In today’s competitive market, a company must stay ahead by staying flexible. The best way to do so is by maintaining a constant stream of information about the company. This is why inventory management software is so important for any company that sells products.
It helps companies keep track of their inventory and ensure that they don’t run out of stock at any point in time.
It also helps companies manage their accounts receivables, which means it makes business operations much easier for them as well as more secure from an accounting perspective as it reduces the risk of fraud or over-purchase of inventory.
If you operate in the retail or wholesale industry and sell your own brand products or resell other brands on your website, you need to have the right supply-chain integration tools to run efficiently your sales channel and get the most out of your business model.
What is Inventory Management Software?
Inventory management is the process of organizing, storing, and tracking inventory. There are many different methods of inventory management, but the most effective ones make use of an effective inventory management system to handle inventory data, supply chain, inventory optimization and inventory planning.
Inventory management software is software that helps companies track their inventory.
In-stock and out-of-stock notifications from your stock level are sent to the company’s email, which helps keep them up to date with what the company has in stock and what the demand for it is like.
It also helps them manage prices, which can be difficult for a company that sells its own products or resells other brands.
Inventory management software allows companies to see how much profit they can make off of each product by adjusting inventory based on what’s selling best and/or what’s in high demand.
What are the Benefits of Inventory Management Software
- It helps you manage the inventory of the company
- It helps with accounting, especially if you sell your own products or resell other products
- It provides a constant stream of information to the company, which is incredibly important in today’s competitive market
- It reduces the risk of fraud and over-purchase
- The software allows for easy integration into your online store, which helps you save time and effort on managing it
- The software provides analytics to help business owners understand what changes they should make to their business model
- It allows businesses to connect with customers more efficiently and get orders more quickly
How Does Inventory Management Software Help Businesses?
Inventory management software lets companies use their data to better understand their customers.
If a company can use their inventory management software to identify trends in whether a certain product is selling well, it can then make adjustments to its marketing strategies accordingly.
In addition, an inventory management system helps companies stay up-to-date with the market and sell more efficiently by allowing them to have access to information about what’s trending in the market and what new products are coming out soon.
Inventory management software also makes it easier for businesses to track sales and manage payments. This helps them better manage expenses as well as accounting functions such as accounts receivables and invoicing.
An inventory management system also allows businesses to create reports that show everything from product lines sold to shipment costs, and distribution costs.
Review of Best Inventory Management Software
Here is our review of the best inventory management software to meet all your needs:
1. Fishbowl
Fishbowl is one of the most popular inventory management software options available. It has a comprehensive system that allows businesses to manage their inventory and streamline processes in warehouse management and improve efficiency. Fishbowl inventory provides flexibility in terms of inventory tracking and automated order fulfillment, creating customer profiles, analyzing customer data, and more.
Fishbowl also integrates with other business systems like email marketing and CRM systems to help provide seamless integration among all your business operations.
Another benefit of Fishbowl is that it helps you create customized reports based on the type of business you’re running, which makes it easier for you to grow your business in the best way possible. It can also be used as a warehouse management system in multiple warehouses.
Fishbowl also offers multilingual support and 24/7 customer service so that you can maintain your business around the clock.
2. inFlow
InFlow is an inventory system that integrates with ERP and CRM systems to help more companies stay ahead of the competition.
It helps companies manage their inventory, orders, accounts receivables, and much more efficiently by integrating with existing systems.
It also has a wide range of inventory management capabilities which include tags, barcodes, search-driven inventory visibility, real-time syncing for better customer service, and more.
InFlow inventory’s ability to integrate with existing systems makes it easy for you to find new ways to streamline your business operations.
Its comprehensive inventory management tools allow you to manage your company’s entire business in one go. This means you can achieve all of your goals in one place instead of having to maintain multiple tools or spread yourself too thin across multiple tools.
With InFlow’s integrated features and flexible workflow options, it is the best inventory management system available for all types of businesses involved in the wholesale industry.
3. Sap
As businesses grow, it becomes increasingly difficult to track and manage inventory. That’s where software like Sap Inventory Management comes in.
This software helps businesses keep track of what they have, where it is, and how much it costs.
It does this by keeping track of inventory levels and pricing information for each item in the inventory. This allows businesses to make more informed decisions about their product allocation and pricing.
In addition, this inventory software can help businesses optimize their workflow and reduce costs associated with inventory management.
There are a few disadvantages to using software that manages Sap Inventory.
First, the platform interface can be overwhelming if you are a beginner using the platform.
Second, it can be difficult to determine the best price for an item because the software does not always take into account discounts or promotions that may be available.
Finally, if a product is out of stock, it can take a long time to get it back in stock so that customers can purchase it.
4. SkuVault
SkuVault is a perfect example of a company that understands how important inventory management software is for its business.
By providing inventory management software for retailers and wholesalers, SkuVault allows them to know the exact number of products they have on hand at any given time, as well as which customers are ordering from them.
Additionally, it provides the ability to monitor stock levels across different locations and make sure that your inventory is always where it needs to be.
SkuVault also helps companies make decisions about what stock they need by giving them insights into the sales trends in their industry and what products are selling best.
It also allows companies to track customer information such as customer names or addresses so that they can create new or potential customers with targeted offers across multiple platforms.
For any type of business that sells its own brand or resells other brands on its website, SkuVault is an invaluable tool because it helps you manage your business better and increase your profit margins while making stock purchases easier and more efficient.
5. Katana
Katana is a comprehensive inventory management software that can be used to manage your inventory across multiple locations.
You can track your inventory and all of your employees, as well as forecast sales.
The software tracks everything from when to reorder items based on how much stock you have left to what the average cost per unit is for each item.
The software also has an A/B testing feature that lets you test different pricing strategies in order to find out what works best for your business.
Katana also has a barcode scanning feature so you can easily search through all of the products that are in stock, using keywords or barcodes.
This way you aren’t searching through hundreds of irrelevant items to find the ones you need.
Katana also has a built-in POS system that connects directly with the payment systems at your business so you don’t have any additional work to do when it comes time for customers to pay or leave feedback. If you’re interested in taking advantage of this feature, make sure that whatever payment system you use is compatible with Katana’s POS system.
6. Upserve
You need the vast majority of inventory management software designed for businesses with a physical location to keep track of their inventory.
This is why there are so many programs on the market that do not work well for virtual business retailers, like e-commerce companies and online marketplaces.
These companies can’t take physical items into stores to be tracked like brick-and-mortar stores can, which means they need a software solution that will allow them to manage their inventory from anywhere in the world. This is where Upserve fills in.
Upserve is an inventory management software program that helps businesses manage their entire chain of fulfilment centres from anywhere in the world.
It has a feature called Inventory Tracker Plus, which allows business owners to use IP cameras to monitor all areas of the warehouse, including sales floors and loading docks.
They also offer a mobile app that allows you to track the movement of your employees in real-time as they move around inside your facility.
Upserve has been used by companies like Zappos, Berryessa Brewing Company, and Nordstrom Rack.
It also offers features like product tagging and searching to help you find everything on hand quickly when it comes time for an order or reorder.
It was created by entrepreneurs who have experienced firsthand how difficult it can be when running a business without proper inventory management software tools.
7. Cin7 Orderhive
Cin7 Orderhive is a popular inventory management software that offers an excellent solution for businesses that need to manage their warehouse stock and customer orders.
Cin7 has a variety of features to help you manage your business, including automatic order placement, email notifications and client reports.
The ease of use is another appealing feature of this inventory management software. It also offers easy integration with other systems through its customizable APIs and OAuth security protocol so it can quickly integrate with other programs or platforms.
Cin7 Orderhive is also available in multiple languages so you can use the program regardless of your location or the language skills you have.
This inventory management software is available on desktop, iOS and Android so users will be able to access it from wherever they are.
It’s also fully customizable, so companies can make it work for them rather than the other way around. Finally, Cin7 Orderhive offers 24/7 support through phone or email in case you have any questions while managing your inventory.
All-in-all, this inventory management software has a lot of features that make it worth checking out if you are looking for something new to help manage your business’s warehouse stock and customer orders more efficiently.
8. Cova
One of the most reliable inventory management software for small businesses is Cova.
The advantage of using Cova is that it has a low cost and can be used by any size business.
What’s more, Cova has flexible reporting options, which means you can customize the reports to suit your business needs. This is especially important for small businesses that don’t have the resources to invest in expensive software solutions.
Cova also allows you to get alerts when your inventory levels change so that you can quickly respond to situations and improve business performance.
9. Ecomdash
Ecomdash Inventory Management Software is a software that assists companies in managing their inventory.
It offers features such as automatic order processing, tracking and more.
EComdash offers a single pricing plan, which offers you all the features of the software, but limits orders to a certain quantity per your budget. The features include; unlimited sales channels, free customer support, an online store builder, unlimited product listing, 24/7 quantity syncing and more
The Ecomdash Inventory Management Software is an excellent tool for companies that need automated order processing and stock management features. It has an intuitive interface which makes it great for small businesses to start managing their inventory on the go.
- Ecomdash stands out among its competitors because Its features make it easy to keep track of your inventory and make decisions about what to buy. It offers the following advantages;
- Ability to create customized reports that show you how much inventory you have, what you need, and what you are selling.
- Ability to set up alerts so that you know when your inventory levels reach a certain level.
- Ability to keep track of prices and discounts so that you can decide when it is best to buy or sell items.
Whether you do have a huge budget or not, Ecomdash’s single pricing plan has got you covered.
10. GEP NEXXE
NEXXE is a software that allows businesses to track inventory, manage orders and receive updates on the progress of orders.
It has a range of features and an easy-to-use interface, which means it’s easy for any business to use. The software also comes with a 30-day trial, which makes it incredibly affordable.
The downside of this software is that it doesn’t provide any more specific information than what’s listed on the website. If you need more detail, then you may want to look into other inventory management solutions.
11. QuickBooks
QuickBooks Inventory Management Software is a software program designed to help businesses track and manage their inventory.
It allows businesses to track items by item number, SKU, or brand name, and keep track of how much inventory they have on hand.
QuickBooks also provides Inventory Management Tools, which allow businesses to calculate costs associated with holding inventory (such as depreciation), make sales forecasts based on current inventory levels, and more.
Additionally, QuickBooks Inventory Management Software offers customizable reports that provide critical information about your business’s inventory performance.
There are many benefits to using QuickBooks inventory management software. One of the most important advantages is that it can save you money both in the short and long term.
Additionally, QuickBooks inventory control software can help you make better decisions when purchasing items, which can lead to increased sales and profits. It can also be used as accounting software.
QuickBooks Commerce is a cloud-based eCommerce platform that enables businesses to handle inventory control, orders, and customers in one place. The platform offers a customizable shopping cart, payment processing, and shipping integration with major carriers. QuickBooks Commerce also provides powerful reporting and analytics tools to help businesses track their performance and inventory level and optimize their operations.
12. Zoho
Zoho inventory is a cloud-based inventory management software that helps businesses keep track of their stock levels, orders, and sales. It offers features such as real-time inventory updates, barcode scanning, and purchase order management.
Zoho inventory integrates with other Zoho applications, as well as third-party software such as QuickBooks and Shopify, making it a versatile tool for businesses of all sizes.
Features of a Good Inventory Management Software
One of the most important aspects of finding the right inventory management software for your business is understanding what you need out of it.
This is because inventory management software can be highly specific to a business’s needs, which means that there is no one-size fits all solution.
So, what do you need in an inventory management program? One of the features that will help you decide which solutions are best for your business is the inventory tracking feature. This feature allows businesses to track their stock levels, so they know when they might run out of product.
Another important feature is how easy it is to get started with an inventory management program, use it on a daily basis and the starting price.
How to Choose the Best Inventory Management Software
First and foremost, the best inventory management software for you will depend on your business.
For example, some businesses require inventory tracking software that is easy to use and doesn’t require a lot of time or data entry work from employees.
Other businesses would benefit from software that can integrate with their ERP system or CRM system in order to manage orders and inventory more effectively.
It’s also important to consider the size of your business. If you’re a small business with less than 10 employees, you might find an app-based solution is a better fit for your needs than an enterprise-level program.
In fact, many small businesses find it easier to use an app-based solution because it limits the amount of time spent on managing inventory and ordering new supplies.
However, if you’re in need of a more robust system that includes features like e-commerce integrations with websites like Shopify or Bigcommerce, then an enterprise-level program may be best for your business.
Finding the right inventory software for your business can seem like an impossible task. Different businesses have different needs and different ways of working. No two businesses are the same and there is no one-size fits all solution.
Frequently Asked Questions on Best Inventory Management Software
1. What is good inventory management software?
There are a number of different inventory management software programs available on the market, so it can be difficult to decide which one is right for your business.
Some key features to consider when selecting an inventory management program include:
-The ability to track inventory in real-time
-The ability to create reports and track inventory levels
-The ability to integrate with other business systems
2. What inventory management software exists for small retailers or manufacturers?
There are a few different inventory management software options that exist for small retailers or manufacturers.
Many of these programs offer affordable pricing options, making them an attractive option for businesses of all sizes.
Programs like Zoho inventory, QuickBooks and Microsoft Excel can be used to track inventory levels and generate reports, helping to keep businesses organized and efficient.
SOS Inventory is ideal for small to medium-sized businesses when it comes to inventory, order management and manufacturing. It is cloud-based and syncs with Quickbooks commerce.
In addition, many of these programs offer customizable pricing options that allow businesses to set their own prices for products and services.
3. What’s the best inventory management software that works with barcode scanners?
There are many different software programs that work with barcode scanners, but a few that come to mind are Finale Inventory, Square Inventory, Shopify’s Checkout and QuickBooks, which is a software program used by businesses of all sizes.
It is important to choose the right inventory software for your business, as the wrong one could result in lost sales or wasted time and resources.
When it comes to inventory management, one of the most important factors is tracking items so you can restock as needed and avoid overstock.
The best inventory management software will allow you to track items by SKU (Stock Keeping Unit), create reports on sales trends and inventory count, and keep track of your suppliers’ inventories so you can plan for future needs.
4. Are there any good e-commerce inventory management software that integrates with Magento and Shopify?
There are many e-commerce inventory management software that integrate with Magento and Shopify.
Some of the more popular options include QuickBooks Commerce, Lightspeed Retail, Shopify Checkout, and BigCartel.
These software programs can help businesses manage their inventory more effectively by tracking items, calculating shipping costs, and recording sales data.
They also offer customizable features to suit each business’ needs. It’s important to choose an inventory management tool that integrates well with your e-commerce platform in order to get the most out of it.
5. What are the Best Free Inventory Management Software?
There are many different inventory management software options available for free or for a nominal fee.
Some of the more popular options include QuickBooks, Microsoft Excel, and Google Sheets.
Odoo inventory is an open-source double-entry inventory and tracking system for warehouse management and you never pay for it. Over hundreds of other Odoo apps can be seamlessly integrated into Odoo Inventory.
It is important to choose an option that fits your needs and budget, as each program has its own strengths and weaknesses.
Some key factors to consider when choosing an inventory management software option include functionality, ease of use, database compatibility, and price.
