Best Inventory Management Software In 2023In this article, we have listed the top inventory management software that you can download to monitor your inventory data and ensure seamless operations.
Inventory management is a crucial prerequisite for building and running a successful business. Knowing what’s in stock and getting them delivered in the right condition and at the right time are a few critical characteristics of efficient inventory management software. There are hundreds of software options that can help you monitor your inventory data in real-time and ensure seamless transactions and better productivity.
But with so many options available, how do you choose the best inventory management software for your business? Well, choosing the best software depends entirely on your business type and requirements. While inventory management sounds like a simple product tracking system, the core functionality goes several levels deep. In the current market landscape, you can choose from a variety of inventory management programs software that actually suits your business requirements or can get it custom-built with the help of top mobile app development companies for your business.
As per a report, the inventory management software market is growing larger every year and is estimated to reach $3.82 billion at a CAGR of 6.12% for the forecast period (2021-2028). The major factors driving the growth of the inventory management software market are:
1. Omni-channel retailing
2. Ecommerce market growth
3. Rising demand for RFID tech
4. Building a sustainable supply chain
While keeping in mind the growing market size, end-to-end use, organization size, deployment model, application, and type, we have scoured a list of top inventory management software solutions for every business.
So, if your current inventory management software isn’t efficient enough or you’re new to implementing inventory management software solutions in your business, this article will provide information about the top inventory management software that will help you build efficient business processes.
Popular Inventory Management Software
Below, we are sharing some of the best inventory management for small businesses and large enterprises to build an efficient inventory management supply chain. The majority of the best inventory management software is free for a time period and offers extensive setup support. However, to continue using the software after the trial period, you must select the plan that suits your business requirements.
NetSuite is one of the top inventory management software apps that offer more than just tracking inventory. The financial platform can be easily expanded to meet other business needs as well, like the ERP platform, general ledger, CRM, and inventory management platform. It is designed to put you in control of your inventory regardless of location or volume. The software offers various in-built tools, features, and programs that help manage and monitor cycle points, reorder counts and safety stocks.
The core capabilities of the NetSuite ERP system include automatic calculation of key settings, multiple location planning, and managing and viewing access to inventory across the organization. The Netsuite plans start at $99/month, and you can start with the free demo simply by signing up.
Key features of Netsuite are:
- Revenue recognition
- Smartly integrated CRM
- Efficient ERP system
- Fixed asset and inventory management
- Forecasting feature
- Multi-currency and multi-lingual
- Tax compliant
- Integrated POS
- Multi-warehouse support
- Built-in business intelligence
Zoho inventory is a top inventory management software that offers advanced features for expanding business over multiple channels. The all-in-one solution can streamline business operations easily by allowing users to manage inventory, purchases, sales, and shipments effectively. The tool auto-populates itself whenever a purchase, sale, bill, or invoice occurs.
On the whole, you can use Zoho inventory software for both inventory tracking and creating sales orders and invoices. The tool also has built-in integration for WooCommerce and offers free setup assistance. It also provides several plans to suit diverse businesses.
Key features of Zoho inventory are:
- Multi-channel support
- Inventory reports
- Order fulfillment with integrations for 40+ shipping carriers
- Multi-lingual and multi-currency
- CRM software
- Integrated POS
- Invoicing, billing, and backorders
- Multiple store integrations
Ordoro is among the best software for inventory management and shipping for eCommerce businesses. The tool offers extensive inventory management programs and features that integrate all business online sales channels, assign barcodes to SKUs, manage purchase orders, vendor portal, and automatic updation of quantities on order fulfillment. The tool handles critical processes like returned merchandise authorization (RMAs), dropshipping capabilities (both manual and automatic requests), and non-traditional inventory management strategy implementation.
Key features of Ordoro are:
- Barcode scanning feature
- Built-in advanced analytics
- Automatic inventory syncing
- Inventory tracker
- Multi-channel support
- Real-time alerts & notifications
- Audit management
- Inventory optimization
- Invoice management
Cin7 is among the best inventory management systems that offer more than just inventory management. It is cloud-based software with extensive cloud inventory platform features like integration with POS software, eCommerce platform, unlimited stock-keeping units (SKUs), and warehouse management tool.
The cin7 inventory management app integrates over 100 third-party applications and standard inventory features like inventory tracking, barcode scanning, and order fulfillment benefits. The software supports the FIFO method and uses the kanban approach for reordering or replenishing stock. The tool acts as free inventory software for all Shopify users, however, have specified packages for businesses of all sizes.
Key features of Cin7 are:
- Kitting, bundling, and composting support
- Automated purchase order (PO) creation
- Zero and partial inventory dropshipping
- Over 10 eCommerce automation tools
- Real-time alerts and notifications
- Integrated payment portal
- Order management
- Detailed reporting and forecasting
- Built-in POS
- Production management
- Third-party logistics (3PL)
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Quickbooks, formerly known as TradeGecko, is one of the best inventory management software for small businesses. The inventory management software offers everything you need for your wholesale business, like product monitoring, manufacturing, and restocking across warehouses, sales channels, and multi-locations. The top inventory management software app simplifies your supply chain and order management. The packages start at $50 per month in addition to the Quickbooks online subscription. It offers a 50% discount for first-time users for a three-month plan.
Key features offered by Quickbooks are:
- Inventory optimization
- Multi-channel management
- Mobile access
- Reorder management
- Warehouse management
- Product identification.
Upserve is one of the best inventory management software designed specifically for restaurants. It is an all-in-one cloud and app-based system designed to boost your restaurant profitability and grow your business immensely. It is equipped with advanced restaurant management features, its own payment processing services, and various hardware options that track your inventory and costs while allowing you to run your business even in offline mode. They offer 3 packages for their users such as core, pro, and pro plus.
Key features of Upserve are:
- Menu management
- Manage vendors and suppliers
- Real-time ingredient inventory management
- Front and back-of-house communication
- Employee management and training
- Server performance data and labor reporting
- Reputation management
- Loyalty program development
- Detailed sales analytics for comparing trends
- Track operations in real-time via iOS and Android phones
- Real-time alerts and notifications
Megaventory is a powerful operations management solution suitable for all organizations, from small to medium-sized enterprises. It is a cloud-based inventory management solution that runs on any browser of any operating system (Windows, Linux, Mac). It works on the FIFO method and is best for manufacturing businesses. The tools include various features to track the bundling process, inventory management, ordering, and fulfillment.
The software offers 2 plans- Pro and enterprise. The pro plan supports 5 users, transactions up to 50k, 20k products, 20k clients, 20 locations, and 2 hours of training. The tool charges $45/per month/per user and $45/per month for extra 25k transactions. However, if you need further customizations as per your business requirements, you can get an enterprise plan.
Key features of Megaventory are:
- Creates BOMs, packing slips, and work orders
- Supports expiry dates and batch numbers
- Details reports and analysis
- Dropshipping feature
- Barcode scanning and printing
- Tracks vendors and customer contact information
- Allows for user access permissions
- Supports integration with multiple eCommerce platforms
SAP business is among the best inventory management software you must check out in 2022. The tool helps manage complex inventory management and other domains such as financial accounting, CRM, and human resources management in an organization. SAP business inventory manager provides the tools to improve and manage inventory levels, efficiently fills customer orders, and track the movement of materials using mobile devices with scanning functionality. The software is well-suited for large and startup businesses as it streamlines business operations by managing master items and data records, among other things.
Key features of SAP business are:
- Maintaining master data records for items
- Management of price lists
- Working with serial and batch numbers
- Scanning feature
- Supports multiple currencies
- Crystal reports for custom reporting
Syspro inventory management gives immediate access to inventory balances, open purchase orders, work orders, and open sales orders anytime. The tool gives more control over the inventory by providing greater visibility and accuracy to inventory information throughout the operations. You can easily check out costs, track inventory, and check on goods in transit. Syspro is one of the best-acknowledged software for ERP as it’s extremely flexible, comprehensive, and easy to use, offering a plethora of reports and easy scaling of users.
Key features of Syspro are:
- Demand/forecasting engines
- An extensive number of modules
- POS integration
- Stock history reporting and analytics
- Supports serial numbers and batch numbers
- Granular-level inventory tracking
- Inventory optimization
Inflow is an easy-to-use platform that provides a central inventory database and business-to-business showrooms where clients can view and shop your products. The Inflow software is a web-based platform that also offers an intuitive app for Android and iOS devices. The functionality of Inflow supports methods like FIFO, moving average, and LIFO. The tool offers business intelligence functionality that helps you grow your business by identifying the setbacks easily.
The software is an all-in-one solution that easily handles complex inventory processes like invoices, kitting, bundling, eCommerce tools integration, and more. The software offers 3 plans that you can upgrade or downgrade along with add-on services such as BOM, extra users, and access to Inflow API.
Key features of Inflow are:
- Kitting, bundling, work order, assembly processing
- Barcode generation and scanning
- Email invoices and receipts
- Contact information and order histories
- B2B showroom and portal creation
- Backorder functionality
- Vendor payments, order histories, and purchase orders
- Business intelligence reports
- Complex inventory management
- An extensive knowledge base of software
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Hope you liked the above-shared information about the best inventory management software you can look for in 2023. Choosing the best inventory management software for your business is a crucial task and should be performed keeping in mind the actual requirements of the business. Along with the features, benefits, and pricing, you must consider the various stakeholders using the software, as it will help you build efficient processes and expand your business footprint.
She is an avid writer of technology and trending mobile apps. When she is not busy updating you about the tech world, she spends time reading books and playing guitar.
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