Inventory management software is essential for businesses across various industries, automating Inventory Software tasks, enhancing operational efficiency, and boosting profitability.
Regardless of the sector your business belongs to, if it handles inventory, this software can significantly improve operational efficiency, customer service, and overall profit margins.
Stubbyintl has thoroughly reviewed the leading Inventory Software management software options, evaluating them on criteria such as cost and features, and has identified the top 10 solutions.
Inventory Software Management Solutions for 2024
- Cin7: Top Choice Overall
- Ordoro: Ideal for Multichannel Sellers
- inFlow: Perfect for B2B and Wholesale
- Katana: Best Suited for Manufacturers
- Zoho Inventory: Best Value Option
- ShipBob Merchant Plus: Excellent for Hybrid Fulfillment
- Fishbowl Inventory: Best for QuickBooks Integration
- Extensiv: Optimal for dropshippers and FBA
- Sortly: Best for Small Retailers and Asset Tracking
- monday.com: Best Free Inventory Software
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What Is Inventory Software Management?
Inventory management entails monitoring the flow of products and supplies entering and leaving your business. Inventory Software automates the tasks of tracking, reordering, and updating inventory.
It integrates seamlessly with operational systems like your point-of-sale (POS) and accounting software, streamlining all inventory-related processes.
Using top-tier inventory management software allows you to accurately track current inventory levels, identify your immediate needs, and take the actions to fulfill customer orders without overstocking specific items.
Benefits of Inventory Management Software
Inventory management software is a crucial tool for any business that relies on inventory. This includes retailers, e-commerce vendors, manufacturers, and service-based businesses that utilize tools and equipment.
Businesses often cite increased profits, streamlined operations, and enhanced customer service as the primary advantages of effective Inventory Software. To reach these objectives, it is essential to refine inventory practices at a detailed level. This is where inventory management software excels.
Sales Platforms
For instance, efficiency and customer service rely on precise stock tracking, purchasing and receiving processes, timely deliveries, and real-time inventory synchronization with sales platforms.
Each of these operational factors causes dependable inventory management software.
Reducing losses from receiving errors, shrinkage, and inefficient storage contributes to increased profits. Inventory management software is essential for identifying these issues and, alongside other operational enhancements, helps create a more profitable business.
How To Choose Inventory Management Software
The top Inventory Software providers offer a range of features and benefits, each with various pricing plans. When selecting the right software for your business, consider these key factor
Essential Features
To choose the right platform for your business, consider these key features:
- Digital Labeling and Barcode Scanning: Allows you to label items with barcodes and use scanners for efficient inventory tracking.
- Consolidated Inventory Management: Enables management of inventory across multiple business locations from a single platform.
- Real-Time Inventory Tracking: Monitors the status of products and materials in your supply chain, helping you know when to reorder.
- Low-Stock Alerts: Sends automated notifications when stock levels are low.
- Automated Reordering: This can be customized to create and send purchase orders automatically when inventory reaches a certain level.
- Reporting: Provides detailed reports on sales, customer behaviour, purchase patterns, and overall business performance.
Business Processes
Efficiently managing inventory of perishable items like food and cosmetics requires different considerations compared to nonperishable items, such as clothing. To optimize efficiency, select software with industry-specific functionalities tailored to your business needs and processes.
Evaluate your business’s fulfilment procedures—whether they primarily involve order fulfilment or require shipment tracking to monitor customer shipments’ locations.
If your operations heavily rely on these functions, opt for a system with built-in shipping features or compatible add-ons to streamline the entire process and minimize the risk of missing or lost orders.
Inventory Software
Efficient inventory management requires seamless integration with various platforms such as e-commerce, retail POS systems, vendors, shippers, 3PL services, and accounting systems. When evaluating inventory systems, prioritize those with built-in integrations to your existing platforms or offer open APIs for versatile connectivity across different systems.
Inventory Software Scalability
Prepare for expansion. Transitioning data from outdated inventory software to a new system can halt business operations. In today’s rapidly evolving tech landscape, inventory-centric business models can rapidly evolve.
Your in-house fulfillment operations might rapidly expand, causing multiple warehouses, 3PL fulfillment partnerships, and dropship suppliers. Opt for software that scales seamlessly through plan upgrades or additional features to ensure uninterrupted growth.
What Does Inventory Management Software Cost?
The pricing of inventory management platforms can vary significantly. While certain providers offer free versions, others may charge hundreds or even thousands of dollars per month. It’s crucial to acknowledge that complimentary versions frequently entail restrictions.
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Additionally, some software providers offer free trials, allowing you to test their functionality before deciding to upgrade to their premium versions if they meet your business requirements.
Store Location
Inventory management platforms typically offer multiple pricing tiers with different functionalities and capabilities. These may include customization options, the number of users or warehouses supported, and the ability to manage multiple store locations.
Higher-priced plans often cater to businesses with high sales volumes and may offer advanced features such as automation, analytics, or integration capabilities.
Some software providers offer customizable subscription options, enabling you to select specific features tailored to your business requirements.
This flexibility allows you to pay only for the functionalities you need. Typically cloud-based, these subscriptions involve monthly or yearly payments to access the inventory management functions. Some providers also offer discounts for annual payments and may reduce the subscription cost for the initial year.
Here are the pricing details for the inventory management software we evaluated:
- Cin7: Starting at $349 per month
- Ordoro: Free version available; Paid plans range from $59 to $149 per month
- inFlow: Ranges from $89 to $439 per month when billed annually
- Katana: Ranges from $99 to $799 per month when billed annually
- Zoho Inventory: Free version available; Paid plans range from $29 to $249 per month when billed annually
- Shortly: Free version available; Paid plans range from $29 to $59 per month when billed annually
- monday.com: Free version available; Paid plans range from $8 to $16 per user per month when billed annually
Frequently Asked Questions (FAQs)
What is the best inventory management software?
Cin7, Katana, Ordoro, inflow, and Zoho Inventory Software stand out as top choices for growing businesses seeking inventory management solutions. However, determining the best fit for your business hinges on factors such as your specific needs, budget, and industry requirements.