Inventory Management Software
Inventory management remains one of the critical targets of businesses. Every time an order gets delayed or remains unfulfilled, it dilutes the brand’s trust. Human errors arising out of manual stock management incur huge damages and affect profits. A software solution that automates the complex inventory management process can solve all these issues for a business. Adopting the best inventory management software enhances the profitability of a business much more than it costs.
What Is Inventory Management Software?
An inventory management system is a set of multiple software tools to help businesses automate and streamline the inventory management process. It optimizes inventory, saves time, increases efficiency, eliminates human error, enhances team productivity, and reduces costs.
Inventory software enables automation, easy updates and tracking of inventory, maintaining optimum inventory levels, improving efficiency and productivity, and enhancing business profits. Inventory management systems also provide insights, forecasting, analytics, and reporting tools for business intelligence.
Why Does a Business Need Inventory Control Software?
With reliable inventory system software, businesses can save costs on redundant stocks, dead stocks, or excessive stocks, as using the software would prevent all these problems. It will increase productivity and decrease employee costs by saving time through automation. The speed and accuracy of the whole inventory process improve, storage costs come down, and businesses experience a surge in their overall operational performance.
Inventory management software is a highly useful tool leveraged by businesses to prevent stock-outs and improve supply efficiency. Balancing all your current product demand with future needs while controlling your overhead and operating costs is easily possible with software-based inventory management.
Who Needs Inventory Management Systems?
Whether small or large, all businesses require inventory optimization and management for the growth of their businesses. Software solutions for inventory control and management are especially advantageous for manufacturing, e-commerce, retail, and real estate industries.
If you are a growing business with bulks of inventory, suffering human errors due to manual work, encountering stock-outs and delays, and wishing to offer better services to the customers, an automated system or software inventory management is the need of the hour.
An inventory management application helps organizations manage, organize, track, and optimize their inventory efficiently. It offers a central platform to record, update, and monitor inventory. It provides business intelligence insights, generates reports, and forecasts the demand for stocks. Inventory needs may vary for different industries and businesses, but the inventory tracking software can help eliminate inaccuracies and inefficiencies in the overall process.
How to Choose the Best Inventory Management Software?
Selecting appropriate inventory control software can be tricky. Most importantly, the software-based inventory management solution must be feasible for your business. Going through the detailed parameters listed in the FAQs section can help you select the right inventory control management system.
GoodFirms has invested considerable time researching all aspects of inventory management and summarized here the list of best inventory software available in the market. You can browse through the details of each and explore their prominent features, reviews, and pricing information, and choose the best.
Top 10 Most Popular Inventory Management Software
List of The Best Inventory Management System | Best Inventory SoftwareFilter
inFlow is the complete solution to your inventory management problems. If you're running out of stock, holding inventory for too long, or if you're just tired of spreadsheets, then inFlow can help. Take full control of your inventory with an all-in-one solution: • manage purchases and sales in one place • set reorder points to prevent running out of stock • track stock across mul... read more about inFlow Inventory
Orderhive is an eCommerce Automation Software that allows you to manage your Inventory, Orders, Shipping and all other eCommerce operations automatically. It comes with a promise to raise the bar for every eCommerce operation with an ultra-modern design, easy-to-use interface, robust features and seamless integrations with marketplaces, shopping carts, shipping carriers and accounting software in ... read more about Orderhive
Cin7 is the automated inventory management system for brands that sell or distribute products. It synchronizes stock with sales and orders across every physical and online sales channel and automates order processes for greater efficiency. Omnichannel retailers and wholesalers use Cin7 to keep costs down, margins and cash flow high and stock at the right level as they grow revenue over $500,000. ... read more about Cin7
Don’t let tech logistics limit your growth. Evolve, manage, analyze and automate every aspect of your business with a centralized online platform and enterprise-level tools. Leverage the power of multi-module DEAR inventory management software to take your business to the next level. We keep the moving parts of your business all in one location while automating time-consuming tasks, whether you ... read more about DEAR Systems
Multiorders helps eCommerce businesses focus on growth while spending less time managing their back-office operations via one centralized platform. - Connect all your sales channels, merge inventory and allow the stock to update automatically on all your shops once an order is made - Bulk update product prices and quantities across all sales channels - Get alerts when you're low on stock - R... read more about Multiorders
Unicommerce is the leading global E-commerce Supply Chain Solution which enables Manufacturers, Wholesalers, Distributors, Retail Chains, Individual Store owners and E-commerce sellers to simplify their supply chain operations for online and offline business to sell more. ... read more about Unicommerce
Asset Panda is a highly flexible asset tracking and management platform that works the way you do to give everyone in your organization quick and easy access to information they need about your company’s assets—ultimately allowing you to work smarter. In addition to asset management, it optimizes and streamlines everything from auditing to facilities management to calibration tracking and so m... read more about Asset Panda
Jazva's innovative eCommerce software solutions help mid to large size retailers and wholesalers reach more customers and sell more by simplifying, synchronizing, and automating the multichannel selling process. Jazva's all-in-one streamlined cloud-based platform also manages inventory system, CRM, marketing, and financial data, eliminating the need for numerous disparate systems. Our dynamic ente... read more about Jazva
OpenBoxes is an open-source, web-based application developed by supply chain professionals working in resource-scarce settings. Already existing functionality includes inventory tracking, lot and expiry tracking, stock movement and shipment tracking, purchase orders, stock requisitions, and fulfillment, as well as built-in and customizable reports.... read more about OpenBoxes
Order MS is an easy-to-use and advanced order management system that automates key aspects of your sales orders and brings you all the relevant business information and intelligence you need. Built as a generation Z platform, Order MS can help you improve sales performance, facilitate communication with your teams, suppliers, and stakeholders, and stay ahead of the competition. Order MS enables... read more about Order MS
InventoryCloud is a fully-featured best Inventory Management Software designed to serve Startups, Agencies. InventoryCloud provides end-to-end solutions designed for the Web App. This online Inventory Management system offers Barcoding/RFID, Reporting/Analytics, Warehouse Management, Forecasting, Order Management in one place. inventory solutions are designed for organizations of all sizes. Fro... read more about InventoryCloud
Sell. Ship. Grow. Manage your multi-channel and wholesale business in one place with QuickBooks Commerce. It is empowering eCommerce and wholesale merchants to become as fast and efficient as the world's biggest online stores. QuickBooks Commerce fuses inventory management operations, critical business applications and online commerce to build the central core of wholesale and eCommerce business o... read more about QuickBooks Commerce
Veeqo is a cloud-based inventory management software solution designed to help omnichannel retailers grow quickly. Sync inventory across all your sales channels, forecast and re-order new stock, manage every order in one place, pick & pack with speed and accuracy using the Veeqo Scanner, ship to customers, and handle returns from start to finish - all in one central platform. It is an all-in-one i... read more about Veeqo
Acctivate is a QuickBooks inventory management software for small and medium manufacturers, distributors, and online retailers. It extends the inventory and business management functionality of QuickBooks Desktop (Enterprise, Pro and Premier). Acctivate provides seamless integration with QuickBooks for inventory management, order management, barcode and business analytics. Companies can manage ... read more about Acctivate
Inventory management software for growing businesses. Increase your sales and keep track of every unit with our powerful stock management, order fulfilment, and inventory control software. ... read more about Zoho Inventory
Ecomdash is a cloud-based inventory management system that integrates standard inventory management features with order management and shipping management capabilities into one platform. It designed for small to mid-sized online retailers who sell through multiple channels. Key features of the system include multi-warehouse dropship management, multi-warehouse inventory management, barcode scan... read more about Ecomdash
Stitch Labs is the leading inventory management system for rapidly growing brands. Purpose built for today’s modern multi-channel retailers, Stitch Labs provides scalability through improved efficiencies that enable sustained growth, while expanding into new channels and products. Stitch Labs also empowers retailers to take control of their operations through enhanced inventory visibility and ac... read more about Stitch Labs
Fishbowl, the #1 inventory management software for QuickBooks, offers multi-location tracking, manufacturing, bar-coding and more. Whether you are manufacturing, distributing, selling, servicing, or just managing goods, Fishbowl can handle your processes with ease. ... read more about Fishbowl
UpKeep is the leading mobile-first CMMS/Enterprise Asset Management System helping maintenance teams deliver reliability for their facility. UpKeep has been named the #1 Maintenance Management Software by Gartner and has also been recognized as a top place to work in Los Angeles. UpKeep has over 160,000 registered users from small businesses to large enterprises including Yamaha, Jet.com, Unilever... read more about UpKeep
Sellbrite is a cloud-based inventory management solution designed for small and midsize companies. It offers order management, product management, channel analytics and inventory control functionalities within a suite. It helps users manage their online sales by providing them with the ability to list their catalog of products to various marketplaces. The shipping management functionality of the s... read more about Sellbrite
Logiwa is an industry-leading cloud-based order fulfillment, warehouse, order and inventory management software that has served retail, e-commerce, wholesale, and 3PL businesses worldwide for over a decade.Our groundbreaking technology offers 70+ built-in integrations to marketplaces and e-commerce platforms, shipment carriers, and accounting systems. We also provide an open API for any custom int... read more about Logiwa
Salesorder is an inventory management and order management software, specially designed for distributors, wholesalers, and ecommerce. This order management software helps manage multiple sales channels, fulfillment, and accounting. Plus, the platform is fully customizable and is quite easy-to-use.... read more about Salesorder
Finale Inventory provides a cloud-based, multichannel inventory management software designed for high volume eCommerce industries. The Finale is designed from the ground up to be customizable and versatile for YOUR workflow and YOUR processes. We accomplish this by assigning a dedicated account manager to each account. Their primary goal is LISTEN to better understand your requirements, provide re... read more about Finale Inventory
Unleashed provides product businesses with supply, production, inventory and sales software, giving them clarity on their operations and helping them make effective business decisions. Thousands of customers around the world trust Unleashed to be a fundamental part of their business operations, enabling them to better make, manage and move their products.... read more about Unleashed
Our leading asset lifecycle management software enables you to create POs, schedule services and manage vendors effortlessly. Easy depreciation management and custom reports help you make well-informed business decisions. Use our mobile app for RFID, Barcode and QR Code scans; gain compliance with regulatory bodies. Location and maintenance histories make this a must for fixed asset management. We... read more about EZOfficeInventory
CyberStockroom is a powerful, cloud-based inventory management platform designed for small businesses and startups. Intuitive and easy to use, CyberStockroom is the perfect inventory management software for small business owners who know how critical it is to have an inventory management application but are not too keen on in the technicalities involved. Key features include applications for inve... read more about CyberStockroom
Zenventory is a web-based inventory management system designed for small and medium-sized businesses. Powerful yet simple, Zenventory manages vendors, orders, and fulfillment across one or more warehouses. Keep inventory management accurate by using Zenventory’s cycle count feature. Zenventory integrates with popular e-commerce and shipping systems.... read more about Zenventory
Automated inventory tracking is critical to retailers and wholesalers, and helps ensure you have enough inventory on hand in the right locations to meet demand. Brightpearl's inventory management software provides visibility across all locations so you improve profitability and reduce the risk of overselling. Brightpearl’s flexible inventory management system has all of the features you need to ... read more about Brightpearl
Clearly Inventory is an online inventory management software that is extremely easy to use. This Inventory management system has been developed with small companies in mind, who just want to get the job done. Our interface is built for busy people who don’t want to spend a lot of time learning how to use a new piece of software.... read more about Clearly Inventory
HandiFox is a mobile inventory tracking and sales management solution that integrates with QuickBooks and allows small businesses to automate their sales and supply chain pipeline administration.HandiFox™ is a leading inventory control and sales management solution that allows small and medium businesses to automate their sales, manage the supply chain pipeline and do sales in the field on mobil... read more about HandiFox
SalesBinder is an all-in-one online inventory management software system. Organize your customers, sales leads, suppliers, invoices, estimates, purchase orders and much more. It's easy-to-use and there's nothing to install.Manage your inventory and check stock levels in real-time. ... read more about SalesBinder
Ordoro is a web app for small- and medium- sized e-commerce retailers to manage their orders, inventory and suppliers. Ordoro deals with everything that happens after a shopper clicks checkout on the retailer's website: print packing lists and shipping labels, manage inventory levels, manage dropshipping, manage customers, manage suppliers etc. ... read more about Ordoro
SKULabs is an inventory management software and WMS for ecommerce retailers that is hosted in the cloud and designed for all types of organizations. This helps e-commerce system enables businesses and retailers to stay on top of their business operations, manage essential facets of their enterprise efficiently. The tool provides users with a variety of tools and capabilities they need to drive bus... read more about SKUlabs
Megaventory is a US company founded in 2010 - one of the first to offer online inventory and order management. Our specialized staff of PhD's and MSc's supports and expands the awesome software which serves companies in more than 40 countries around the world. We offer: - Most cost-effective software in the market to monitor every business in real time. - Invoicing, reporting system... read more about Megaventory
The world of Inventory Control software is rapidly evolving as organizations are able to obtain more and more insights as to where their inventory is going, the process it takes to get there and the issues that arise along that journey. With increasingly complex partnerships, supply lines and product portfolios, it is easy to be overwhelmed by the sheer volume of transactions that occur on a regul... read more about Clear Spider
EMERGE App is revolutionizing the way for import and export businesses to manage their workflow process from quotation, sales, purchases, shipment and more effectively and efficiently; cutting costs and driving higher profits. AI-enabled roadmap to help importers and exporters make a better decision on inventory stocking and purchases. ... read more about EMERGE App
Stock konnect is an online tool that enables you to manage orders and inventory. With multi-channel selling, shipping integrations, and powerful inventory control, you can now optimize your inventory and order management, right from purchase to packing, to payments.... read more about Stock Konnect
MyLogiwa is designed to manage inventory, products, sales orders, and fulfillment in a single web-based service. It comes with a promise to raise your productivity for eCommerce operation with a modern design, easy-to-use interface, powerful features and seamless integrations with Shopify in a unified business tool. ... read more about MyLogiwa
Skubana manages all back-end e-commerce operations in one place, including order processing, shipping, inventory management, fulfillment by Amazon (FBA), vendor management and cross channel analytics. It is truly everything a seller would need to build a successful and profitable business, no matter if you're selling on one channel or several. The inventory management tool is at the very heart of ... read more about Skubana
Web Suite Pro is a cloud based, real-time solution, designed to manage any business. Access and share your billing, invoicing, CRM, inventory and more from any Internet enabled device - anytime, anywhere. We are optimized for use on PCs and mobile devices - Blackberry, iOS, Windows Mobile, and Android. Simple. Fast. Secured. ... read more about Web Suite Pro
RazorERP is a cloud ERP solution that provides first-class inventory management and multi channel synchronization for eWaste, ITAD, brokers, and IT resellers. We provide high quality software to the small and medium sized business that are under-served by larger enterprise software platforms. The software is in a constant state of continuous improvement by incorporating the feedback of our custom... read more about RazorERP
ShipMonk is revolutionizing eCommerce order fulfillment by providing the most personal and attentive fulfillment and inventory management system solution for today's global economy. Our multichannel order fulfillment service and software enables SMBs to focus on building their brand and achieving next-level growth. ... read more about Ship Monk
AdvancePro is a full-scale inventory management software designed for companies who have outgrown Excel or QuickBooks. As a partner in your business development, we optimize your operations in two ways: 1) Our team of business operations experts work with you to identify wasted time and money in your current workflow 2) We implement a system that complements YOUR business. AdvancePro streamli... read more about AdvancePro
Primaseller is a complete POS software and Online Inventory Management Software Solution that enables multi-channel retailers to manage their Brick & Mortar in-store sales along with all their online channels of sale like their web stores or marketplaces like Amazon in an integrated seamless manner.... read more about Primaseller
EasyEcom is an omnichannel inventory management solution catering to modern retailers. To provide a comprehensive technology platform to manage the Omnichannel business for growing Brands. EasyEcom accelerates the growth of enterprises with powerful, cloud-based platform that provides advanced features and different critical business reports based on data analytics. ... read more about EasyEcom
Hippo strives to be the leader in simple maintenance management software solutions. This is achieved by developing user friendly software and the best support and services to our customers. Make the Complex, Simple Our top priority is our customers. With this in mind, we continually find ways to deliver the best maintenance software that is user friendly and meets the requirements of our cus... read more about Hippo CMMS
Boxstorm is an online inventory management software free solution that you can access on any device through a Web browser. There's no software to download or server to maintain. Boxstorm integrates with dozens of business solutions and offers a wide range of tools such as sales orders, purchase orders and more to help you effectively manage your inventory. ... read more about Boxstorm
ProfitBooks Trade is an easy to use inventory management software designed specially for traders and wholesalers. It lets you manage your inventory lifecycle right from purchase to sales. Easily create purchase orders, manage stock, record sales orders and maintain multiple warehouses. ... read more about ProfitBooks TRADE
ChannelApe is the supply chain toolkit for direct to consumer operations. Multi-location order management, inventory management with fulfillment and sales channels, optimization of shipping time/costs and business rule management. A Unified Platform for Global eCommerce Operations. It’s been our mission to create the best all in one operations platform for direct to consumer businesses. S... read more about ChannelApe
- Buyer’s Guide to Inventory Management Software
- Why Is Inventory Management Important?
- What Are the Most Common Inventory Management Challenges for Businesses?
- Why Does Your Business Need an Inventory Management System?
- What Is an Inventory System Software?
- What Are the Advantages of Using Inventory Management Software?
- What Are the Features That Make the Perfect Inventory Control Software?
- What You Must Know Before Buying Inventory Management Software?
- What Is the Average Cost of Inventory Control Software?
- What Are the Advantages of Free and Open-Source Inventory Management Software?
- What Are the Advantages of a Cloud-Based Inventory Management System?
- Why Refer to GoodFirms’ List of Top Inventory Management Software?
Buyer’s Guide to Inventory Management Software
This buyer’s guide for inventory management software intends to provide users, business owners, inventory managers, and software enthusiasts a complete all-in-one information source for buying the best inventory management software.
It covers all the significant aspects that business owners must know thoroughly and consider before purchasing an inventory management solution for one’s business needs. This guide enlightens the readers to make an informed decision about their technological needs regarding inventory management, which is the most valuable business asset.
Why Is Inventory Management Important?
Inventory management is vital because:
- It helps companies meet varying product demands that are sometimes more extensive and at other times smaller than expected.
- It helps prevent unexpected delays in the supply chain of products.
- It mitigates the issue of the mismatch between the rate of demand and the rate of supply.
- With inventory management techniques and calculations, businesses can improve inventory turnover and make sure that the right amount of inventory is available at all times.
- Inventory management prevents the halting of base operations due to worn-out machinery issues through decoupling techniques.
- Effective inventory management ensures that your customers, vendors, or suppliers do not need to bear the brunt of unnecessary delays.
- It also alerts companies to buy material when it is cheap and informs when about any expected price rise in the future.
- It saves time and companies’ costs as efficient inventory management leads to reduced work hours and backlogs.
- It helps avoid losses due to dead stocks.
What Are the Most Common Inventory Management Challenges for Businesses?
Poor and ineffective inventory management leads to a series of negative impacts on the business. The damages range from losing potential clients and missed sales to money lost due to the tied-up capital and high warehousing costs. The adverse impact of these issues can affect the long-term sustainability of the business. Here are the most common problems related to inventory management that companies need to fix.
Inventory Management Problems Faced by Companies and E-Retailers
Mispick of items from warehouse
When bulk orders are received, most e-commerce companies suffer due to the wrong item getting picked from the warehouse.
Overstocking (unreasonably high inventory)
Sometimes miscalculation leads to unnecessarily high inventory stocks. It becomes challenging to manage the excess stocks, and the business suffers as there is no space for the new products in the warehouses.
Under stocking (unreasonably low inventory)
The same errors that cause companies to overstock can cause them to understock too. In this case, companies are not able to fulfill orders, ship due to products, deliver on time, or even commit in full capacity for the supply of their finished goods to customers.
Failure to track inventory properly in the warehouse
This issue crops up when the inventory is not appropriately placed in the warehouse. The organized warehouses are in a position to track their inventory quicker than the unorganized ones.
Failure to track inventory during the logistic process
Companies not using technologies such as RFID, GPS, barcodes, etc., often fail to track the exact position and location of their stocks during the logistics process.
Hassles on peak load days
When the demand for particular stocks is unusually high, maybe due to an event or hefty discount offered on that product that makes it attractive for buyers, the warehouse sees a rush that often creates chaos for the warehouse employees.
Backorders are the worst issue that companies face when they run out of stocks, and a backorder log is created that causes an increase in distresses customer calls at the customer support center.
For a dropshipping business, suppliers manage the inventory numbers. Companies still need to keep a record of the inventory that lies with each supplier. Accuracy in inventory records needs attention here.
Inventory Management Problems Faced by Customers
Customers often complain that the items that were ordered by them did not reach them on time. The issues are mainly due to the poor handling of the inventory on the part of the vendor.
Complicated Return Process
Goods returned by customers are again part of the inventory. The return process for goods ordered and delivered once is a very complicated one, especially when businesses do not use any inventory tracking software to make things easy.
Receiving wrong items
Customers who order online often face this scenario. They end up receiving items they didn’t order. Wrong orders get delivered to them due to poor inventory control of the vendor.
Not being able to order
Technical glitches in the order process often frustrate the customer who is unable to order online due to technical glitches in the order form or other technical issues with the e-commerce portal.
Why Does Your Business Need an Inventory Management System?
Accuracy is the need of the hour for modern businesses. In manual inventory management, the scale at which they transit their inventory through various levels and locations becomes a severe challenge. Technical assistance is needed to enhance their inventory management capabilities and achieve improved supplier and customer relationships.
With reliable inventory system software, businesses save costs on redundant stocks, dead stocks, or excessive stocks as the inventory control software would prevent all these conditions from happening. It will increase productivity and decrease employee costs by saving time due to automation. The speed and accuracy of the whole inventory value chain will increase, storage costs will fall, and businesses will experience a rise in profits and operational performance.
Businesses leverage different inventory management techniques and systems according to their needs and pain-points. For example, businesses commonly leverage scannable barcodes or stock-keeping units (SKUs) for better inventory tracking system. The just-in-time technique by Toyota helps in inventory space conservation and ABC analysis used to enhance profitability through inventory categorization. Whatever be the way a business manages its inventory, the inventory tracking system can help find inaccuracies and inefficiencies in their models, processes, and the overall inventory system.
What Is an Inventory System Software?
Inventory management or inventory control software is an application or software suite that assists organizations in ordering, managing, tracking, storing, organizing, optimizing, and selling their inventory, including raw material, in-process goods, and finished goods. It provides a central platform to manage and monitor inventory. Based on demand and supply data, it helps forecast the demand for stocks and generate reports.
Research suggests that the global inventory management software market size crossed USD 3 billion in 2019 and is expected to grow up to USD 5 billion by 2026, at a CAGR of over 5%. Organizations that were reluctant to switch from their legacy systems are now changing their policies. They are investing in the software to manage the complete inventory process. This transformation and the growing popularity and acceptance of eCommerce will be a game-changer for the inventory system software industry.
Effective inventory management can help solve numerous stock management problems that businesses routinely deal with to manage inventories. Below are some examples of effective inventory management in different sectors.
Examples of Efficient Inventory Management in Various Industries
Warehouse inventory management
A company shifts its warehouse to a place near the dockyard to significantly reduce the inventory transportation time and cost. The company also decides to elevate the warehouse (located in a flood-prone area) to save the inventory from constant flood conditions that lead to inventory spoilage.
Manufacturing inventory management
A manufacturing company lowers the production of a particular product after monitoring the analytics and reports generated by its manufacturing inventory software and finds that the product is not selling as much as its counterparts.
Ecommerce inventory management
Real estate inventory management
Retail inventory management
A software-based inventory tracking system can manage all the above. So, let’s see what the benefits of software inventory tools are.
What Are the Advantages of Using Inventory Management Software?
Top Benefits of Inventory Management Software for Your Company
Inventory tracking software provides stock management process automation and eliminates human error in manual work when dealing with large volumes of data. Automation improves speed and efficiency and thus saves precious time for businesses.
Simplified repetitive tasks
Software-based inventory management makes the operations easy by managing the routine, repetitive tasks itself, and companies can pay more attention to complex tasks.
Inventory should neither be less nor in excess. Maintaining this right balance and ensuring that the right amount of stock is available when needed is called inventory optimization.
Quick and easy updates
With a software application to manage inventory, updates become quick and easy. Real-time updates help businesses make faster decisions on ordering stocks.
Efficiency and productivity
As an inventory management system saves process time, it enhances efficiency and productivity.
Reduce costs and enhanced profits
Simplified and efficient inventory management prevents delays and inventory wastage, thus reducing overall costs for the business. Streamlined operations support business growth and result in higher profits.
Forecasting to improve inventory turnover ratio
Better demand forecasting through inventory management application helps improve the inventory turnover ratio that directly impacts profit margins on sales.
Better customer service
Moreover, inventory software makes the inventory data instantly accessible and helps businesses provide quicker status updates to customers. Besides, faster order processing results in happy customers.
What Are the Features That Make the Perfect Inventory Control Software?
Every inventory system software offers different sets of features, but the must-have features are:
Real-time inventory synchronization
This feature allows real-time updates of all the inventory-related transactions. When the customer orders a product from your website, the software will update it in all necessary places in real-time. It helps in avoiding double-ordering of the same product. The software needs to synchronize with the logistics database so that any change in inventory location gets updated in all relevant records.
Automation of all e-commerce activities related to inventory
This feature provides time-based inbuilt and custom triggers that automatically take care of the order and shipment process. Various functions, such as splitting an order, confirmation, and follow-up emails to customers, order tags, etc., get automatically executed.
Features for warehouse inventory control will optimize the inventory holding costs. Automated features will reduce the load on the warehouse. This feature provides low inventory alerts, import, and export product information, automated stock picking using the FIFO principle, and warehouse and inventory reports. It also allows users to add and manage more than one warehouse.
Integration with other platforms and web-based services
This software integrates with other popular channels such as Amazon and other cloud-based or web-based services.
Security and Backups
Inventory control software must provide a secure environment for all transactions. It must offer automated routine backup of data on the cloud that is accessible to users remotely.
Most of the software is good to use unless they have to deal with multiple orders simultaneously. Software that can handle numerous orders on various channels and devices is required. So, as your business grows and your customer base grows, the software should also scale past its limits.
Accessible on all devices
Today businesses run 24*7. To catch up with the need of the hour, business people work on their desktops, laptops, tablets, or even mobile phones to deliver their customers a seamless experience. Inventory system software should be able to work on all devices, and it should have a mobile-friendly light version.
The software should be user-friendly, intuitive, and easy to navigate. It should not annoy the user with its unnecessary complexity.
Reliable customer support
Inventory tracking software has multiple features and might require users to contact the vendors for technical support. Reliable, prompt, and helpful customer support is a must feature for inventory control software.
This will deactivate a product that is not available with the seller or is temporarily out of stock. This feature prevents the scenario of placing an order by a customer for a product that is out of stock.
Bulk changes in the price
This feature allows sellers to change the prices of multiple listed items on their e-commerce site with just one click.
Purchase order form, returns, payments, invoice generation, order editing, pricing, and backorders
The inventory management system paired with the barcode scanner, RFID, and other wireless equipment help in identifying the products and maintain accuracy. A perfect barcode inventory system with the right combination of software and hardware can eliminate issues arising due to mismanagement of the inventory in the organization.
Product categorization means that the software creates multiple labels.
This feature provides real-time updates of your inventory and synchronizes all information from your multiple warehouses.
Grouping of Inventory
It is easy to find, manage, and locate inventory if it is categorized and classified in groups. This feature helps in finding similar traits in stocks and then groups them under one label.
If you are offline and some client places an order for your stock, this feature allows you to accept that order offline. When you come back online again, the order is updated on your server.
The software should be able to forecast the demand for all products individually based on the available historical data, current business, and future prospectus.
This feature enables users to manage their suppliers. It provides a list of all suppliers in one click. It records all the transactions that you are done with particular suppliers. It keeps track of the nearest and cheapest available supplier for your next refill of inventory.
Analytics and Reporting
The software should provide a detailed analysis of the inventory metrics and present varied reports about all important aspects of the inventory.
What You Must Know Before Buying Inventory Management Software?
Inventory control software is a one-time investment that you would do to let your business scale in a positive trajectory. The article has already discussed inventory management and the technological needs of the process. Besides, before you finalize a software solution for your business’ inventory management, you need to ensure certain things. Let’s see what these are.
Key Factors to Consider in an Inventory System Software
Software is feasible for your business if it proves profitable against the cost incurred. Before buying the software, you must analyze and compare the software’s price with the profitability you can expect with its deployment.
Suitability for your industry
To make the best choice, you must confirm the suitability of a particular inventory solution for your industry and business through reviews, ratings, and feedback of the software from other customers of the same industry. The software vendor must also possess prior experience in your specific industry.
All inventory management solutions provide a different set of features, and the same size does not fit all! So, it is crucial to ensure that the inventory management solution you choose provides all the necessary inventory management tools needed for your business’s smooth functioning.
The software must allow integration with all the necessary software systems or platforms that your business uses, such as your existing ERP system or popular eCommerce platforms like Shopify, Magento, or Amazon.
Customizability and scalability
The software should allow scalability to support your business growth. It should also be customizable to your specific business needs.
Customer support and user training
Like every other complex software solution, the inventory software vendor must offer user training and prompt customer support as needed. You can find this out through online reviews and feedback or by directly discussing it with the vendor.
What Is the Average Cost of Inventory Control Software?
The costs of inventory management program or software depend on a large number of factors such as:
- Whether it is a cloud-based system or not
- Features it offers
- Number of users and admins it allows
- The quality of service offered
- The user interface and user experience of the software
- The profitability the software can generate for clients when deployed
These variations can change the software’s approximate costs and estimations by 100% to 200% or 500%. The SaaS inventory management products may range from low cost to too costly ones depending upon the scalability and number of orders it can process.
The advanced and complete features enabled software will cost you around $250 per month on an average. We have come to this figure by analyzing the average costs of the top inventory management software listed on the GoodFirms page. For example, Tradegecko costs around $199 (orders limited to 1000 per month) for a full-plan inventory control software for small businesses, Orderhive’s business growth plan would cost you about $269 (for unlimited orders), and Zoho Inventory’s professional plan will cost you around $ 206 per month (online orders limited to 30K per month).
What Are the Advantages of Free and Open-Source Inventory Management Software?
Free and open-source inventory management tools can prove to be a game-changer for your business. It is free to use, so you don’t have to worry about your budget and any extra costs before deploying it for your inventory management needs. With no investment, the Return on Investment will always be positive. Many free and open-source inventory software solutions provide the same services and features as the paid ones. With an open-source alternative, you can also customize features and add plugins when needed.
What Are the Advantages of a Cloud-Based Inventory Management System?
As cloud inventory system software is not dependent on hardware requirements, it is easily scalable. Cloud-based management is more trustworthy than on-premise software. It can do real-time and remote inventory management. The cost of cloud-based inventory software is comparatively lower than the on-premise ones.
Why Refer to GoodFirms’ List of Top Inventory Management Software?
GoodFirms researches all software with a focus on the quality, reliability, and ability of the software. With above 30K unbiased reviews from verified customers and a listing of over 60000 services and software, GoodFirms stands as the most reliable source that provides readers with a list of top inventory control software.
GoodFirms has listed the top inventory system software after carefully analyzing their features and prices. It further categorizes them based on their features. We provide various filters for you to find a sorted inventory management software list based on pricing models, deployment criteria, devices supported, support available, business size type, and available resources. GoodFirms’ insights will prove helpful to you as these are based on information from industry leaders worldwide, rigorous analysis, and the shared reviews of the users.