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Best Inventory Management Software of 2024: Expert Picked | U.S. News
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Choosing the right inventory management software for the size of your business, the industry you're in, and your company's uniqueness could easily mean the difference between long-term success and bankruptcy. The best inventory management applications are customizable, automate otherwise complex and time-consuming tasks, track multiple suppliers, generate customized reports, and forecast trends to make intelligent buying decisions. They’re also secure but readily accessible to key personnel using a computer or potentially a mobile device.
At the same time, the right inventory management application will easily integrate with other software used to run your business and provide a user interface that’s intuitive. No matter what type of business you’re operating or how large it is, there are lots of inventory management applications to choose from. Many are cloud-based and easily accessible from any Internet-connected computer or mobile device. Some applications, however, are installed and stored locally on a computer or network. This article has a sampling of the best inventory management software options available right now.
Cin7 Core is one of the higher-priced inventory management applications featured in this article, but it offers one of the most robust feature sets out there. Plus, it's customizable and highly scalable, with a wide range of integration options for other popular applications and platforms.
Cin7 Core allows business operators to generate in-depth sales reports and track stock in a well-organized and highly detailed manner. You can also get modules for production and warehouse management that offer comprehensive sales forecasting, but the application works just as well for retail or e-commerce businesses.
Specs
Compatibility:
Windows, Mac, Mobile applications
Scalability:
Yes
Integrations:
Shopify, Xero, Amazon, QuickBooks, BigCommerce, and more
What we like about Zoho Inventory is its accessibility and friendly user interface, not to mention that it seamlessly integrates with all other Zoho modules for handling many business operational needs. Whether you need to manage inventory for a single retail location, an e-commerce website, or multiple warehouse locations, Zoho Inventory offers the customizable functionality and flexibility most companies need to efficiently manage and grow their business.
Zoho Inventory is both affordable and scalable, which makes it easy to automate many key business processes. Plus, with proprietary mobile apps, you have instant access to key data anytime, from virtually anywhere.
As a viable inventory management option for smaller businesses planning to grow, Vend by Lightseed is used by more than 115,000 customers in more than 100 countries. The application has a strong emphasis on inventory management for retail-based businesses.
Vend by Lightspeed has a lot of ways to save you time, such as by setting product-specific reorder points to automatically fill orders when you get to a certain product level. And when you need to forecast trends and sales to make informed buying decisions, the application offers reporting tools that can prevent out-of-stock situations or being stuck with excess inventory.
In addition to competitive pricing, Sortly is easy to use and lets you manage inventory from any device. You can organize your items in a customized manner using a proprietary and flexible folder system. It’s also rather easy to import existing inventory lists and data onto the application. Plus, it’s simple to add custom details about each item, such as quantity, location, and cost, and track everything in real time.
With Sortly, you can also barcode your entire inventory, add item photos for easy identification, and set up low stock alerts. The lowest-cost Advanced plan allows for up to 2,000 entrees, two users, 10 custom fields, and quantity-based alerts. When scalability is needed, the Ultra plan allows for up to 10,000 entries, five users, and 25 custom labels; you also can generate unlimited QR code and barcode labels, and generate quantity and date-based alerts.
Using InFlow Inventory, it’s possible to manage your stock and orders from any device and instantly determine the status of each item. Track inventory, reorder stock, print labels, scan barcodes, and fulfill orders from a single application.
Using Inflow’s proprietary mobile app, these and other tasks can be accomplished from just about anywhere. In short, you can maintain a real-time picture of what’s in stock, and if needed, where each product is across multiple offices or warehouses. It’s even possible to take online orders from B2B customers. This application is currently in use by more than 40,000 businesses worldwide. In addition to being affordable and scalable, no long-term contract is required.
Specs
Compatibility:
Windows, Web, iPhone, Android
Scalability:
Yes
Integrations:
95+ e-commerce, third-party, accounting, and automation integrations
Adopting Fishbowl will give a medium-size business complete control over all aspects of inventory management, while seamlessly sharing data with QuickBooks if you use it. Fishbowl will help optimize warehouse management by keeping track of processing, receiving, stock locations, and moving product, while also allowing you to track packing and shipping.
Beyond QuickBooks, Fishbowl also has numerous other built-in integrations with commonly used applications and e-commerce platforms. Benefit from a centralized inventory database, receive low stock notifications, generate inventory forecast reports, and streamline tasks like inventory tracking and inventory costing, for example.
Specs
Compatibility:
Windows, Mac, Web, Mobile
Scalability:
Yes
Integrations:
Amazon, QuickBooks, Salesforce, Xero, Shopify, etc.
Ordoro allows a business to handle shipping, inventory management, and dropshipping from a single application that’s both feature-packed and affordable. Use Ordoro to help automate key inventory management-related tasks. The application offers tools specifically for e-Commerce-based businesses, and companies that utilize multi-channel selling and dropshipping.
Get automated low stock alerts and reporting while being able to handle supplier management, purchase orders, and goods received in a streamlined manner. Ordoro also offers integration with almost all popular e-commerce platforms.
Specs
Compatibility:
Windows, Mac
Scalability:
Limited based on plan
Integrations:
Shopify, BigCommerce, SquareSpace, Amazon, eBay, Etsy, Walmart Marketplace, QuickBooks, etc.
Especially if you run an e-commerce business using the Shopify platform, Katana Inventory Management from Extensive offers integrated warehouse management and an order management system. It gives you precise inventory control that takes full advantage of real-time data. Reduce stockouts and overstocking by maintaining full control and visibility of your stock levels across multiple sales channels.
Designed to offer businesses quick implementation, Katana Inventory Management provides the necessary cross-channel reporting that can offer insight for informed decision-making and strategic planning. The application is also customizable and scalable.
Specs
Compatibility:
Cloud-based, Windows, Mac
Scalability:
Yes
Integrations:
Shopify, Amazon, eBay, Google Shopping, QuickBooks, SalesForce, WooCommerce, PayPal, Magento, etc.
Although QuickBooks Online is primarily a bookkeeping application that’s suitable for small businesses, it does offer a core set of inventory management tools if you subscribe to the Plus or Advanced plan. For example, QuickBooks Online can track products and the cost of goods, generate low stock alerts, manage vendors, and utilize real-time data to generate comprehensive reports.
QuickBooks Online also offers seamless integration with a vast assortment of other applications and platforms. And because it’s cloud-based, there’s no software to download when using a Windows PC or Mac. You can also take advantage of a proprietary mobile app to access key data while on the go. Another key benefit to using QuickBooks is that you can export appropriate data in a format that’s compatible with the majority of accounting and bookkeeping firms.
Whether you operate a retail store or warehouse, this is one of those inventory management applications that can be customized to cater to the needs of many types of businesses focused on maximizing profitability and improving efficiency. As a cloud-based application, it’s readily accessible from a Windows PC, Mac, or mobile device. Real-time inventory reports allow you to compile and analyze essential data, as well as receive automatic low stock alerts (based on criteria you pre-set for each product) and perform other tasks.
Use Wasp Inventory Cloud for warehouse management, manufacturing process management, tracking consumables, stockroom management, retail inventory, and more. This is a complete inventory system that’s designed for mid- to large-size businesses.
Specs
Compatibility:
Cloud-based, works with any Internet-connected computer or mobile device
Before you start shopping for the best inventory management software for your business, focus on your specific needs. Consider what integrations are required, the cost per user/per month, and how you’ll be able to access the application. Look for key features like the ability to track products and the cost of goods, generate customized reports, and get notifications when inventory is running low.
Once you understand your inventory management needs, determine your budget. Then, choosing the most appropriate option for your business becomes a much easier task. Keep in mind that basic inventory management is also built into many business and accounting application suites, as well as in other types of business and industry-specific software.
Inventory Management Software
Every business operates differently and has different needs when it comes to inventory management. “The combination of data entry and automation guarantees unparalleled efficiency and accuracy when it comes to inventory management systems," says John Pennypacker, vice president of sales at Deep Cognition. "Inventory management software significantly streamlines the data entry process, helps reduce the possibility of human error, and indicates real-time updates. This is a powerful tool, which is now a necessity for businesses aiming to optimize their inventory management."
There are key features that many inventory management applications offer and which most businesses ultimately seek out. As you’re shopping for the best inventory management tool for your business, consider the following:
Compatibility with Existing Systems: Most businesses operate using a handful of locally installed software and cloud-based applications. When adding other applications, ensure compatibility and potential integration options.
Scalability and Growth Potential: As your business grows, it’s important that the applications used to manage the business’ inventory can scale accordingly. Make sure the inventory management application you ultimately choose can track additional products as needed, oversee inventory across additional business locations, and provide access and reports to a growing management team, as well as outside accounting firms, for example.
User-Friendly Interface: Using an application that’s complex enough to handle all aspects of your business’ inventory management and reporting needs is one thing. Having the right people be able to utilize the software in the proper way is another thing altogether. In addition to seeking out a user-friendly interface, determine what training tools for the chosen application are available.
Customization and Flexibility: Not only should an inventory management application be scalable as your business grows, it should also be highly customizable to meet your specific needs. Choose inventory management software that can be adapted to your business, not that requires your business operation to adapt to the software.
Integration with E-Commerce Platforms and Other Applications: If you’re operating any type of online-based business, whether it’s through Shopify, Etsy, BigCommerce, or another ecommerce platform, it’s important that your inventory management system integrates with the platform and applications you’re already using. Among other things, this makes it easier to automate and streamline the inventory management process.
Reporting and Analytics Capabilities: Beyond knowing exactly how much inventory you have of each item or product, the best inventory management applications will help you automatically generate informative reports and usage trends. Based on analytics, it could also help you save on warehousing costs by minimizing overstocks, limiting waste, boosting efficiency, making cost accounting easier, and improving financial awareness.
“There are three critical aspects one should always look for in good inventory management software: live syncing, forecasting, and re-ordering abilities. The software’s built-in data analytics should be automated, or at least provide the forecasting and re-ordering numbers at a moment’s notice," says Raja Subramanian, General Manager of Power Wizard, a Texas-based power management company. "That way, stock is always as up to date as possible.”
Mobile Accessibility: These days, business operators and managers hate being tied to their desk. The best inventory management applications make data and reports available via the Internet or using a mobile app, while keeping all information password protected, encrypted, and as secure as possible.
Customer Support and Training: With any complex business application, questions and problems often arise at the most inopportune times. While knowing how to properly utilize the chosen inventory management software is essential, you’ll experience the least amount of frustration when specialized training is available. You also want access to personalized customer support on a 24/7 basis. When choosing an inventory management application, determine what training programs and resources are offered, and how readily customer service is available.
Cost and Pricing Structure: Many of the best inventory management applications require a monthly or annual subscription (the latter often at a discount). Most applications have multiple pricing plans, with the lower-priced plans offering a more scaled selection of features. Be sure to determine if the monthly fee to use the selected inventory management software limits the number of users, and factor in the cost of additional users if you need them.
Security and Data Protection: Don’t just take a software developer’s word that it offers the best data encryption, password protection, and security features available. Before adopting an inventory management application, understand what security measures are in place, and what additional security measures your business will need to implement to keep your data secure.
The contributor Jason Rich interviewed several business leaders and inventory management experts to help create this article listing the best inventory management software. Experts we talked to included John Pennypacker vice president of sales and marketing at Deep Cognition; Tristan Harris at Thrive Digital Marketing Agency; Raja Subramanian, general manager at Power Wizard; Alex Jasin, co-founder and CMO at Refine Packaging; and Zakhar Ivanisov, founder and general manager at Soul & Lane.
While there are dozens of options to choose from, some of which are industry specific, we evaluated key features and functions of each application, along with its overall value, scalability, customizability, and ease of use. We also considered what set each application apart from its competition and took into account how many businesses currently rely on the application.
Note that although Rich placed each inventory management application into a specific category, based on the type of business that could benefit the most using it, many of these applications can accommodate many different types of business, across a wide range of industries.
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Jason Rich is an internationally recognized technology expert with more than 25 years experience writing for a wide range of publications and websites. He has also written numerous full-length books for publishers, including Wiley and Entrepreneur Books, about starting, successfully operating, and growing a business.
If you’re operating a retail, wholesale, or manufacturing business that has products and inventory to keep track of, this can be a timely and complex task. Without the right inventory management software, there's a higher chance of making potentially costly mistakes.
The best inventory management applications sync data directly with your company’s bookkeeping or accounting software, for example, which further saves you time. To help ensure the long-term prosperity of your business, operate it using the best collection of software available. This includes inventory management software that’s suited to your business.
The right inventory management application for your business will help you fully automate many of the processes associated with maintaining a streamlined workflow. You’ll be able to more accurately track stock levels, generate reports, and ensure timely order fulfillment. Armed with accurate and up to date information, you can also make more educated purchasing decisions and more efficiently manage your company. These are just some of the ways inventory management software can help your business.
The cost of inventory management software varies greatly. The functionality that’s offered helps determine pricing, but there are many other factors involved as well. To help make this type of software affordable, it can typically be paid for on a monthly subscription basis. This can be anywhere from under $100 per month to more than $500 per month.
Once you understand your exact needs, be sure to shop around for affordable inventory management applications that can meet your needs, without having to pay extra for features and functions you don’t have a need for.
Zakhar Ivanisov adds, “One of the common mistakes I've observed is choosing inventory management software boasting a myriad of features. While these features might seem appealing initially, it's crucial to recognize that not all of them will be relevant to every business. In fact, many businesses end up paying premiums for functionalities they rarely, if ever, utilize. Therefore, my advice is to have a crystal clear understanding of your requirements before diving into a commitment. By doing so, you'll ensure that you're only investing in features that genuinely add value to your operation.”
Again, this varies greatly based on the type of business you’re operating, the complexity of your business’ operation, the intricacies of the software being used, and the skill level of the people who will be using the software.
For most businesses using standard inventory management software, the software you’re switching to should offer tools to help you quickly and accurately import your data. This is something you’ll want to inquire about when participating in a free demo of the application you’re considering switching to.
This too varies greatly based on the application you’re using. Once you understand your specific company’s needs, seek out an inventory management application that can meet your needs with as few customizations as possible, but ask the customer service person you’re working with to explain how a specific application can be customized and what additional costs might be involved to do this.
Keep in mind, there are specialized inventory management applications designed for businesses operating within specific industries (like a restaurant, individual retail store, or ecommerce website), and others that cater more to retailers with multiple locations, wholesalers, or manufacturing companies, for example.
One of the main benefits of inventory management software is that it improves accuracy of inventory tracking by eliminating the manual counting of products or items. This reduces the risks and costs associated with overstocking or understocking. It also does complex mathematical calculations and projections on your behalf to help eliminate administrative errors.
As for data security, most inventory management software developers build data encryption, password protection, two-factor authentication, and other security features into their respective applications. In addition to these, it may be necessary to upgrade your network’s firewall or security functions, and/or utilize a VPN when accessing the application from remote locations to maximize data security.
Jason R. Rich (www.JasonRich.com) is an internationally recognized consumer technology expert with more than 30 years of experience as a writer, journalist, and photographer. He’s also the author of numerous books, including The Remote Worker’s Handbook: How to Work Effectively From Anywhere.
Jeff Kinney has been a writer and editor for more than 20 years. He currently is a senior editor at U.S. News 360 Reviews, where he focuses on consumer electronics and technical services. Prior to joining U.S. News & World Report, Kinney worked as a reporter and editor for Bloomberg, LexisNexis, and other news organizations.
U.S. News 360 Reviews takes an unbiased approach to our recommendations. When you use our links to buy products, we may earn a commission but that in no way affects our editorial independence.
