Last month I lost track of 5 items from my inventory, only because my records were incomplete. Most businesses fail to keep track of their inventory and they end up recording more or less amount which impacts the entire record book of the firm.
I could have averted this problem by using inventory management software for my business and you can avoid such issues too by doing the same.
You may hesitate while spending on such software without knowing about its credibility. But now you have to transfer this tension to us. Shall I share my bank account? (Lame joke, of course)
The serious part is that we are going to provide you with a list of the best inventory management software with their prices and features details. We will also guide you in finding the right inventory management tool for your business.
So, let’s understand the concept of inventory management and then know about the best inventory management software.
What is inventory Management Software?
Inventory management software is a tool that is used to track, organize, and maintain the inventory of your business. An inventory management tool allows a user to track inventory with live reports, and insights.
A user can create valuable insights and get timely alerts when stock is about to get over. It helps in enhancing the productivity of the business and every concerned member of the team can have a clear idea about the inventory.
How to choose the right Inventory Management Software?
The market is flooded with different inventory management software but one has to choose the right tool for his business. We need to consider certain factors before selecting inventory management software.
Industry
You should understand your industry and choose the software accordingly. For example, Clinic Essentials is an inventory management software that is mainly used by medical professionals. Similarly, if you’re involved with the trade of perishable products you need to get different software.
Price
You must consider this factor before buying inventory management software for your business. You can begin with using free tools and later switch to paid tools.
Integrations
Your inventory management software must integrate with accounting software and other sales channels. If you buy software that has in-built integration, you’ll not have to spend on indirect integrations.
Size
Make sure you are considering the expected growth of your business before investing in inventory management software. Spend on a tool that can handle your data in the future as well.
Considering these factors you can choose the best inventory management software for your business.
Now let’s have a glance at some of the best software that can be bought without much hesitation.
Best Inventory Management Software
InFlow
Inflow is the best inventory management software that has a user-friendly UI and is known for providing a central inventory database and B2B showrooms. This is the perfect software for online sellers, retailers, and B2B wholesalers.
The USP of this software is its simplicity. Every team member can easily operate this tool without any special training. They provide a flawless application for both Android and iOS devices.
It helps you in B2B portal creation, order histories, vendor payments, kitting, bundling, scanning, and generating barcodes.
Orderhive
From low-stock alerts to barcode scanning support, you can get everything on Orderhive. This is one of the best inventory management software as this tool is everything you need. The reason why it is preferred by most businesses is its adaptability to all sizes.
It is a web-based software that should be used in Chrome or Firefox for a seamless experience. It allows you to create automated purchase orders, eCommerce automation, stock transfer between different warehouses, and much more.
Megaventory
The name itself suggests that the tool is suitable for big companies. Precisely, if you are looking an inventory management software for a manufacturing company, then Megaventory is the perfect choice for you.
It is a cloud-based service that runs perfectly across different devices and doesn’t get interrupted even if you feed a massive amount of data.
It helps you create multiple reports, track customer and vendor contact information, get automatic stock alerts, and create packing slips and work orders.
Oracle NetSuite
This is not just an inventory management software but also a financial platform that can be used to meet different business needs. It is also a cloud-based software and the best part about cloud-based SaaS is that you get the best version as they don’t have version numbers.
It offers something more than inventory management services this is why it deserves a trial. It is an easy-to-use tool that offers impeccable customer relationship management features as well.
Zoho Inventory
You may have found the name of this software in other services like accounts management as well. Zoho team provides multiple services and Zoho Inventory is one of them.
This is one of the few inventory management software that is available for free (subject to some conditions). The tool provides online inventory management services, dropshipping handling services, barcode scanning, and much more.
The software performs well on multiple devices and even allows you to create automated orders of “out-of-stock” items. You can create reports, add items, and view inventory from any device with login credentials.
Pricing
Free use available for limited features
Paid- Starts at $59 per month
Upserve
Upserve is a great inventory management software for restaurants. The reason why it is a perfect tool for restaurants is its ability to track minor items as well. It is an app-based as well as cloud-based software that works flawlessly in every face.
It also operates in offline mode and can sync replies to the POS systems. It also helps in managing vendors, creating alerts for low-stock items, scanning inventory from mobile apps, and much more.
Pricing
No free trial available
Paid-Starts at $59 per month
Lightspeed
Lightspeed is a cloud-based as well as web-based inventory management software. Unlike, Upserve, its cloud-based version does not operate on different devices, it only works on iPads which is a minor limitation of this great tool.
It provides a Point-of-sale system and inventory tracking services. It can be integrated with SkuVaukt which is a warehouse management software. So, if you are running a big business, you can go for this tool.
It also allows you to create and send purchase orders without any difficulty.
Ordoro
This is an inventory management software for e-commerce sellers. It is a great tool that is available for both paid and free users. It also offers free trials for its users.
It helps you in handling dropshipping inventory, shipping management and getting advanced analytics of your inventory.
It also allows you to integrate your inventory management tool with other sales channels. It also helps you in connecting with other e-commerce platforms.
Pricing
Paid- Starts at $59 per month
Katana
As per Forbes, Katana is the best inventory management software for manufacturers. The software allows you to keep track of your inventory and creates alerts for items that are not in stock. It also helps you set up barcode inventory scanning to receive track of inventory in a few seconds.
Also, if you are a business dealing in perishable products, you must have a legal obligation to batch tracking. You can get this service on Katana without any hassle.
Don’t worry about integrations! This software can be integrated with other tools like Quickbooks manufacturing, Xero inventory management, and Shopify order management.
Pricing
Free trial- 14 days
Paid- Starts at $99 per month
Square
Looking for the most affordable inventory management software, stp now as you got Square. It is a POS system that provides inventory management services for its users.
It helps you manage online sale orders, and create analytics and reports. It is a cloud-based software that can be used offline as well. It has durable, lightweight, and easy-to-move hardware and it also has some other apps like Square Retail, Invoice, and Payroll.
Pricing
The free version is available with limited features
Paid- Starts at $24 per month
Conclusion
We have curated this list after researching the market. You can rely on this list and choose the best inventory management software for your business.
By avoiding this expense, you are paving the way for other expenses that can occur due to carelessness, mismanagement, or lack of information. As the size of a business increases, it becomes difficult to maintain a proper record of inventory manually.
So, it is better to get the right inventory management software for your business.
Let me know, which tool you like the most.
Click here to read about accounts management software.
FAQs
What is inventory management software?
Inventory management software is a tool that allows you to keep track of your inventory, and sales and also helps you in improving the efficiency of your business. It saves a lot of time and effort which in turn allows a sales team to focus on more crucial areas.
What is the best free inventory management software?
There are many inventory management software that can be used for free. This includes Zoho inventory (conditions applied), ProfitBooks, Fakturama, Monely, and ABI inventory control. If you don’t want to spend a penny on inventory management software, you can go for these tools.
When should I use inventory management tools?
When you are selling multiple items or selling your products in multiple locations or through multiple channels, then you should consider using inventory management software. Most businesses consider it useless to spend money on such tools but trying free tools can give you an idea about their productivity. Later, you can spend on your favorite inventory management software.
What are the best medical inventory software systems?
There are many medical inventory management software that are used by medical professionals including Vyapar, Fishbowl inventory management, MedSupply, Sortly, Clinic Essentials, and many more.
What are the features of the best inventory management tools?
The best inventory management software allows you to categorize products, create livestock reports, manage vendors, product tracking, tagging, and create reports and audits. It also supports you in inventory forecasting, has accurate insights, and gets inventory alerts on time and transfer management.
