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.

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List of The Best Inventory Management System | Best Inventory Software

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Orderhive
1

Orderhive

Order & Inventory Management Software

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

Kinjal Bhanushali
“Works great for me!”
Kinjal Bhanushali, R&D Manager at uFaber Edutech Pvt Ltd
Visit website
15 Days
$49.99/Month
Multiorders
2

Multiorders

Inventory Management System & Shipping Management Software

Integrate all sales channels and manage Your orders with Multiorders - multichannel inventory management system and shipping management software - a perfect workflow-optimizing solution. Connect all of Your shipping carriers and print labels with just one click, manage pricing and stock levels of all sales channels from the same place. ... read more about Multiorders

Garret Long
“The best for inventory management”
Garret Long, Inventory Manager at Generate More
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14 Days
$49/Month
Asset Panda
3

Asset Panda

A powerful asset tracking platform

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

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14 Days
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Jazva
4

Jazva

A Simpler Way to Manage eCommerce Inventory Management System Software

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

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OpenBoxes
5

OpenBoxes

Open-source supply chain software for healthcare and disaster relief.

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

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Available
Free version
Order MS
6

Order MS

Easy to use Inventory & Order Management Software

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

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N/A
$0.07/Month
inFlow Inventory
7

inFlow Inventory

Powerful inventory software that’s easy to use.

inFlow Inventory is the best inventory management software that helps small and medium-sized businesses in tracking inventory. Its other features include filling customer orders, reordering stock, generating purchase orders and invoices, barcode and creating customized reports. The software comes with the standard installation package for desktop computers, however, it is not available for the clo... read more about inFlow Inventory

Kinjal Bhanushali
“Great Product”
Kinjal Bhanushali, R&D Manager at uFaber Edutech Pvt Ltd
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14 Days
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InventoryCloud
8

InventoryCloud

Build a Complete Inventory Management System.

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

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14 Days
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QuickBooks Commerce
9

QuickBooks Commerce

Powerful inventory management software.

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

Clay Duos
“Good”
Clay Duos, Owner at Clay M. Duos, DDS
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14 Days
$79.00/Month
Veeqo
10

Veeqo

Best Inventory Management Software for Online Store

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

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Acctivate
11

Acctivate

QuickBooks Inventory Management Software

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

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14 Days
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Zoho Inventory
12

Zoho Inventory

Software for growing businesses.

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

Kanna Perumal C
“Great integrate with Zoho CRM”
Kanna Perumal C , Operation Manager at Inkmonk
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14 Days
$39.00/Month
VendSoft
13

VendSoft

Grow Your Vending Machine Business With Powerful Software

Cloud-based vending management software. Optimize your vending business with tools like live machine data, smart routing, warehousing, and many more. ... read more about VendSoft

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14 Days
$19.00/Month
Ecomdash
14

Ecomdash

Multichannel Inventory Management System for Ecommerce Sellers

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

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15 Days
$60.00/Month
Stitch Labs
15

Stitch Labs

Best Inventory Management Software for High-Growth Businesses.

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

I
“Happy customer”
Ian Johnson
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N/A
$499.00/Month
Fishbowl
16

Fishbowl

The #1 Manufacturing and Inventory Management Software

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

Kinjal Bhanushali
“Customer support is impeccable”
Kinjal Bhanushali, R&D Manager at uFaber Edutech Pvt Ltd
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14 Days
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UpKeep
17

UpKeep

Maintenance management, simplified.

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

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Available
Free version
Sellbrite
18

Sellbrite

Inventory Management Software Made Easy

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

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14 Days
$49.00/Month
Logiwa
19

Logiwa

Order & Inventory Management System for Ecommerce Sellers

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

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Available
Free version
Salesorder
20

Salesorder

Versatile Inventory Management Software

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

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Finale Inventory
21

Finale Inventory

Multichannel Inventory Management Software For Business.

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

P
“Very Good”
Pravin Vipul
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14 Days
$149.00/Month
Cin7
22

Cin7

Automated Inventory Management Software

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

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14 Days
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Unleashed
23

Unleashed

Software that gives you the freedom to better make, manage and move your products

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 in over 80 countries 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

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14 Days
$279.00/Month
EZOfficeInventory
24

EZOfficeInventory

Asset Tracking & Management Software

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

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15 Days
$35.00/Month
CyberStockroom
25

CyberStockroom

Best Inventory Management Software for Small Business

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

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14 Days
$99.000/Month
Zenventory
26

Zenventory

Inventory Management Software for eCommerce Retailers, 3PLs, and Small Businesses

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

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N/A
$99.00/Month
Brightpearl
27

Brightpearl

Automated Inventory Management Software.

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

Dean Parry
“Ransom”
Dean Parry
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30 Days
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Clearly Inventory
28

Clearly Inventory

Online Inventory Management Software Free

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

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Available
Free version
HandiFox
29

HandiFox

Mobile Inventory Tracking & Sales Management Software

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

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30 Days
$995/One-time
SalesBinder
30

SalesBinder

Online Inventory Management Software System in the Cloud!

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

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30 Days
$9.00/Month
Ordoro
31

Ordoro

Shipping and Inventory Management Software for Ecommerce

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

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15 Days
$59.00/Month
SKUlabs
32

SKUlabs

Inventory management software and WMS for ecommerce retailers

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

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30 Days
$299.00/Month
Megaventory
33

Megaventory

Online order, inventory, manufacturing management software.

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

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15 Days
$150.00/Month
Clear Spider
34

Clear Spider

Cloud Based Inventory Management System Software

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

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N/A
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EMERGE App
35

EMERGE App

Easy to use inventory management software for Wholesalers

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

diksha bharti
“Whoo, Emerge App Saved My Startup from Drowning”
diksha bharti, SEO Executive at ASD INFOTECH PRIVATE LIMITED
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14 Days
$39.99/Month
Stock Konnect
36

Stock Konnect

E-commerce Inventory Management Software.

Stock Konnect a Multi-Channel Listing Management Software is a powerful solution to easily list and sell the variation of products on multiple sales channels. A powerful listing of Inventory management system & e-commerce tool for eBay, Amazon, Shopify and other platforms that allow you to create new single and multiple variation listings, manage existing listings, control and sync stock, manage o... read more about Stock Konnect

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30 Days
$35.00/Month
Skubana
37

Skubana

The Operating System Of Commerce

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

Annmarie O'Brien
“Good”
Annmarie O'Brien, President at FoodVacBags
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N/A
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Web Suite Pro
38

Web Suite Pro

Manage Contacts, Invoices, Help Desk, Inventory and more!

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

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N/A
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RazorERP
39

RazorERP

Streamline Your Inventory

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

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Ship Monk
40

Ship Monk

Logistics. Technology. All-in-one.

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

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N/A
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Dear Inventory
41

Dear Inventory

Seamless, Easy and Efficient Inventory Management

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 are in retail, wholesale, or manufacturing. It is a comprehensive inventory control software application positioned as a complete back end management system with product planni... read more about Dear Inventory

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14 Days
$199.00/Month
AdvancePro
42

AdvancePro

Helping Emerging Companies Grow With Affordable, Enterprise-level Inventory Management Solutions.

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

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7 Days
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Primaseller
43

Primaseller

The Complete POS & Online Inventory Management Software Solution

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

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14 Days
$59.00/Month
EasyEcom
44

EasyEcom

Best omni channel inventory management & reconciliation ERP solution.

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

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14 Days
$89/Month
Hippo CMMS
45

Hippo CMMS

CMMS that's simple and easy to use

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

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14 Days
$165.00/Month
Boxstorm
46

Boxstorm

Cloud Based Inventory Management Solutions

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

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Available
Free version
ProfitBooks TRADE
47

ProfitBooks TRADE

Inventory Management Software For Traders & Wholesalers

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

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14 Days
$49.00/Month
ChannelApe
48

ChannelApe

All-in-one platform for unified global commerce operations.

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

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7 Days
$200.00/Month
PartKeepr
49

PartKeepr

Open Source Inventory Management Software

PartKeepr is an open source inventory management software developed to help companies reorder items in their stock, and always have a clear overview of the products they have at disposal. ... read more about PartKeepr

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Available
Free version
RightControl Lite
50

RightControl Lite

A Powerful Inventory Control Software

RightControl Lite is a fully functioning inventory control software that covers contact management, inventory management, sales management, warehouse management and invoicing through to despatch. And if that is not a good enough reason to try us out, RightControl Lite also features a comprehensive reporting system, allowing you to easily analyze your business statistics. ... read more about RightControl Lite

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Available
Free version

Buyer’s Guide

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?

Businesses, big or small, that deal with inventory must find ways to track their inventory. It could be through a periodic inventory system or a perpetual inventory system.

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

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.

Dropshipping

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

Delayed Shipments

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

An eCommerce company deactivates a product from its website that is no longer available with its vendor. Its eCommerce inventory management software notified that the product reached the refill point.

Real estate inventory management

A real-estate firm that needs to stock many similar items in high volumes and records accuracy is a big concern. It leverages periodic cycle counting to check and improve inventory record accuracy.

Retail inventory management

A retail business faced numerous customer complaints about delays in receiving their ordered products. They adopted retail inventory software to save process time and satisfy their customers.

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

Automation

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 optimization

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.

Warehouse management

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.

Scalability

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.

User-friendly

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.

Product deactivation

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.

Order management

Purchase order form, returns, payments, invoice generation, order editing, pricing, and backorders

Product identification

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

Product categorization means that the software creates multiple labels.

Multi-location management

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.

Online/Offline Sync

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.

Demand Forecasting

The software should be able to forecast the demand for all products individually based on the available historical data, current business, and future prospectus.

Supplier Management

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

Feasibility

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.

Features

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.

Third-party integrations

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.

Frequently Asked Questions

  • What Is the Best Software for Inventory Management Available in the Market?

    The same size does not fit all, and the same software may not be the best for all businesses. The one that suits the manufacturing business may not work well for retail. You can select the right inventory software for your business based on the factors listed below. Also, check the GoodFirms’ list of best inventory management software and their features and reviews for your specific industry.

  • What Factors Must Be Considered Before Buying Inventory Control Software?

    The inventory tracking software is a complete solution that can enhance your business profits at a nominal cost. There are multiple inventory software solutions available in the market, but the best inventory software is the one that suits your business requirements. You must consider the following questions to choose the perfect inventory system software for your business.

    • Does the cost of the software fit your budget, and whether the expected profits outweigh the costs?
    • Does the software offer all the features to simplify the inventory management needs of your business?
    • Is the software customizable?
    • Does the software allow scalability for your business?
    • Does the software allow third-party integrations?
    • Has the software been leveraged by other businesses of the same industry as yours, profitably?
    • Does the software vendor assure customer support and user training as needed?


    If the answer to all the above questions is positive, the software can be the right fit for your business.

  • What Are the Features to Look for in Inventory Management Solutions?

    Inventory management program or application typically includes stock/asset management, warehouse inventory management, order management, shipping management, accounting, analytics, and reporting features. It must also offer asset tracking, search/filter, inventory optimization, inventory auditing, product identification, product categorization, barcoding/scanning, alerts/notifications, demand forecasting, product deactivation. Additional must-haves include a customizable dashboard, user-friendly interface, third-party integrations, security, backup, and online/offline sync capabilities.

    It must allow scalability, accessibility from mobile devices, and multi-location management. Inventory management companies must also ensure reliable customer support. In summary, you must ensure that the software you select includes all the required features to streamline your business’ inventory management. To suit your specific industry needs, some business inventory software vendors may also provide customized and advanced inventory solutions and tools at extra cost.

  • How to Ensure the Successful Implementation of Inventory Control Software for Your Business?

    Inventory management software can be beneficial for your business, but adopting it is complicated and time-consuming. Implementing inventory system software becomes easy if you plan for the time, costs, and other resources in advance. You must choose the right software product and from an experienced vendor. The significant challenges involved in successfully implementing inventory tracking software include integration with your existing system, data security, time involved, and user training.

    Discuss these aspects with different software vendors and select the product that matches your business structure and needs. Check with the vendor about how they ensure data security and help reduce the time involved in implementation. There are various types of inventory management systems available, and you must choose the software with an easy-to-use and user-friendly interface. Still, the successful implementation of the inventory control software is not possible without staff training. Find out about your staff or target users’ capabilities and limitations and inquire with the vendor about user training.

  • What Factors Influence the Pricing of Inventory Management Software?

    The cost of inventory management software depends on many factors such as the features it offers, user-friendliness and customizability of the interface, the number of users/admins, the number of orders allowed (per month), and whether it is cloud-based or not. Software vendors typically offer multiple packages starting from low-cost packages with basic features to higher-cost advanced features. For the same set of features, SaaS-based products’ cost depends upon the scalability and number of orders it can process. Customized-feature plans are priced very high depending on the complexity of requirements. The top software vendors are generally transparent about pricing but inquire about any hidden costs for installation, additional integrations, customer support, etc.

  • How Much Does an Inventory Management System Cost?

    Many inventory software vendors offer free versions with basic features. The paid packages start from as low as $19 per month and may go up to $540 per month for advanced and customized versions. Analyzing the average costs of the top inventory software listed on GoodFirms, there are multiple good options to choose from, in the pricing range from $49 to $200. Orderhive, a popular software in the inventory management category, offers the basic package at just $49 per month and Finale Inventory at $149 per month. Multiorders provides all essential features in the starter plan at $49 per month for upto 500 orders and $199 per month for upto 5000 orders. The feature-rich and customized packages cost in a higher range. Tradegecko costs around $199 for a full plan for inventory system software for small businesses (upto 1000 sales orders per month) and Orderhive’s business growth plan costs around $299.99 (unlimited orders). Check out more on GoodFirms.

  • Are Inventory Management Software Solutions Secure?

    Yes, all the top inventory management software available in the market typically provide multi-layer security features to ensure your business data security. You must inquire with the vendor about the security features, including data backup, data storage, data integrity, data sharing, encryption, and vulnerability scanning. As security is a significant concern for all businesses, it is worth considering the customer reviews, ratings, and feedback for multiple inventory system software solutions. You can get all the relevant information you need from the list of best inventory software compiled by GoodFirms.

Resources for Inventory Management Software

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