11+ Best Inventory Management Software 2023

Inventory management is a crucial aspect of any business, whether it’s a small retail store or a large manufacturing company. 

Efficient inventory management can help businesses optimize their operations, improve customer satisfaction, and increase profitability. 

However, managing inventory manually can be a time-consuming and error-prone process. 

That’s where inventory management software comes in. With the right software, businesses can automate their inventory management processes and gain real-time visibility into their inventory levels and stock movements. 

In this guide, we will be exploring some of the best inventory management software available on the market today. 

We’ll also discuss some key features to look for when selecting an inventory management software solution, such as order management, real-time inventory tracking, integration with other systems, benefits, and pricing of each software. 

By the end of this post, you’ll have a better understanding of which inventory management software solution is best suited for your business.

Tips For Choosing The Best Inventory Management Software

With so many options available on the market, it can be overwhelming to determine which one will meet your specific needs. 

Here are some tips to help you choose the best inventory management software for your business:

Identify your business needs

Before selecting an inventory management software, it’s important to determine your business needs. This includes understanding the size of your inventory, your sales volume, your budget, and your goals for using inventory management software.

Consider the software features

Make a list of the features you need in an inventory management software, such as order management, real-time inventory tracking, and integration with other systems. Be sure to also consider features like user-friendliness, reporting capabilities, and customization options.

Look for a cloud-based solution

Cloud-based inventory management software offers greater flexibility and accessibility than on-premise solutions. This means you can access your inventory data from anywhere, at any time, and on any device.

Check for integration options

The inventory management software you choose should be able to integrate with other software systems that your business uses, such as accounting software, POS systems, and e-commerce platforms.

Consider pricing

Inventory management software solutions can vary greatly in price, so be sure to choose a solution that fits within your budget. Keep in mind that some solutions offer more features than others, so it’s important to balance cost with functionality.

What Is The Best Inventory Management Software?

Here’s a list of some of the best inventory management software to try this year:

• QuickBooks Online
• inFlow
• Zoho Inventory
• Brightpearl
• Monday.com
• Spocket
• Ordoro
• Square
• Vend
• SkuVault
• Asset Panda

Comparing The 5 Best Inventory Management Software

Best Inventory Management Software For Small Businesses 

These software solutions are designed to manage inventory and sales operations for retail businesses, from supermarkets and grocery stores to fashion and apparel retailers and more. These include:

1. inFlow Inventory

Best Inventory Management Software For Retail Businesses

Inflow Inventory is a powerful inventory management software designed for small and medium-sized businesses. It offers a wide range of features to help businesses manage their inventory, orders, and customers. 

The software allows businesses to easily track stock levels, create purchase orders, receive inventory, and manage vendors. 

In addition, inflow inventory offers order management and customer management capabilities, allowing businesses to create and manage sales orders, customer invoices, and payment records.

One of the standout features of inflow inventory is its intuitive user interface, which makes it easy for users to navigate the software and access the features they need. 

The software also offers robust reporting and analytics capabilities, providing businesses with valuable insights into their inventory performance and sales trends.

Inflow inventory can be installed on a local computer or accessed through the cloud, providing businesses with flexibility and accessibility. 

It integrates with popular e-commerce platforms such as Shopify and WooCommerce, as well as accounting software such as QuickBooks and Xero.

inFlow Inventory Key Features:

• Inventory Management: inFlow Inventory allows businesses to easily manage their inventory levels by tracking stock levels, reordering products, and creating purchase orders.
• Order Management: The software offers order management capabilities, allowing businesses to create and manage sales orders, customer invoices, and payment records.
• Reporting and Analytics: inFlow Inventory provides businesses with robust reporting and analytics capabilities, enabling them to track inventory performance, sales trends, and other key metrics.
• Barcode Scanning: The software supports barcode scanning, which makes it easy to quickly add or remove products from inventory and track stock movements.
• Multi-Location Support: inFlow Inventory supports businesses with multiple locations or warehouses, allowing them to manage inventory levels across all locations from a single dashboard.
• Integrations: The software integrates with popular e-commerce platforms such as Shopify and WooCommerce, as well as accounting software such as QuickBooks and Xero.
• Mobile Access: inFlow Inventory can be accessed through mobile devices, allowing users to manage inventory and orders on the go.
• Customer Management: The software offers customer management capabilities, allowing businesses to track customer information, sales history, and outstanding payments.
• Purchase Order Management: inFlow Inventory allows businesses to manage purchase orders and vendor information, including creating purchase orders, receiving inventory, and managing vendors.

inFlow Inventory Pricing:

inFlow Inventory offers a variety of pricing plans to meet the needs of different businesses. Here are the pricing plans offered by inFlow Inventory:

• Entrepreneur Plan: This plan starts at $89 per month and offers more advanced features such as barcode scanning, customer management, and purchase order management. It supports up to 2 users and 100 sales orders/mo.
• Small Business Plan: This plan starts at $219 per month and offers additional features such as multi-user access, multi-location support, and integrations with e-commerce platforms and accounting software. It supports up to 5 users and 1000 sales orders/mo.
• Mid size Plan: This plan starts at $439 per month and offers up to 5000 sales orders/mo and 10 team members.

In addition to these pricing plans, inFlow Inventory offers a 14-day free trial for businesses to test out the software before committing to a paid plan.

2. QuickBooks Online

Best Inventory Management Software With Integrated Accounting Tools

QuickBooks Online is a popular cloud-based accounting software that can also function as an inventory management solution for small and medium-sized businesses. 

The software is known for its ease of use and affordability, making it accessible to businesses of all sizes. 

QuickBooks Online offers a user-friendly interface, making it easy for businesses to track their financial transactions and manage inventory levels in one place. 

With QuickBooks Online, businesses can streamline their inventory management processes, reduce errors, and make informed decisions based on real-time inventory data. 

Additionally, QuickBooks Online integrates with a range of third-party applications and offers add-ons to enhance its functionality, making it a versatile tool for businesses to manage their finances and inventory.

QuickBooks Online Key Features:

• Track income & expenses: This feature enables businesses to track their income and expenses related to their inventory. With QuickBooks Online, businesses can easily monitor their inventory-related costs and revenue to ensure they are operating profitably.
• Send custom invoices & quotes: Businesses can use this feature to send invoices and quotes to customers for inventory-related purchases. The ability to customize these documents ensures that they accurately reflect the details of the transaction and can help reduce errors.
• Connect your bank: Connecting your bank account to QuickBooks Online allows for automatic bank feeds, which can help ensure that inventory transactions are accurately recorded in the software.
• Track GST and VAT: QuickBooks Online supports the tracking of GST and VAT, which can help businesses stay compliant with tax regulations related to inventory.
• Insights & reports: This feature provides businesses with valuable insights into their inventory performance through reports and analytics. Businesses can use this information to make data-driven decisions about inventory management.
• Capture & organise receipts: With this feature, businesses can capture and organize receipts related to inventory purchases. This ensures that businesses have a complete record of their inventory-related expenses, which can help with tax compliance and financial reporting.
• Progress invoicing: This feature allows businesses to invoice customers for partial payments for inventory-related orders. This can be useful when a customer places a large order but doesn’t want to pay for it all at once.
• Manage bills & payments: QuickBooks Online allows businesses to manage bills and payments related to their inventory, including vendor bills and payments to suppliers.
• Track employee time: This feature enables businesses to track employee time related to inventory-related tasks, such as receiving and stocking inventory.
• Multi-currency: For businesses that operate in multiple countries, QuickBooks Online supports the tracking of multiple currencies for inventory transactions. This ensures that businesses have an accurate record of inventory-related transactions, regardless of the currency used.

QuickBooks Online Pricing:

• Simple Start – This plan costs $5.10 per month and supports basic bookkeeping features such as income and expense tracking, invoicing, and receipt capture.
• Essentials – This plan costs $7.80 per month and includes all the features of Simple Start, plus the ability to manage bills, track time, and manage multiple users.
• Plus – This plan costs $10.80 per month and includes all the features of Essentials, plus inventory tracking, project management, and the ability to prepare and print 1099s.

It’s important to note that QuickBooks Online occasionally offers promotions and discounts on their pricing plans, so it’s worth checking their website for any current deals.

3. Zoho Inventory

Best Simple Online Inventory Management Software Solution

Zoho Inventory is an inventory management software designed to help small and medium-sized businesses manage their inventory, sales, and purchases. 

The software is part of the larger suite of Zoho business tools, which includes customer relationship management, accounting, and human resources software.

With Zoho Inventory, businesses can easily track their inventory levels, create purchase orders, and manage sales orders. 

Zoho also allows for real-time updates, so businesses can always have an accurate view of their inventory levels. 

Additionally, Zoho Inventory includes features such as barcode scanning, multi-currency support, and batch tracking.

Zoho Inventory integrates with other Zoho applications, as well as with popular third-party services such as Shopify, Amazon, and eBay. 

This allows businesses to easily sync their inventory and sales data across multiple platforms.

Zoho Inventory Key Features:

• Multi-Channel Sales Management: Zoho Inventory allows businesses to manage sales across multiple channels, including e-commerce platforms, marketplaces, and brick-and-mortar stores. This enables businesses to track sales from different sources in a single dashboard.
• Barcode Scanning: Zoho Inventory supports barcode scanning, which makes it easy to track inventory levels and update them in real-time. Businesses can use their smartphones or barcode scanners to scan products and update inventory levels.
• Batch Tracking: Zoho Inventory allows businesses to track inventory by batch numbers, which is useful for managing expiry dates, warranties, and recalls.
• Multi-Currency Support: Zoho Inventory supports multiple currencies, which is useful for businesses that operate in different countries. Businesses can create invoices and sales orders in different currencies and have them automatically converted to their base currency.
• Customizable Templates: Zoho Inventory provides customizable templates for invoices, purchase orders, and sales orders. Businesses can add their logo, customize the layout, and choose from different themes.
• Integration with Zoho Suite: Zoho Inventory integrates seamlessly with other Zoho applications, including Zoho CRM, Zoho Books, and Zoho Reports. This allows businesses to sync data across multiple applications and streamline their operations.
• Automated Workflows: Zoho Inventory allows businesses to set up automated workflows for tasks such as order fulfillment, reordering, and invoicing. This saves time and reduces the risk of errors.

Zoho Inventory Pricing:

• Free Plan: Zoho Inventory offers a free plan that includes basic features such as inventory management, sales orders, purchase orders, and up to 20 online orders per month.
• Standard Plan: The Standard plan costs $39 per organization per month and includes features such as barcode scanning, batch tracking, and 150 online orders per month.
• Professional Plan: The Professional plan costs $79 per organization per month and includes all the features of the Standard plan, as well as advanced inventory management features such as composite items, landed cost tracking, and up to 500 online orders per month.
• Premium Plan: The Premium plan costs $199 per organization per month and includes all the features of the Professional plan, as well as advanced sales and purchase order management features, multiple warehouses, and up to 1500 online orders per month.
• Elite Plan: The Premium plan costs $239 per organization per month and includes all the features of the Professional plan, as well as dedicated support, custom reports, and up to 3000 online orders per month.

Zoho Inventory also offers add-ons such as additional online orders, additional warehouses, and advanced analytics, which can be purchased separately.

It’s worth noting that all plans come with a 15-day free trial, and businesses can cancel or change their plan at any time. Additionally, Zoho offers discounts for annual subscriptions.

4. Brightpearl

Best Inventory Management Software For Predicting Demand

Brightpearl is an inventory management software designed to help small and medium-sized businesses streamline their operations by providing a comprehensive solution to manage their inventory, orders, and accounting in one place. 

It is an all-in-one platform that integrates with various sales channels, including Amazon, eBay, and Shopify, to provide real-time visibility into inventory levels, sales, and customer data.

The software offers a range of features, including inventory management, order processing, shipping and delivery management, accounting, reporting, and analytics. 

It enables businesses to automate their inventory replenishment process, track their inventory levels across multiple warehouses, and manage their suppliers and purchase orders. 

Brightpearl also includes a robust order management system that allows businesses to process orders quickly, manage customer information, and streamline their shipping and delivery processes.

In addition, Brightpearl provides a real-time financial overview of the business, allowing businesses to track their revenue, expenses, and profit margins. 

The software also offers advanced reporting and analytics features that enable businesses to gain insights into their sales performance, inventory turnover, and other key metrics.

Brightpearl is a cloud-based solution that is accessible from anywhere, and it is designed to be user-friendly and easy to use. 

The software also offers customer support and training to ensure businesses get the most out of the platform.

Brightpearl Key Features:

• Multichannel integration: Brightpearl integrates with various sales channels, including Amazon, eBay, and Shopify, to provide real-time visibility into inventory levels, sales, and customer data. This integration enables businesses to manage their inventory and orders from multiple sales channels in one place.
• Automated replenishment: Brightpearl offers an automated replenishment feature that enables businesses to set minimum and maximum inventory levels for each product. The software then generates purchase orders automatically when inventory levels fall below the minimum level.
• Accounting integration: Brightpearl offers seamless integration with popular accounting software such as Xero and QuickBooks, allowing businesses to manage their finances in one place. This integration ensures accurate accounting records, saves time and minimizes errors.
• Barcode scanning: Brightpearl offers a barcode scanning feature that simplifies the process of receiving inventory, picking and packing orders, and tracking products. This feature improves inventory accuracy and streamlines order fulfillment processes.
• Real-time analytics: Brightpearl provides real-time analytics that enable businesses to track their sales, inventory levels, and other key metrics. This information allows businesses to make data-driven decisions and optimize their operations for improved profitability.
• Customer relationship management: Brightpearl offers a customer relationship management (CRM) feature that allows businesses to manage their customer data, including contact information, purchase history, and communication. This feature helps businesses improve customer retention and increase sales through targeted marketing campaigns.

Brightpearl Pricing:

 Contact them to get a quote.

Best E-commerce Inventory Management Software

This category of software is designed for businesses that sell products online. They often integrate with popular e-commerce platforms such as Shopify, Amazon, and eBay and offer features such as real-time inventory tracking, order management, and shipping integrations.

1. SkuVault

Best Overall eCommerce Inventory Management Software

SkuVault is a cutting-edge inventory management software that offers a range of unique features to help ecommerce businesses optimize their inventory management processes. 

With its advanced technology, SkuVault empowers businesses to take control of their inventory management and streamline their operations, leading to increased efficiency and profitability.

One of the most notable features of SkuVault is its Smart Lists, which allow businesses to create custom lists of products based on a variety of criteria such as low stock levels, expiration dates, and more. 

This helps businesses to stay on top of their inventory levels and prevent stockouts or overstocking.

SkuVault also offers a comprehensive order management system, enabling businesses to manage all their sales channels in one place. 

This includes the ability to automatically split, combine, and edit orders, as well as manage shipping and tracking information for each order.

In addition to these features, SkuVault provides a powerful reporting and analytics suite that enables businesses to gain insights into their inventory levels, sales data, and other key metrics. 

This helps businesses to make data-driven decisions and optimize their inventory management processes for maximum efficiency.

It also integrates seamlessly with various ecommerce platforms, including Amazon, eBay, and Shopify, allowing businesses to manage their sales channels in one place.

SkuVault Key Features:

• Smart Lists: SkuVault’s Smart Lists feature enables businesses to create custom lists of products based on specific criteria, such as low stock levels, expiration dates, and more. This helps businesses stay on top of their inventory levels and prevent stockouts or overstocking.
• Order Management: SkuVault offers a comprehensive order management system that enables businesses to manage all their sales channels in one place. This includes the ability to automatically split, combine, and edit orders, as well as manage shipping and tracking information for each order.
• Barcode Scanning: SkuVault includes barcode scanning functionality, which helps businesses to quickly and accurately pick, pack, and ship orders. This helps to reduce errors and increase efficiency.
• Integration: SkuVault integrates seamlessly with various ecommerce platforms, including Amazon, eBay, and Shopify, allowing businesses to manage their sales channels in one place.
• Reporting and Analytics: SkuVault provides a powerful reporting and analytics suite that enables businesses to gain insights into their inventory levels, sales data, and other key metrics. This helps businesses to make data-driven decisions and optimize their inventory management processes for maximum efficiency.
• User-Friendly Interface: SkuVault offers a user-friendly interface that makes it easy for businesses to navigate and use the software. It also provides customer support and training resources to help businesses get the most out of the software.

SkuVault Pricing:

• Growth Plan: This plan is designed for growing ecommerce businesses with up to 2,000 orders per month. It costs $329 per month and includes features such as Smart Lists, custom reporting, and integrations with third-party logistics providers.
• Pro Plan: This plan is designed for larger ecommerce businesses with up to 5,000 orders per month. It costs $699 per month and includes all the features of the Growth Plan, as well as additional features such as advanced user permissions, priority support, and custom development.
• Enterprise Plan: This plan is designed for enterprise-level ecommerce businesses with up to 12,500 orders per month. It costs $1149 and includes all the features of the Professional Plan, as well as dedicated account management and training.

2. Cin7 Orderhive

Best Multi-Channel eCommerce Inventory Management Software

Orderhive is an all-in-one inventory management software that empowers eCommerce businesses to take control of their supply chain operations. 

Unlike other inventory management software, Orderhive’s approach is centered around providing a seamless, streamlined, and user-friendly experience that makes managing inventory a breeze.

One of the standout features of Orderhive is its intuitive user interface, which makes it easy for businesses to navigate through the software and perform tasks such as tracking inventory, managing orders, and fulfilling shipments. 

The software is also highly customizable, allowing businesses to configure the system to their specific needs.

Another unique aspect of Orderhive is its focus on providing real-time visibility into inventory levels and order status. 

The software integrates with a variety of sales channels and marketplaces, allowing businesses to manage their sales and inventory from a centralized platform. 

This not only saves time but also reduces the risk of errors and delays.

Orderhive also offers a range of advanced features, such as demand forecasting, purchase order management, and serial number tracking, that can help businesses optimize their inventory management processes.

Cin7 Orderhive Key Features:

• Inventory Management: Orderhive provides a centralized platform to manage inventory across multiple sales channels, warehouses, and locations. It offers real-time inventory tracking, automatic stock updates, and low stock alerts.
• Order Management: With Orderhive, businesses can manage their orders from multiple sales channels in one place. It offers features such as order routing, order tracking, order splitting, and order filtering.
• Shipping and Fulfillment: Orderhive offers shipping and fulfillment features to streamline the shipping process. It integrates with popular carriers such as USPS, FedEx, and DHL, and allows businesses to print shipping labels and packing slips in bulk.
• Multi-channel Sales Management: Orderhive integrates with popular marketplaces such as Amazon, eBay, Etsy, and Walmart, as well as popular shopping carts like Shopify, Magento, and WooCommerce, providing businesses with a centralized view of all sales channels.
• Analytics and Reporting: Orderhive provides a range of analytics and reporting tools to help businesses gain insights into their sales performance, inventory levels, and customer behavior. It allows businesses to create custom reports and export data in various formats.
• Purchase Order Management: Orderhive offers purchase order management features to help businesses manage their suppliers and purchase orders. It allows businesses to create and track purchase orders, and set automatic reorder points.
• Customization and Integrations: Orderhive is highly customizable, allowing businesses to configure the system to their specific needs. It also integrates with a wide range of third-party applications, such as accounting software and shipping carriers, to provide a complete solution for eCommerce businesses.

Cin7 Orderhive Pricing:

Orderhive provides businesses with flexible pricing plans to suit their specific requirements. 

The software also offers a 15-day free trial period, enabling businesses to test out the platform and its features before making a purchase.

Following the trial period, businesses can select from a range of pricing plans, starting with the Essentials plan at $125 per month, the Pro plan at $225 per month, the Pro Plus plan at $325 per month, and the Enterprise plan at $500 per month. 

These plans are designed to cater to businesses of different sizes and requirements, with varying levels of features and capabilities.

3. ShipBob

Best Inventory Management Software With Order Fulfillment Services

ShipBob is a cloud-based inventory management software designed specifically for eCommerce businesses. 

With its user-friendly interface and powerful features, it stands out as a comprehensive solution for businesses of all sizes looking to optimize their supply chain operations.

One of the most unique features of ShipBob is its fulfillment network, which spans across the United States, Europe, and Canada. 

This allows businesses to store their inventory in multiple locations, reducing shipping costs and delivery times. 

ShipBob’s advanced algorithms automatically route orders to the nearest fulfillment center, ensuring quick and efficient order processing.

The software integrates with major shipping carriers such as FedEx, UPS, and USPS, and provides real-time shipping rates for accurate shipping estimates. 

ShipBob’s shipping features also include automatic shipping label generation and package tracking, further streamlining the order fulfillment process.

ShipBob Key Features:

• Advanced Inventory Management: ShipBob provides a suite of inventory management tools, including real-time inventory tracking, automatic stock updates, and low stock alerts. This allows businesses to stay on top of their inventory levels and avoid stockouts.
• Seamless eCommerce Integrations: ShipBob integrates seamlessly with popular eCommerce platforms such as Shopify, WooCommerce, and BigCommerce, allowing businesses to manage their orders and inventory from a single, centralized platform.
• Fulfillment Network: ShipBob’s fulfillment network spans across the United States, Europe, and Canada, providing businesses with multiple storage locations and faster shipping times. The software’s advanced algorithms automatically route orders to the nearest fulfillment center, ensuring efficient order processing.
• Order Management: ShipBob’s order management features include order tracking, filtering, and routing. This allows businesses to manage their orders efficiently and fulfill them quickly, improving customer satisfaction.
• Shipping and Fulfillment: ShipBob integrates with major shipping carriers such as FedEx, UPS, and USPS, and provides real-time shipping rates for accurate shipping estimates. The software’s shipping features also include automatic shipping label generation and package tracking, streamlining the order fulfillment process.

ShipBob Pricing:

ShipBob’s pricing is based on a variety of factors, including order volume, storage space, and shipping volume. 

The company offers customized pricing packages tailored to the specific needs of each business, so the actual cost will vary depending on your individual requirements.

Best Inventory Management Software for Large Enterprises

These solutions are designed for companies with complex inventory needs, high volume sales, and multiple warehouses. They typically offer advanced features such as demand forecasting, production planning, and enterprise resource planning (ERP) integrations. These include:

1. Oracle NetSuite Inventory Management

Best Overall Inventory Management Software For Large Businesses

NetSuite Inventory Management is a highly advanced inventory management software designed for large enterprises. 

With its real-time, centralized view of inventory across all locations and sales channels, it provides businesses with unparalleled visibility and control over their inventory levels. 

This enables businesses to reduce inventory on hand, freeing up cash while avoiding stockouts. 

The software also helps businesses optimize inventory levels and ensure product availability across multiple channels, thereby reducing inventory costs and exceeding customer expectations.

NetSuite Inventory Management comes with a range of powerful features that are specifically designed to meet the needs of large enterprises. 

These features include advanced inventory control, demand planning, replenishment and fulfillment, lot and serial number tracking, and multi-location inventory management. 

Additionally, the software offers robust reporting and analytics capabilities, enabling businesses to gain insights into their inventory performance and make data-driven decisions.

NetSuite Inventory Management Unique Features:

• Advanced Inventory Control: NetSuite Inventory Management provides advanced inventory control features that enable businesses to manage their inventory levels with greater accuracy and efficiency. This includes features such as lot and serial number tracking, multi-location inventory management, and cycle counting.
• Demand Planning: NetSuite Inventory Management includes robust demand planning capabilities that enable businesses to forecast demand and optimize inventory levels accordingly. This helps businesses to reduce inventory costs and ensure product availability across all sales channels.
• Replenishment and Fulfillment: NetSuite Inventory Management includes automated replenishment and fulfillment capabilities that help businesses streamline their inventory management processes. This includes features such as auto-replenishment, backorder management, and order fulfillment tracking.
• Multi-Currency Support: NetSuite Inventory Management supports multiple currencies, making it an ideal choice for businesses that operate in multiple countries or regions.
• Robust Reporting and Analytics: NetSuite Inventory Management includes powerful reporting and analytics capabilities that enable businesses to gain insights into their inventory performance and make data-driven decisions. This includes features such as inventory valuation, aging analysis, and inventory turnover analysis.

NetSuite Inventory Management Pricing:

NetSuite Inventory Management is a comprehensive inventory management solution that is part of the NetSuite ERP platform. As such, pricing for NetSuite Inventory Management is not publicly available and can vary depending on the size and complexity of a business’s inventory management needs. 

NetSuite typically offers custom pricing based on a business’s specific requirements and implementation needs. Interested businesses can contact NetSuite directly to request a quote and learn more about their pricing and implementation options.

Best Inventory Management Software For Manufacturing

This category of software is designed for manufacturers that need to track raw materials, work-in-progress, and finished goods inventory. These solutions often offer features such as bill of materials management, production scheduling, and quality control tracking. These include:

1. FishBowl

Best Inventory Management Software For Multi-location Tracking

Fishbowl Manufacturing is a comprehensive inventory management software designed specifically for small to medium-sized manufacturers. 

It offers a wide range of features and tools to streamline inventory management processes and help businesses keep track of their inventory levels, orders, and manufacturing operations.

One of the key features of Fishbowl Manufacturing is its ability to integrate with a wide range of accounting software, including QuickBooks, Xero, and Sage. 

This integration allows businesses to synchronize their inventory data with their accounting systems, providing a seamless and accurate record of their financial transactions.

Fishbowl Manufacturing also includes advanced inventory tracking capabilities, such as lot and serial number tracking, barcode scanning, and inventory forecasting. 

These tools allow businesses to easily track inventory levels, monitor sales trends, and anticipate demand, enabling them to make more informed decisions about their inventory management strategies.

In addition to its inventory management features, Fishbowl Manufacturing also includes a range of manufacturing-specific tools, such as bill of materials management, work order processing, and production scheduling. 

These tools enable businesses to streamline their manufacturing operations, reduce costs, and improve efficiency.

Fishbowl Key Features:

• Manufacturing Features: Fishbowl is designed to help manufacturers streamline their operations by providing a range of manufacturing-specific tools, such as bill of materials (BOM) management, work order processing, and production scheduling. These features help manufacturers optimize their production processes, reduce costs, and improve efficiency.
• Multi-Currency Support: Fishbowl supports multiple currencies, allowing businesses to manage inventory across different countries and currencies. This feature is particularly useful for businesses that operate globally or import/export goods.
• Barcode Scanning: Fishbowl supports barcode scanning, making it easy to track inventory levels and transactions. Barcode scanning helps businesses save time and reduce errors by eliminating the need for manual data entry.
• Lot and Serial Number Tracking: Fishbowl allows businesses to track inventory by lot or serial number. This feature is useful for businesses that need to track inventory through the supply chain or comply with regulatory requirements.
• Inventory Forecasting: Fishbowl includes inventory forecasting tools that allow businesses to anticipate demand and optimize their inventory levels. This feature helps businesses avoid stockouts and overstocking, which can lead to lost sales and excess inventory costs.
• Integration with QuickBooks: Fishbowl integrates seamlessly with QuickBooks, one of the most popular accounting software platforms. This integration enables businesses to synchronize their inventory data with their accounting system, providing a single source of truth for financial data.
• Mobile App: Fishbowl offers a mobile app that allows users to access inventory data and perform transactions from their mobile device. This feature is useful for businesses with mobile workforces or remote employees.

Fishbowl Pricing:

Fishbowl offers flexible pricing options that vary depending on the specific needs of your business. Here are the basic pricing tiers for Fishbowl:

• Fishbowl Manufacturing: This is Fishbowl’s core inventory management software, which includes all of the basic features and tools for inventory tracking and management. The starting price for Fishbowl Manufacturing is $4,395 for a one-time software license.
• Fishbowl Warehouse: This is a more advanced version of Fishbowl Manufacturing that includes additional features for warehouse management, such as barcode scanning, cycle counting, and shipping integration. The starting price for Fishbowl Warehouse is $7,395 for a one-time software license.
• Fishbowl Go: This is Fishbowl’s mobile app that allows users to perform inventory transactions and access inventory data from their mobile device. Fishbowl Go is available as an add-on to Fishbowl Manufacturing and Fishbowl Warehouse, and the starting price is $995 for a one-time software license.
• Fishbowl Hosted Services: This is a cloud-based version of Fishbowl that allows businesses to access the software and their inventory data from anywhere with an internet connection. The starting price for Fishbowl Hosted Services is $129 per user per month.

2. Acctivate Inventory Management

Best Inventory Management Solution For Quickbooks

Acctivate Inventory Management is a comprehensive inventory management software designed for small and mid-sized businesses. 

It provides a range of features to help businesses manage their inventory, orders, and manufacturing processes, as well as financial and customer data.

One of the key features of Acctivate is its integration with QuickBooks, which allows businesses to seamlessly synchronize their inventory data with their accounting system. 

This integration provides businesses with a complete view of their financial data, enabling them to make informed decisions about their inventory management strategies.

Acctivate offers a range of inventory management tools, including lot and serial number tracking, barcoding, and inventory forecasting. 

These tools help businesses manage their inventory levels, monitor sales trends, and anticipate demand, which can improve their operational efficiency and profitability.

In addition to its inventory management features, Acctivate includes a variety of manufacturing-specific tools such as BOM management, production scheduling, and work order processing. 

These tools allow businesses to streamline their manufacturing operations, reduce costs, and improve efficiency.

Acctivate also provides advanced customer management features, such as contact and order tracking, CRM integration, and customer segmentation. 

Acctivate Key Features:

• QuickBooks Integration: Acctivate integrates seamlessly with QuickBooks, one of the most popular accounting software platforms. This integration provides businesses with a complete view of their financial data, enabling them to make informed decisions about their inventory management strategies.
• Lot and Serial Number Tracking: Acctivate allows businesses to track inventory by lot or serial number. This feature is useful for businesses that need to track inventory through the supply chain or comply with regulatory requirements.
• Barcoding: Acctivate supports barcode scanning, making it easy to track inventory levels and transactions. Barcode scanning helps businesses save time and reduce errors by eliminating the need for manual data entry.
• Manufacturing Features: Acctivate provides a range of manufacturing-specific tools, such as bill of materials (BOM) management, work order processing, and production scheduling. These features help manufacturers optimize their production processes, reduce costs, and improve efficiency.
• Inventory Forecasting: Acctivate includes inventory forecasting tools that allow businesses to anticipate demand and optimize their inventory levels. This feature helps businesses avoid stockouts and overstocking, which can lead to lost sales and excess inventory costs.
• Customer Management Features: Acctivate includes a variety of customer management features, such as contact and order tracking, CRM integration, and customer segmentation. These features enable businesses to better understand and engage with their customers, which can lead to increased sales and customer loyalty.
• Mobile App: Acctivate offers a mobile app that allows users to access inventory data and perform transactions from their mobile device. This feature is useful for businesses with mobile workforces or remote employees.
• Multi-Currency Support: Acctivate supports multiple currencies, allowing businesses to manage inventory across different countries and currencies. This feature is particularly useful for businesses that operate globally or import/export goods.

Acctivate Pricing:

• Acctivate Essentials: This is the basic version of Acctivate that includes all of the essential inventory management tools, such as lot and serial number tracking, barcode scanning, and inventory forecasting. The starting price for Acctivate Essentials is $4,995 for a one-time software license.
• Acctivate Pro: This is a more advanced version of Acctivate that includes additional features for manufacturing and customer management, such as BOM management, production scheduling, and CRM integration. The starting price for Acctivate Pro is $9,995 for a one-time software license.
• Acctivate Enterprise: This is the most advanced version of Acctivate that includes all of the features of Acctivate Pro plus additional tools for multi-location management, EDI, and eCommerce integration. The starting price for Acctivate Enterprise is $14,995 for a one-time software license.

It’s important to note that these prices are subject to change and may vary depending on the size and specific needs of your business.

Best Inventory Management Software For Warehouse Management 

These solutions are designed for businesses that manage large warehouses with high volumes of inventory. They typically offer features such as barcode scanning, inventory tracking, and order fulfillment management.

1. Deposco

Best For Warehouse Management

Deposco is a cloud-based inventory management software designed to streamline warehouse management processes. 

With its intuitive interface and robust features, it helps businesses manage their inventory, orders, and shipping more efficiently.

Deposco’s inventory management system provides real-time visibility into inventory levels, ensuring that businesses always have the right amount of stock on hand. 

It offers barcode scanning, cycle counting, and automatic reordering to help businesses manage their inventory with ease.

The software also allows businesses to manage their orders from multiple sales channels in one place. 

This includes online marketplaces, shopping carts, and point-of-sale systems. With Deposco, businesses can track orders, process payments, and generate shipping labels all from one platform.

In addition, Deposco offers a range of shipping solutions to help businesses get their orders to customers quickly and affordably. 

It integrates with major carriers like FedEx, UPS, and USPS, and offers a variety of shipping options, including ground, air, and express.

Deposco Key Features:

• Inventory Management: Deposco’s inventory management system provides real-time visibility into inventory levels and allows businesses to manage their stock efficiently. It offers barcode scanning, cycle counting, and automatic reordering to streamline inventory management.
• Order Management: With Deposco, businesses can manage their orders from multiple sales channels in one place. This includes online marketplaces, shopping carts, and point-of-sale systems. It allows businesses to track orders, process payments, and generate shipping labels all from one platform.
• Shipping Management: Deposco offers a range of shipping solutions to help businesses get their orders to customers quickly and affordably. It integrates with major carriers like FedEx, UPS, and USPS, and offers a variety of shipping options, including ground, air, and express.
• Warehouse Management: Deposco’s warehouse management system allows businesses to manage their entire warehouse operations efficiently. It includes features like bin location management, inventory receiving, picking and packing, and more.
• Reporting and Analytics: Deposco offers a variety of reporting and analytics tools to help businesses make informed decisions. It provides real-time data on inventory levels, order status, shipping status, and more, allowing businesses to make data-driven decisions.
• Multi-Channel Integration: Deposco integrates with various sales channels, including marketplaces, e-commerce platforms, and point-of-sale systems. It allows businesses to manage orders from multiple channels in one place, streamlining order management.
• User-Friendly Interface: Deposco’s user-friendly interface makes it easy for businesses to manage their warehouse operations, even if they have limited experience with inventory management software.
• Cloud-Based: Deposco is a cloud-based solution, which means businesses can access it from anywhere with an internet connection. It also allows for easy scalability, so businesses can adjust their usage as needed.

Deposco Pricing:

Deposco’s pricing is not publicly available on their website as it varies depending on the needs of each business. However, they offer a free trial so businesses can try out the software before committing to a paid plan.

Best Medical Inventory Management Software

These solutions are designed for healthcare providers such as hospitals, clinics, and pharmacies that need to manage medical supplies and equipment. They often offer features such as expiration tracking, lot and serial number tracking, and order management.

1. IntelliGuard

Best RFID For Critical Inventory Management

IntelliGuard is a medical inventory management software designed to streamline the supply chain operations of healthcare providers, such as hospitals, clinics, and pharmacies. The software provides a comprehensive suite of tools for managing medical inventory, including real-time tracking, automated replenishment, and expiration tracking.

IntelliGuard’s key features include:

• Real-Time Inventory Tracking: The software uses RFID technology to track medical inventory in real-time, providing accurate and up-to-date information on inventory levels, location, and usage.
• Automated Replenishment: IntelliGuard’s inventory management system automatically generates purchase orders and restocks inventory based on pre-set inventory levels, reducing the risk of stockouts and excess inventory.
• Expiration Tracking: The software tracks expiration dates for all medical inventory, providing alerts and notifications when items are approaching expiration. This helps healthcare providers avoid waste and ensures that patients receive safe and effective treatments.
• User-Friendly Interface: IntelliGuard’s user interface is designed to be intuitive and user-friendly, with easy-to-use dashboards and reports that provide actionable insights into inventory levels and usage.
• Integration with EMR Systems: IntelliGuard integrates with electronic medical record (EMR) systems, allowing healthcare providers to manage inventory directly from their existing healthcare management systems.
• Mobile App: IntelliGuard’s mobile app allows healthcare providers to track inventory on-the-go, making it easy to manage inventory levels and access critical information from anywhere.
• Customer Support: IntelliGuard provides comprehensive customer support, including implementation services, training, and ongoing technical support.

Overall, IntelliGuard’s medical inventory management software provides healthcare providers with a complete solution for managing medical inventory, reducing waste, and improving patient care. By using IntelliGuard, healthcare providers can optimize their supply chain operations, reduce costs, and focus on providing the best possible care to their patients.

How To Use Inventory Management Software

Below, we have provided a step-by-step overview of how to use inventory management software effectively. 

To further illustrate these steps, we have included a helpful video from inFlow Inventory that will serve as a guide to using inventory management software.

By leveraging inFlow inventory software, small businesses can benefit from a range of features designed to streamline inventory management and operations. These features include:

• Manage purchase orders and sales
• Buy and print shipping labels from 50+ carriers
• Set up smart reorder points to make sure you never run out of stock
• Speed up sales with full barcode and barcode scanner support
• Connect to over 35 e-commerce stores, including Amazon and Shopify
• Automate accounting by connecting to QuickBooks Online or Xero

Inventory Management Techniques & Terms

Inventory management techniques are essential to maintaining a successful business. These methods help plan and analyze inventory to improve accuracy and reduce costs. The techniques used depend on the needs of the company and the type of inventory they have. Here are some of the inventory management techniques you may come across:

• ABC Analysis: This technique identifies the most and least popular types of stock.
• Batch Tracking: This method groups similar items to track expiration dates and trace defective items.
• Bulk Shipments: This method involves buying, storing and shipping inventory in bulk.
• Consignment: This method allows a business to sell products without paying its supplier until the product is sold.
• Cross-Docking: This method involves unloading items directly from a supplier truck to the delivery truck.
• Demand Forecasting: This technique uses predictive analytics to forecast customer demand.
• Dropshipping: This method involves the supplier shipping items directly from its warehouse to the customer.
• Economic Order Quantity (EOQ): This formula helps a company determine how much inventory to order to reduce holding and other costs.
• FIFO and LIFO: These methods determine the order in which inventory is sold based on either oldest stock first or the most recently-purchased stock sold first.
• Just-In-Time Inventory (JIT): This method maintains the lowest stock levels possible before a refill.
• Lean Manufacturing: This methodology focuses on removing waste or any item that does not provide value to the customer from the manufacturing system.
• Materials Requirements Planning (MRP): This system handles planning, scheduling and inventory control for manufacturing.
• Minimum Order Quantity: This method involves ordering minimum amounts of inventory from wholesalers to keep costs low.
• Reorder Point Formula: This formula helps businesses find the minimum amount of stock they should have before reordering.
• Perpetual Inventory Management: This technique entails recording stock sales and usage in real-time.
• Safety Stock: This method ensures there’s always extra stock set aside in case the company can’t replenish those items.
• Six Sigma: This data-based method removes waste from businesses as it relates to inventory.
• Lean Six Sigma: This method combines lean management and Six Sigma practices to remove waste and raise efficiency.

Benefits Of Using Inventory Management Software

Inventory management software offers a range of benefits for businesses of all sizes. Here are some of the key advantages of using inventory management software:

• Increased efficiency: By automating many inventory management tasks, software can help businesses increase efficiency and reduce errors.
• Improved accuracy: Inventory management software can help ensure that inventory counts are accurate, reducing the risk of stockouts and overstocking.
• Cost savings: By optimizing inventory levels and reducing the risk of overstocking, inventory management software can help businesses save money on storage and carrying costs.
• Better decision-making: With real-time visibility into inventory levels and sales data, businesses can make more informed decisions about inventory management and purchasing.
• Enhanced customer satisfaction: By ensuring that products are always in stock and orders are fulfilled quickly and accurately, businesses can improve customer satisfaction and loyalty.
• Integration with other systems: Many inventory management software solutions integrate with other business systems, such as accounting and e-commerce platforms, providing a seamless workflow and reducing the risk of errors.

Challenges And Limitations Of Inventory Management Software

Inventory management software can greatly improve the efficiency and accuracy of inventory management processes. However, there are also some challenges and limitations that should be considered:

• Cost: Some inventory management software can be expensive, especially for small businesses that may not have a large budget.
• Complexity: Implementing and using inventory management software can be complex, especially for businesses that have unique inventory management needs or processes.
• Data accuracy: Inventory management software relies on accurate data input to be effective. If data is not entered accurately or in a timely manner, the system may provide incorrect information, leading to errors in inventory management.
• Technical issues: Like any software, inventory management software can experience technical issues or glitches, causing delays and potential loss of data.
• Training and learning curve: Using inventory management software requires some level of training and a learning curve for employees. This can take time and resources to ensure proper use and understanding of the software.
• Integration with other systems: For businesses that use multiple systems, integrating inventory management software with other systems can be challenging and may require additional customization or development.

Overall, while there are challenges and limitations to using inventory management software, the benefits often outweigh these concerns, especially for businesses with large inventory volumes or complex inventory management needs.

Frequently Asked Questions- Inventory Management

Conclusion

In conclusion, there are numerous inventory management software options available in the market, each with its own unique features and pricing plans.

The best inventory management software for your business will depend on your specific needs and budget.

It is important to thoroughly evaluate and compare different options before making a decision.

By using inventory management software, businesses can streamline their operations, reduce costs, increase efficiency, and improve customer satisfaction.

Despite the potential challenges and limitations, the benefits of using inventory management software are clear and can have a significant impact on the success of a business.

Last updated on May 24th, 2023 at 07:03 am