Inventory Management Software

Which Are the Top Inventory Management Software?

1. NetSuite
2. Orderhive
3. Cin7 
4. ERPAG 
5. EZRenOut 
6. Zoho Inventory 
7. FishBowl
8. Ecomdash
9. ShipMonk 
10. Veeqo

Quick Comparison of Best Inventory Management Tools

Software	Inventory Optimization	Multi-location Tracking	Reorder  Management	E-commerce Integration	Reports & Analytics	Warehouse Management	Inventory Alerts	Inventory Forecasting	Barcode Scanning	Kitting
NetSuite	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓
Orderhive	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓
Cin7	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓
ERPAG	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓
EZRenOut	✓	✓	✓	✓	✓	✓	✓	✓	✓	X
Zoho Inventory	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓
Fishbowl	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓
Ecomdash	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓
ShipMonk	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓
Veeqo	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓

List of Best Inventory Management Tools & Software

1. NetSuite

NetSuite is a cloud-based inventory management platform that focuses on inventory optimization, manufacturing, and purchasing. Suitable for businesses of all sizes, the software offers a host of native functionalities to streamline operations and decrease IT costs. It offers real-time visibility into supply chain management, helping enterprises to make data-driven decisions while ensuring a complete balance between demand and supply. Additionally, there are a variety of purchasing and management features included that help the users build a well-organized inventory space. 

Features

• Inventory Optimization
• Multi-location Tracking
• Integrated Financial Reporting
• Demand Planning
• Supplier Management
• Re-order Management
• Cycle Counts
• Centralized Vendor Management
• Flexible Payment Acceptance

2. Orderhive

Orderhive is a smart and efficient multi-channel inventory management software well-suited to leading brands, B2C & B2B sellers. The cloud-based solution is backed by the latest technology that helps to manage everything, from order fulfillment, e-commerce automation to managing product movement. The wonder software not only decreases costs and automates manual tasks, but also synchronizes every inventory item across sales channels, warehouses, and distribution centers. It offers a free 15-days trial to help enterprises explore every feature and decode its utility for their business model. 

Features

• Inventory Optimization
• Multi-location Tracking
• Supplier Management
• Order Management
• Real-time Inventory Reports
• Purchase Management
• Return Management
• Invoicing & Payments
• Manufacturing Management
• Shipping Management

3. Cin7

Cin7 is a highly functional cloud-based point-of-sale and inventory management platform that enables businesses to sell and distribute their products much more efficiently. Well-suited to all types of companies, the software helps to automate all vital sales and inventory tasks. What makes this software truly special is its ability to connect POS systems, online sales channels, Electronic Data Interchange (EDI), warehouses, and third-party logistics, providing an all-inclusive business system. Cin7 also offers a free trial for businesses to gauge their efficiency levels. 

Features

• Inventory Management
• Warehouse Management
• Real-time Tracking
• E-commerce Integration
• Point of Sale
• Reporting, and Forecasting
• Retail POS
• Reorder Management
• Accounting Integrations
• Third-Party Logistics

4. ERPAG

ERPAG is an all-in-one cloud-based ERP solution that supports both small and large-scale enterprises. It offers a host of innovative features that help businesses to automate their order/ inventory management and keep track of the delivery processes. The software helps to manage and update inventory on different platforms from one place. ERPAG also seamlessly integrates with Google Mail, Google Drive, Shopify, QuickBooks, Magento, and more. It supports over 40 logistics companies globally, including FedEx and USPS. 

Features

• Centralized Inventory Management
• Multi-location Tracking
• Reporting & Analytics
• Order Fulfillment
• Barcode Scanning
• Label Printing
• Manufacturing Management
• Supply Chain Management
• Sales Management
• POS
• API Integratio

5. EZRentOut

EZRentOut is a competent inventory and order management software that offers a comprehensive solution for all inventory and rental needs. The cloud-based software provides complete transparency in the rental inventory management processes. It helps to manage all kinds of rental businesses, including Construction and Rental tools, Party and Event Rentals, AV and Production Rentals, IT Rentals, and Sports Rentals. The software also helps in scheduling advanced bookings by reserving rental equipment for customers to enjoy conflict-free bookings.

Features

• Order Management
• Asset Tracking
• Online Rental Store
• Bookings and Reservations
• Data Backups
• Custom Reports
• Reorder Management
• Product Identification
• Supplier Management
• Retail Inventory Management
• API Integrations

6. Zoho Inventory 

Zoho is an advanced inventory management software that enables businesses to effectively manage inventory, sales orders, purchase orders, and shipments. The feature-rich, AI-powered system can be customized to suit the precise needs of every business. It enables enterprises to track their inventory levels and manage orders across multiple channels. It can help to manage sales over digital e-commerce platforms like Amazon, Etsy, eBay, and Shopify. Providing in-transit shipment details and real-time shipping rates is another incredible feature of Zoho Inventory. 

Features

• Inventory Control
• Warehouse Management
• Supplier and Purchase Order Management
• Financial Management
• Channel Management
• Invoicing
• Sales Order
• Multi-Currency
• E-commerce Integration
• Application Integration

7. FishBowl

Fishbowl is an all-encompassing manufacturing and inventory management software that enables businesses to manage production and track assets. The software works with multiple warehouses and offers real-time updates regarding stock levels of materials in all locations, thereby boosting the production process. Fishbowl integrates with QuickBooks Online, an advanced accounting software. Besides, it also integrates with Xero, another online accounting software for small businesses that helps to eliminate all data entry errors. The shipping module of the software connects businesses with their shipping partners. 

Features

• Inventory Control
• Order Management
• Manufacturing Management
• Wholesale and Distribution Management
• Multi-location Management
• Sales and Purchase Orders
• Automatic Reorder
• Asset Tracking
• QuickBooks Integration
• Xero Integration

8. Ecomdash

Ecomdash is a multi-channel inventory management and order fulfillment software that works well for businesses of all sizes. The wonderful solution enables enterprises to manage their stocks across various online e-commerce portals, such as Amazon, Etsy, eBay, and many more. The primary aim of the software is to help the users save time, improve profitability, and optimize inventory control. It is backed by a support team that offers a comprehensive inventory guide on managing multiple sellers, warehouses, and product movements. It is trusted by many online sales portals for it acts as a robust bridge between the sales channels and the customers.

Features

• Multi-warehouse Inventory Management
• Purchase Order Management
• Sales Order Management
• Dropship Management
• Shipping Management
• Listing Tools
• Email Marketing
• API Capabilities

9. ShipMonk

ShipMonk is a 4-in-1 cloud-based software providing inventory management, warehouse management, order management, and shipping management. The easy-to-use software enables all small to medium-sized e-commerce enterprises to take their business to the next level of growth. Designed with a suite of features, the software also caters to subscription boxes and crowdfunding campaigns. ShipMonk offers seamless integration with over 60 online marketplaces, shopping carts, and solution providers. Some of the big names include Amazon, Walmart, eBay, Etsy, Target, Shopify, and Weebly. 

Features

• Inventory Management
• Order Tracking
• Multiple-warehouse Management
• Automatic Reship
• Billing Dashboard, Retail Inventory Management
• Product Identification
• Kitting, Forecasting
• Reporting & Analytics

10. Veeqo

Veeqo is a powerful, easy-to-use inventory management software that enables businesses to sync inventory across multiple stores, marketplaces, and warehouses in real-time. Any item sold anywhere will be instantly updated everywhere, enabling enterprises to avoid overselling. The software helps to organize warehouses, RFID kits, bundles with inventory histories, and other features. It integrates seamlessly with Amazon, Etsy, Magento, WooCommerce, Shopify Plus, BigCommerce as well as logistic partners like FedEx, USPS, UPS, DPD, and many more. 

Features

• Multi-channel Inventory Management
• Order Management
• Pick & Pack
• Parcel Tracking
• Automated Purchasing Management
• Create Product Bundles
• Kitting
• Forecasting
• Reporting & Analytics

Inventory Management Software Buyers Guide

An inventory management software helps to streamline business operations and augment productivity. We will help you navigate through the different features and benefits of various reservation software with inventory management for small businesses. You can understand the kind of functionalities offered by each platform and make sure that it addresses your organizational needs with ease. 

What is the Best Inventory Management Software?

There are a plethora of inventory programs available in the market. The best solution is typically the one that seamlessly automates your work processes and triggers productivity. Also, inventory data is immensely crucial for successful business decisions. So, enterprises must look for a comprehensive inventory solution that helps to decode consumer demands and patterns, eliminate overstocking, diminish resource waste, and boost the company’s profitability through smart sales strategies. 

You can select the best inventory management software for your business by reading about the various features offered by the top software listed above. It is imperative to understand that the choice of the right software largely depends upon the needs and objectives of your business. With the right software in place, you can easily reduce your IT costs and unleash growth. 

How Does Popular Inventory Management Software Work?

All types of enterprises, whether big or small, are embracing inventory management software for the humongous advantages it offers. With these systems in place, enterprises can ensure that they always have adequate stock to provide to their customers. After all, mismanaged inventory equates to unsatisfied customers, too much cash tied up in warehouses, and slower sales. 

Essentially, a small business inventory management software works like this. First, the barcodes or RIFDs on each product indicate the scanners about the items that the consumers are purchasing. The scanner transmits this information to the computer system by reading the bar codes and sending the information to the software. The software then interprets the numbers from the bar code and matches them to the type of merchandise it represents. This enables the merchant to track sales and inventory, either with a hand-held scanner or at the checkout counter. This keeps the business updated on which items are selling. 

Top software for inventory management also enables enterprises to keep track of how much stock is going out of the business in the form of purchases and how much is still there on the warehouse shelves. This helps the managers get an accurate and real-time picture of their inventory levels. 

This software also analyzes the inventory data and offers suitable recommendations for re-ordering the stocks. Some software is programmed to automatically reorder when the inventory reaches a pre-defined level. However, it must be noted that competent inventory management software always leaves adequate room for human decision-making. They offer all the needed information to support successful decisions but leave the final call for the managers to make. 

How to Choose the Top Inventory Management Solution?

Manual inventory tracking using a paper and clipboard or an Excel spreadsheet is no longer deemed feasible. It leaves room for human error, which in turn, can adversely impact a company’s bottom line. 

To choose the best inventory management software for SMB, here are a few factors that you must take into consideration:

• Cost of ownership: With the introduction of cloud-based software solutions, getting your hands on an inventory management software is much more affordable than ever. But before purchasing any jam-packed solution, you must understand your business requirements. This is because features and functionalities directly correlate with cost. If your business needs a simple software with basic features, it may cost you quite less in comparison to a solution integrated with advanced features. 

• Ease of use: This is an important factor that regulates the choice of the right software. Consider how technically-savvy you and your employees are. If the software you select involves a very high learning curve, it is going to cost you a lot of time, money, and energy that could hurt the business in the long run. 

• Reports & Analytics: Data is the most important tool for deciphering customer habits and patterns. This helps businesses to work effectively and deliver optimal performance. Beyond gathering data, the inventory management software must also be able to present it in the form of neatly organized reports. A good software will have pre-stated reports that offer the key metrics you require. 

• Integration: This is another important consideration that must be borne in mind while selecting inventory control software. The software you choose must integrate with other apps that your business uses to improve overall productivity. For instance, if you have an e-commerce website, you will have to track your physical as well as digital inventory. Seamless integration between the inventory management software and your website will enable you to manage sales, orders, and track stocks. 

• Multiple locations: If you own multiple storefronts or are planning to expand to new locations, you must look for a software that enables you to track multiple locations. The solution you invest in must support your potentially expanding business.

• Support and training: Generally, a lot of business owners overlook the importance of having access to unrestrained customer support. The last thing you would want is to be left out in the dark to figure out how to use the software. So unless you are very confident about your tech skills, make sure to purchase software that provides constant support and training. 

Key Features of Best Inventory Management Application

1. Asset Tracking: An inventory management system enables enterprises to track all the products present in their warehouse or store using its barcode, RFIDs, serial number, or lot tracking number to maintain updated inventory levels. 

2. Product Listing: Also known as product categorization, this feature allows enterprises to organize and streamline their inventory using significant details like SKUs, cost, availability, etc. It helps to create alternatives for every item based on their primary attributes and methodically store them. 

3. Reorder Point: Best inventory management software provides a list of products with their minimum quantities required for maintaining stock. These points can be preset into the software that notifies the manager about reordering the product. This is an important feature that helps to overcome the problem of overstocking and understocking. 

4. Inventory Forecasting: This feature enables enterprises to decide on the right amount of stock needed to avoid overstocking or outages. Both situations can adversely impact a company’s sales and productivity. 

5. Reporting Tools: Different types of reporting tools are available that help to produce detailed inventory reports, transaction reports, and order history. These tools enable the business manager to establish a seamless workflow by identifying which products are in stock and which ones need to be re-ordered. It also helps to figure out the most profitable products. 

6. Inventory Alerts: This is another one of the notable features of the inventory management system. The software sends alerts via SMS or email when the stock levels fall below the pre-decided threshold. 

7. Accounting Tools: Accounting tools, such as overhead allocation, cost layering, disclosures, etc. help to derive a precise stock valuation. 

8. ERP Integration: All good inventory management software can easily integrate with ERP or any other third-party app to help enterprises save on their valuable time and abolish the need for re-entering data in separate programs. 

9. Multi-location Support: Reputed inventory management systems enable enterprises to manage and track multiple stores and warehouses to keep a check on the total stock quantity available with them. 

10. Serial Number Tracking: This feature helps to maintain a record of thousands of serial numbers that are permanently stored in the system. This helps to track their complete journey; from the time they are received till the time they are issued out. This feature is especially beneficial in verifying a returned article from the computer.

Benefits of Using Best Inventory Management Tool

1. Centralized Storage Solution: For large-scale enterprises, which have their goods stored at multiple locations, it sometimes gets difficult to manage orders well and send the right products to the right customers. An inventory management tool can help to track the availability of each product and keep the customers well-informed about the status of their consignment. 

2. Improved Sales Productivity: An inventory management software helps to keep a track of all stocks and reduces the risk of common human reporting errors. This software also helps to streamline deliveries, ensuring that the customers do not have to wait for a very long time for their shipment to arrive. They can readily track their goods and know the exact day of arrival. 

3. Accurate Planning and Forecasting: Good inventory control software enables enterprises to plan for the future. The software helps to keep a close check on the stock levels and reorder them accordingly. Besides, some of the most updated software comes with a suite of analytical tools that help to decode consumer purchase patterns and trends for improved business productivity. 

4. Easy Collaboration: Managing many different locations and manually updating the inventory levels in each location is an arduous task. An inventory control system makes it easier by permitting the simultaneous administration of different locations, removing any room for error.

5. Satisfied Customers: This is one of the most incredible benefits of inventory management software. Streamlined services, on-time deliveries, and accurate responses will lead to a string of happy customers. Besides, the enterprises will be in a better position to inform the customers regarding the availability of every product. 

How Much Does an Inventory Management Software Cost?

If you are looking to buy the best inventory management software for small businesses, here are the top four pricing models that you must know about:

• Free: As the name suggests, these open-source software solutions offer free of cost services. However, they may be slightly technical to use. Alternatively, many software companies also offer freemium options, where the users can start for free but need to upgrade to access advanced features. 

• Monthly Subscription: A monthly subscription fee is charged, depending upon the package opted by the users. This is the most popular cost model for companies who wish to try out the features of the software before committing to its long-term use. 

• Annual Subscription: Annual subscriptions are typically cheaper than monthly plans. Also, the enterprises need to renew the subscription only after one full year that makes it much more convenient. However, annual plans make it difficult for a company to cancel the subscription with immediate effect. 

• On-time license: There are certain on-premise solutions for which enterprises need to pay the full price of inventory management software upfront. This software offers unrestrained access to all the tools and functionalities. However, if it is your first purchase of any software application, it is advisable to go for a free trial.

Pick the Best Inventory Management Software for Your Business

An inventory management software is a great addition to every enterprise for improving business operations and augmenting productivity. Our recommendation list for the best inventory management software will help you identify the ideal solution to your business needs.