orders your popular DIY garden kit, but you're missing a crucial screw at the last minute! Ordering more screws means delays and frustrated customers. But what if there was a better way?
Finale inventory offers the Expand Bill of Materials feature that reserves the individual components needed for your kitted products the moment an order is placed, no more last-minute panics! Finale does this behind the scenes, without affecting your customer experience.
(Image from Finale's blogpost)
Finale caters to diverse kitting workflows:
Grab-and-Assemble: If your team builds kits component-by-component, select "Expand BOM." Finale magically reserves the needed screws, nuts, and bolts, allowing seamless assembly without worrying about stock levels.
Pre-Assembled Champs: Do you pre-assemble and store finished kits? Opt for "Never Expand." When an order hits, Finale automatically triggers the "build" feature, deducting components from your inventory and adding the finished kit as ready to ship. No manual adjustments, just smooth sailing. Now that's inventory control!
No two businesses are identical, so Finale offers adaptability. Set the "integration-level" setting based on your dominant workflow, or even customize it for specific products. This ensures Finale works alongside your unique processes, not against them.
Finale Inventory Pricing
It's difficult to compare Finale Inventory pricing with other well-known software in the market. Yes, they have common features like centralized inventory management, automation, app integration, barcode scanning for your warehouse products, and so on. At a glance, you'd probably say after seeing other inventory software, Finale's pricing is too hefty.
But, hey wait. Before making that conclusion, look over your processes, the pain points you'd like to remove, the workflows that you'd like to streamline, and the business expansion you are thinking of.
Pause. Now, is Finale, right for you?
Pricing Plans for Using Finale Inventory Software
Here's Finale's latest offerings as February 2024:
(Snapshot from Finale website)
Plus, with no long-term contracts and free onboarding, getting started with Finale is risk-free.
If you or your company needs help in getting the right inventory set up done or still choosing the best fit that matches your processes or simply annoyed how you are pushed back by your current supply chain, do reach out to us in StockOptiPro. Book a call with us now!
Wrapping up my Finale Inventory Review
Hands up for Finale Inventory. This software carries a big punch offering a comprehensive, scalable solution for businesses looking to optimize their inventory management. Its blend of simplicity, power, and versatility makes it an excellent choice for a variety of business needs.
Choosing the right inventory management software like Finale Software is pivotal in driving business growth and achieving operational excellence. If you like things done easy, correctly and hassle-free, when it comes to managing your stocks, you can't go wrong in choosing Finale.
Oh, did I mention that they have premium quality customer service?
FAQs
1. What Makes Finale Software Different from Other Inventory Management Systems?
Finale Software sets itself apart with its user-friendly design, real-time tracking capabilities, and advanced analytics. Unlike other systems, it offers a unique blend of simplicity for beginners and sophisticated features for experienced users, along with seamless multi-channel integration.
2. Can Finale Software Integrate with Existing Business Systems?
Yes, one of Finale Software’s key strengths is its ability to integrate smoothly with various existing business systems. This includes sales platforms, various marketplaces, accounting software, and other ERP systems, ensuring a unified approach to inventory management.
3. Is Finale Software Suitable for Small Businesses?
Absolutely. Finale Software is designed to be scalable, making it a perfect fit for small businesses that are looking for growth. Its adaptability allows small businesses to manage inventory effectively without the complexities and costs associated with more elaborate systems.
4. How Does Finale Software Enhance Operational Efficiency?
Finale Software enhances operational efficiency by providing real-time visibility into inventory levels, automating reordering processes, and offering comprehensive analytics. This leads to better decision-making, reduced stockouts or overstock situations, and improved overall operational flow.
5. What Kind of Support Can Users Expect from Finale Software?
Finale Software offers extensive customer support, including training, tutorials, and responsive customer service. Users can expect timely assistance and guidance to ensure they maximize the benefits of the software.
6. How Does Finale Software Help in Forecasting and Planning?
With its advanced analytics and reporting tools, Finale Software helps businesses in accurate forecasting and strategic planning. It analyzes past trends and current data to provide insights into future inventory needs, helping in efficient resource allocation and planning.
7. Is Finale Software Cost-Effective?
Given its range of features and the value it adds in terms of efficiency and data insights, Finale Software is considered a cost-effective solution for inventory management. It offers various pricing plans to suit different business sizes and needs, ensuring a good return on investment.
8. Can Finale Software Handle Multiple Warehouses and Locations?
Yes, Finale Software is capable of managing inventory across multiple warehouses and locations. This feature is particularly beneficial for businesses with a broad distribution network or those looking to expand their operations.
9. Does Finale Software Offer Mobile Access?
Yes, Finale Software provides mobile access, allowing users to manage and monitor inventory from anywhere. This adds a layer of convenience and flexibility, particularly useful for managers and teams on the go.
10. How Quickly Can a Ecommerce Business Implement Finale Software?
Implementation time can vary depending on the size and complexity of the business. However, Finale Software is known for its ease of setup and user-friendly interface, which generally allows for a quicker implementation compared to more complex systems.
11. What is Finale Inventory used for?
Finale Inventory is a cloud-based software that helps businesses manage their stock, from tracking levels and locations to automating tasks and gaining sales insights. It helps reduce errors with real-time data and barcode scanning, making it ideal for businesses of all sizes, especially those selling online or managing multiple locations. They offer a user-friendly interface and even a free trial to get you started.
12. How much is Finale Inventory?
Finale Inventory doesn't have a single price as it offers different subscription plans with varying features and pricing. The monthly cost ranges from $99 to $949 depending on the chosen plan and features needed. They also offer annual plans with a discount. For specific pricing details, it's best to visit their website or contact them directly.
13. What are the benefits of using inventory management software?
Inventory management software is a game-changer for businesses. It saves money by reducing errors, preventing stockouts, and optimizing storage. Automated tasks free up staff time, while real-time data and insights empower informed business decisions. Improved inventory accuracy translates to happier customers and efficient space utilization. For businesses of all sizes, it's a path to smoother operations, cost savings, and better decision-making.
14. Does Finale's inventory features include Barcode Scanning, Real-Time Inventory, and App Integrations?
Finale offers a powerful toolkit for managing your stock. Track levels, automate tasks, and scan barcodes for real-time accuracy. Advanced features include automatic order fulfillment, e-commerce integration, and kitting. Gain insights with reports and analytics, and connect Finale to your existing tools for seamless workflows. This scalable solution empowers businesses of all sizes to optimize inventory management.
15. Is Finale Inventory easy to use?
Finale Inventory is known for its user-friendly approach. The clean interface and minimal learning curve make it easy to navigate, even for non-technical users. Additionally, they offer helpful resources like tutorials and guides. To top it off, a free trial lets you test the software before committing, allowing you to see for yourself how user-friendly it truly is.
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