Is inventory management becoming a headache for you? Here’s the best inventory management software at your rescue that will simplify the process and help you streamline your business.
Inventory management is an indispensable part of business; however, it could easily go haywire in the absence of a proper control process. And believe me, inventory management is always vulnerable to chaos. There’s so much to keep a tab on ( planning, procuring, transportation, warehousing, shipping, etc.) that without robust anchors to keep everything together, inventory management will soon become a nightmare.
Fortunately, several solutions have emerged specifically tailored to streamline inventory management. Your business can significantly benefit from these inventory management tools, but you must pick the best. I have compiled a list of the best inventory management software to help you make the right choice. I will also cover their strong point as well as how much you have to shell to acquire services of these tools. Let’s dive in!
8+ Best Inventory Management Software: In A Nutshell (2023)
1. Zoho Inventory – Overall, the best inventory management software.
2. QuickBooks Commerce – Perfect for integrating inventory management and bookkeeping into one software.
3. Oracle Netsuite – A comprehensive suite of financial tools with a dedicated inventory management module for medium to large-scale businesses.
4. SAP Business One – Enterprise inventory management solution.
5. Veeqo – Perfect inventory management tool for small and growing enterprises.
6. Dolisim – Top-notch beginner-friendly inventory management software for small to medium-sized businesses.
7. Erplain – The most affordable inventory management solution with no extra frills or distracting features.
8. Fishbowl Inventory – Another powerful tool for managing inventory for businesses with budget constraints.
1. Zoho Inventory
At the top spot in my list sits Zoho inventory, a cloud-based inventory management software that is curated to help small to medium businesses track and manage their stocks, orders, and deliveries. It’s a veteran in the industry and trusted by thousands of businesses for its inventory management.
Strong Points of Zoho Inventory
- Seamless stock management with tools to set up stock alerts, track stock levels, and generate reports on stock movements.
- Hassle-free order management to help businesses manage orders, deliveries, and generate invoices.
- Multiple sales channel integration to easily connect online stores, marketplaces, and point-of-sale systems and help businesses manage their inventory across various sales platforms.
- Crisp mobile app to manage inventory even if you are on the move.
- User-friendly interface that is easy to navigate, even for those new to inventory management software.
- Easy customization to customize the inventory management process to fit specific needs, including setting up custom fields and tags.
- Clutter-free Integrations with third-party apps, such as QuickBooks and Shopify, help businesses streamline their operations.
- Standard Plan – $59 per organization/month billed annually
- Professionals Plan – $99 per organization/month billed annually.
- Premium Plan – $159 per organization/month billed annually.
- Elite Plan – $239 per organization/month billed annually.
- Ultimate Plan – $329 per organization/month billed annually.
2. QuickBooks eCommerce
Although you might know QuickBooks as a powerful accounting software, it also includes a robust inventory management module designed for medium and small-sized businesses. And the best part is you can fully integrate the accounting and inventory management module for easy tracking of finance as well the inventory. On top of that, the software is also equipped with exceptional features like invoice management, sales reports, expense tracking, and tax calculation to manage bookkeeping seamlessly.
Strong Points of Quickbooks Commerce
- Advanced inventory management features that allow live tracking and providing comprehensive reports on stock status and incoming and outgoing inventory.
- Efficient order management to streamline the whole process and boost business growth.
- Field Service Management tool to enable businesses to live updates from the field regarding inventory.
- Advanced reports option to help you generate detailed inventory reports quickly.
- Advanced pricing options help you analyze, customize and control the pricing of your moving goods.
- Simple Start – US$8.50/month
- Essentials Plan – US$13/month
- Plus Plan – US$18/month
3. Oracle Netsuite
We already owe numerous IT solutions to Oracle, and they all enjoy a positive reputation amongst the users. Oracle Netsuite is an equally intuitive set of tools designed to simplify the inventory management process. It’s a cloud-based enterprise resource planning (ERP) software with a dedicated inventory management module that allows businesses to track and manage inventory, incoming and outgoing stock, and inventory-related transactions.
Strong Points of Oracle Netsuite Inventory Management Module
- Automated inventory tracking helps businesses track the quantity and location of their stock in real-time, as well as set up alerts for low stock levels.
- Easy purchase order creation to create and track purchase orders for incoming stock and automate the reordering process.
- Seamless sales orders generation to create and track sales orders, as well as set up automated fulfillment processes.
- Unique Bin management feature to help you set up bins for hassle-free tracking of the location of your inventory within the warehouse or store.
- Effective Stock transfer management to manage stock transfers between warehouses or locations.
- Intuitive item creation features to create and manage items in your inventory, including adding images, descriptions, and other relevant information.
Netsuite prices are available upon request. In any case, you have purchased an annual license of Netsuite, and the pricing will depend upon multiple factors like business size, annual revenue, number of users etc.
4. SAP Business One
SAP is a behemoth of cloud-based financial and business solutions. The SAP Business One module includes a comprehensive set of tools for managing inventory and purchasing processes. SAP Business One arms enterprises with must-have tools to efficiently manage stock, track inventory movements and optimize inventory levels to improve efficiency and reduce costs.
Strong Points of SAP Business One Software
- Real-time stock visibility to track inventory levels on the go, providing visibility into stocks, locations, and movements.
- Material requirement planning and forecasting tool to predict material requirements based on sales orders, production orders, and other demand drivers.
- Effective supplier and vendor management feature to boost supplier and vendor relationships, including the ability to track supplier performance and negotiate prices.
- Interactive warehouse management tool for easily managing warehouse operations, including the ability to track inventory movements, optimize storage locations, and manage the flow of goods.
SAP Business One is available only on request. The company analyzes your needs and offers you the complete Plan that will fit your budget as well as your inventory management requirements.
Veeqo is another highly acclaimed inventory management software you can employ for your business. It’s one of the leading inventory management solutions suitable for growing brands. Incidentally, Veeqo boasts a super intuitive dashboard, excellent features, and amazing support.
With Openflex, you can easily track entries and exits of goods and manage all stock movements to and fro from the warehouse. Additionally, Veeqo supports integration with up to sixteen apps, enables multiple warehouse management, supports bulk order tracking, etc.
Strong Points of Veeqo
- Seamless integration with online eCommerce platforms (eBay, Shopify, Amazon etc.) for better order management.
- Perfectly sync with QuickBooks accounting software to integrate inventory with accountings.
- Excellent customer support that swiftly resolves users’ queries and concerns.
- Outstanding multi-Location functionality to easily track and manage inventory spread across multiple corporate locations.
Quick Notification feature to swiftly inform you about the latest updates regarding stocks and their movements.
- Detailed analytics reports help you understand the vulnerabilities in the process and quickly rectify them.
Veeqo is entirely free of charge.
If versatility is something you cherish the most, you will definitely like Dolisim. It is a comprehensive inventory management software that offers a range of features to help businesses keep track of their inventory and supplies. The best thing about Dolosim is its simple interface and intuitive functionality.
Strong Points of Dolisim Inventory Management Software
- Accurate real-time inventory status updates to effectively monitor inventory levels to keep businesses updated on how much stock they have on hand and when they need to reorder.
- Effective purchase order management to simplify the process of creating, tracking, and managing purchase orders, including tracking deliveries and invoices.
- Excellent reporting and analysis feature to help businesses analyze their inventory data and identify opportunities for improvement.
- Seamless integration with third-party apps, such as accounting software and CRM systems, to streamline workflows and improve efficiency.
- Dolisim Pro – €29.99 /month allows up to 15 users.
- Dolisim Premium – €49.99 /month and allows unlimited users.
If you opt for an annual payment, you are entitled to a one-month free Dolisim subscription.
If you want an inventory management solution devoid of extra frills but still get the job done for your small business, get Erplain. It’s perfect for small-scale enterprises that want their inventory management process optimized. Erplain is a SaaS service, therefore, doesn’t require any download or installation. The dashboard is easy and suits beginners. You can easily set up the software and streamline the tracking of stocks, sales, and shipping.
Strong points of Erplain inventory management
- Real-time inventory tracking helps businesses be aware of their stocks and automatically update them depending upon sales and purchases.
- Multiple warehouse management to streamline inventory management on different locations from a single dashboard.
- Efficient product traceability features, including batch and serial number tracking, expiration date tracking, product recalls etc.
- Barcode integration to automatically add products to your sales and shipping orders.
- Intuitive reorder point feature that helps businesses keep tabs on inventory and prevent over and under-stocking.
- First Plan – $69 when billed monthly.
- Premium Plan – $119 when billed monthly.
There’s a 14-day no credit card trial period available to test the excellent features of Erplain.
8. Fishbowl Inventory
Try Fishbowl if you want powerful inventory management software but have budget constraints. It’s a top-notch inventory management solution with cutting-edge features to help businesses track, manage, and optimize their inventory. In addition to inventory tracking, Fishbowl also supports FIFO tools to manage accounting systems. Overall, Fishbowl is an intuitive solution that enables businesses to streamline their inventory management processes and improve efficiency.
Strong Points of Fishbowl Inventory Management Software
- Real-time inventory tracking enables users to evaluate their current inventory levels in real-time, so they can make informed decisions about restocking and purchasing.
- Hassle-free sales and purchase order management to avoid stock shortages and overstocking and ensure seamless order fulfillment.
- Easy Integration with QuickBooks to manage accounting and inventory more efficiently.
- Efficient vendor management tool to help businesses better store and manage vendor information and achieve favorable results.
- Simple Barcode scanning to help users quickly and accurately track and manage their inventory.
- Intuitive warehouse management tools to manage warehouse operations, including creating custom layouts, tracking inventory locations, and generating reports.
Fishbowl pricing quotes are available upon request. In any case, to purchase a yearly Fishbowl inventory license, you have to shell out around $4k.
Conclusion: Best Inventory Management Software (2023)
Inventory management is an essential aspect of any business, and when done correctly, it helps businesses streamline their inventory management processes and improve the accuracy and efficiency of their operations. And the best approach to organize the whole process is to opt for intelligent inventory management software. With an inventory management solution, you can have real-time visibility of your stocks, enabling you to organize operations and reduce the risk of stock shortages or excess inventory.
On top of that, these tools can also help you optimize inventory levels and negotiate better prices with suppliers, leading to cost savings. Additionally, inventory management software also helps you boost customer satisfaction by helping you manage inventory levels more effectively, which reduces the risk of stock shortages and improves your ability to meet customer demand. Oracle Netsuite and Dolisim are the two perfect solutions for your inventory management needs. Both are adept in their work and effectively reduce the time and effort required to keep track of stock levels and supplies. With this software, you can better track your inventory, reorder supplies when needed, and identify slow-moving or excess items.