Inventory management can be a cumbersome task, especially if you have a large inventory to take care of for your company. Moreover, if it is not done the right way, it can lead to a lot of problems and loses.
The right kind of inventory management is the key to success for a startup as well as a well-established company. Recently, with a number of Inventory Management software, you can automate the entire process and make it more efficient. Using a good inventory management software can be a game-changer for your company.
However, you must be careful while choosing your software and go for something that has interesting features to help streamline your inventory management process.
With this in mind, here is a list of the best inventory management software that can be of immense help to your company. Let’s check them out!
1. NetSuite ERP‘s Inventory Management Software
NetSuite ERP’s Inventory Management tool helps a business to streamline its supply chain end-to-end along with associated financial management operations. The cloud-based integration platform offered by Oracle serves as a one-stop solution enabling a business to be on top of its inventory with real-time and detailed visibility on inventory control.
Due to it’s easy to use native tools and efficient functionalities, this Inventory Management tool is progressively growing and is widely used by many mid-sized and large scale businesses.
- The tool comes packed with a number of features and functionalities that can be integrated with financial operations and demand planning to optimize inventory.
- The cloud-based platform allows real-time visibility across multiple locations, which are very handy to scale up the business.
- This software setup can also integrate with the company’s existing CRM and other web investments like Salesforce, etc.
- At present, the inventory software is not compatible with Linux and Windows mobile systems.
- The software is more suited for Enterprises, but not for small businesses.
- There is no Live Support, but the company has a ticketing system and supports its clients through calls and emails and also conducts training.
Given the wide variety of options within the inventory software, the company charges its user by modules opted, the number of users per month and a few other custom criteria. So, the pricing is on a quote basis and customized for each business.
Vendhq is a powerful point-of-sale software designed to help retailers in retail and inventory management. This cloud-based tool was built to run mainly on iPad and popular for its flexibility and ease of use.
Mainly targeted for small businesses, this software is easy to be integrated with existing business systems, i.e., equipment and hardware like barcode scanners, receipt printers, etc.
The software solution works for online business as well for in-store and is known for customer loyalty, eCommerce, and robust equipment support.
- Impressive inventory management capabilities
- Single console to add product variants of diverse nature
- Central product catalog maintains for products sold in different catalogs
- Centralized data management allows robust and customized reporting
- This software supports only English and no other language
- Device constraints – doesn’t work on Linux, Android, and Windows Mobile
The entire POS package is available in three packages according to the size of the business. While retailers with a single outlet can choose the Lite version which costs $99/month, those with more than 1 outlet can opt for the Pro version that costs $119/month with an annual subscription.
A large business with more than 6 outlets can get a customizable quote-base package.
3. ProfitBooks Inventory Management Software
If you are looking for the easiest & free inventory management software then ProfitBooks is no brainer. First thing you will notice about the application is that its super simple to use.
ProfitBooks is a design for businesses that manufacture their own products and sell those online on platforms like Shopify. It’s best suited for manufacturers & wholesalers.
The application smartly integrates accounting within inventory management. So, you are able to not only create purchase orders but also track day to day business expenses.
Here are some top features:
- Very simple user interface which makes it easy to adopt by anyone without any training.
- Integrated accounting with inventory tracking.
- Support for multiple warehouses and multiple currencies.
- Sales order and delivery challans
- Stock control and adjustments
- Complete purchase management workflow
- Detailed inventory reports as well as financial reports such as balance sheet and profit & loss.
Packed with features like customer and vendor management, purchase orders, sales orders, expense tracking, billing and much more.
At the time of writing this review, ProfitBooks did not have support for serial number tracking and multi-channel order management.
The best part about ProfitBooks is that it’s totally free to use. The free edition is good for a single user. If you want to add additional users, subscription starts at $15/month making it the most affordable inventory management system.
4. Zoho Inventory Management Software
Zoho Inventory is a standalone online Inventory management software that helps a business to track its stock levels and manage both online and offline orders across multiple channels.
The features and options of Zoho are suitable for Retail or Trading business, but not for a manufacturer setting. Further, this affordable tool is more suited for small to medium-sized businesses.
- Intuitive UI of Zoho is very easy to use and doesn’t require an accountant or a professional inventory manager to work on the software
- The inventory control software integrates across multiple eCommerce channels like Amazon, eBay, Shopify, etc., and provides real-time updates
- Order fulfillment is easier since Zoho partners with nearly 25 shipping carriers. So, logistically and financially best carrier can be chosen for each order.
- 24×7 customer support is available
- Zoho has country-specific versions, especially for the US, UK, Canada, Australia, and India.
- Zoho assumes FIFO (First-In-First-Out) method for tracking items in the inventory and is not suitable for businesses that follow any other method
- Standalone inventory software implies that it requires to separately integrate with other accounting systems like Point-of-sale (POS), asset tracking, and production management system.
- The software comes with basic reporting options and does not have options to forecast.
Zoho Inventory’s pricing is affordable, ranging from 0 to $199/month (for an annual subscription). If paid monthly, the cost can go up to $249/month. This software is free for small businesses with less than 20 orders per month.
There are basic, standard, and professional packages depending on the number of warehouses supported, number of users, and the volume of orders processed.
5. SAP’s Business One Professional Software
The enterprise version pieces together financial accounting, customer relationship management (CRM), Enterprise Resource Planning (ERP), and complex Inventory Management.
Each aspect is available as a separate module, and there are more modules to choose from to seamlessly integrate functionalities across these multiple areas. Particularly regarding Inventory management solution, SAP’s Business One Professional works well across many verticals including supply, sales, production, and warehousing and hence is applicable for a wide variety of organizations.
- The software comes packed with extensive analytics and forecasting capabilities that enable not just to manage but optimize inventory
- For costing within Inventory, all four major costing methods, namely First-In-First-Out (FIFO), Moving Average, Stand Cost, and Serial/Batch is costing, are available to choose from.
- The inventory module of SAP Business One Professional is not the most intuitive software, but there are extensive help and documentation to offset the difficulties.
- Not suitable for small businesses.
You can use this software either through subscription or by purchasing the license. In most cases, you have to request a quote to get started.
In the licensing model, Cloud hosting charges separately for subscriptions. Under the licensing model, one-time license per user costs $3213 for the professional version and $1666 for the limited version.
Development by the globally known German software maker, SAP Business One is a complete account management package targets at small to medium enterprises (SME).
6. Cin7 Inventory Management Software
Cin7 is an all-in-one integrated platform that includes the automated point-of-sale package. Electronic Data Interchange (EDI) for B2B exchange of documents between business partners, inventory management, and third-party logistics support.
Further, the system integration with more than 100 third party applications, and all the features to run the business can be available in one single platform. The state-of-the-art features offered by Cin7 allows you to manage inventories across multiple markets and lets you efficiently sell and distribute your products.
- The dynamic tool is built for adaptability and helps streamline the workflow. This minimizes administrative tasks, and optimizes operations to help save time and reduce cost.
- Automated Inventory Management solution with real-time visibility of inventory levels even when the business is spread across multiple companies, franchises, and marketplaces.
- Integrates with every location, every channel and every service to create a true all-in-one platform
- Parent company Datum is globally reputed for its experience in the eCommerce marketing industry which makes the software more reliable.
- Only English language is supported
- The application interface looks dated and a bit difficult to use
Subscription of Cin7 starts from $299 per month and is only available with monthly payments. There are no options for a one-time purchase or an annual subscription. Large companies can set up quote-based pricing depending on the customer requirement.
7. Fishbowl Inventory Management Software
This hybrid manufacturing and warehouse management solution is a design, particularly for small and medium-size businesses. This powerful software offers inventory control to help manage business across multiple warehouses.
Key features of this software include material requirement planning (MRP), work order management, real-time tracking of shipments and product levels, inventory requirement predictions, etc. The software also allows for automatic reordering of products through reorder points set for each item in the warehouse.
- You can deploy it on-premise or host it in the cloud
- The software uses a sales trend to predict inventory requirements which can be used to spread out inventory across warehouses optimally
- Integration with many 3rd party services is easy
- There are tons of standard reporting options, but customizing the reporting template is not possible
- Initial set up takes time, and there is a sharp learning curve for someone new to this software.
- Customer support is not always reliable
It is specially designed for Quickbooks users. Pricing starts at $4,395 per licence.
Brightpearl is an all-in-one platform that combines sales and inventory accounting across multiple channels. Real-time reporting is available with all the orders, inventory, and customer data being available in one place.
Retailers can use this tool to analyze customer buying behavior, measure profitability at the most granular level, and optimize cash flow across the vertical operations of the business.
- Optimization of integration with 3rd party eCommerce marketplaces with high-performance connectors capable of processing up to 25k orders per hour.
- Allowing product variants and bundling enabling customizable product catalog.
- The software automates all the backend processing once an order is in place, thereby eliminating many unnecessary human interventions leading to saving time and enhancing customer satisfaction.
- Software is suitable only for large retail or wholesale businesses with a turnover of more than $1million.
- Only supports the English language.
- Software is not available for Linux and Android devices.
- There is no Live backend support.
The software is only applicable for business with more than $1M in annual sales. The cost of licensing is customizable for each business depending on its specific needs.
When I tried to contact their sales reps, they gave me a quote in the range of $5,000. As I said, it depends on the size of the company.
If you are a QuickBooks user, you’ll find this option familiar. Intuit’s popular accounting software solution engages worldwide businesses of varying size and even freelance bookkeepers. The software solves the purpose of simplifying accounting and streamlining financial management.
Features offered by Quickbooks suite include expense tracking, tax calculation, invoice management, and sales reporting. Advanced Inventory Management is one of the widely used modules of QuickBooks Desktop Enterprise.
Ranging from material movement to tracking storage and product levels, Quickbook’s Inventory Management solutions provide full visibility and enable complete control over inventory.
- Real-time tracking of inventory.
- Error-free data entry through barcode scanning using an Android device or a Bluetooth scanner.
- Support with a pick, pack, and ship to enhance order fulfillment.
- Customizable and robust reporting options are available to gain tractable insights.
- Both on-premises and web-based deployment options are available.
- The software is not scalable beyond 30 users.
- The affordable options available for smaller business are not as robust.
- Its desktop-based & will not be useful for multi-location businesses.
Subscriptions are available under 3 levels – Silver, Gold, and Platinum. Silver is the cheapest costing $1039 for the 1st year, Gold at $1350 and Platinum at $1660.
Users can choose between monthly payment, annual payment, or one-time full payment.
EZ Office Inventory is a leading asset lifecycle tracking system that offers a complete asset management solution right from the point of procurement and all the way through retirement.
The tool also comes bundled with easy depreciation management and custom reports that enable companies to make data-driven business decisions and always stay optimized with the use of the company’s assets.
The native mobile app supported with RFID, Barcode, and QR scanner allows easy tracking, maintaining, and reporting on equipment anytime and from anywhere.
- Easy to set-up and has a very intuitive interface
- Simplifies and streamlines equipment distribution since it is easy to track inventory, by whom and when it is due back.
- History logs for location and maintenance are available
- Doesn’t have forecasting option
- Not suitable for Retail business, but is s best suit for fixed asset management
With a yearly subscription, the limitless user edition costs $270/month (yearly at $3240) for a minimum of 2000 items and charges are higher for more items.
Custom plans with a fix number of users are available in three separate bundles with price ranging from $30/month to $75/month for a minimum of 10 users and 250 items to track. Charges increase as a number of items or users is more.
To sum up, using inventory management software can streamline your inventory and create standards to check it so that there is no scope for errors. Most of the software also lets you customize your inventory process so you can mould it as per your requirements.
Moreover, it also helps in updating the information in real-time. So, your organization can be more efficient if it has automation process.
However, when you are choosing the right inventory management software, you must note all the pros and cons as mentioned above and go for something that can be customized perfectly for your purpose. A good inventory management software can definitely be of great help!
If you are looking for value for money, we recommend starting with ProfitBooks – it’s the top free inventory management system.