Top 10 Inventory Management Systems: A Complete Guide for Your Business

To operate a business nowadays is to follow a lot of things. Your inventory is one of the most important ones. It is essential to know what is in your stock, be it online selling and managing products, warehouse management, or a retail store. This is where an Inventory Management System would come in.

An Inventory Management System assists companies in monitoring their products once they reach them till the point of sale. It simplifies work, saves time, and allows you not to make mistakes. This paper will discuss the top 10 Inventory Management Systems that will assist your business in growing. We shall discuss it using simple words, and anyone can get it.

Why Look for an Inventory Management System?

The following are the key reasons why companies should have an Inventory Management System:

• Saves time and less manpower: Manual counting of items is time-consuming and can take hours. With an efficient ecommerce product catalog management system or Inventory Management System, this process becomes automated, giving you more time for other vital tasks.
• Prevents Stock Problems: Selling out of fashionable products is a loss of sales, and excess inventory is a loss of money. The mechanism assists in the maintenance of perfect balance.
• Reduces Human Errors: Individuals commit errors in typing in figures or in tallying. A computer program will minimize such errors, so the records will be correct.
• Better Customer Service: You can inform the customers whether items are in stock once you know, so this makes the customers happy.
• Enhances Business Decision Making: The system displays the fast-selling and the non-selling products, enabling you to make wise decisions about purchasing products in your business.

Top 10 Inventory Management Systems

1. Zoho Inventory

Zoho Inventory is a popular Inventory Management tool and also integrates efficiently with employee management tools. This cloud-based system primarily targets small and medium-sized businesses. It assists in managing orders, shipments, and controlling stock levels. The system merges with leading e-commerce platforms such as Amazon, eBay, and Shopify. Zoho Inventory also includes multichannel selling features, enabling companies to manage various sales channels from a single location. It offers real-time updates, automatic inventory adjustments, and comprehensive reports for better operational efficiency.

Key Features:

• Multi-channel inventory synchronization.
• Automated reorder point notices.
• Freighting and delivery of orders.

Pros:

• Extremely low-cost pricing schemes.
• Bluetooth integration with platforms.
• Great clean user interface.

Cons:

• No choice on available customization.
• Developed features require upgrades.
• Customer support can be slow

Best For: Small businesses

Pricing: Free plan available; paid plans start at $29/month

Website: https://www.zoho.com/inventory/ 

2. Fishbowl Inventory

Fishbowl Inventory is a powerful warehouse management system designed primarily for manufacturers and wholesalers. It provides overall functionality of monitoring raw materials, work-in-progress materials, and finished products. Fishbowl is also compatible with QuickBooks and thus simplifies accounting for businesses that already use it. Barcode scanning, serial number tracking, and lot tracking will be used in the system to ensure total control of the inventory.

Key Features:

• QuickBooks accounting integration.
• Production and assembly services.
• Barcode and serial tracking

Pros:

• Strong manufacturing characteristics are to be made.
• Well-integrated QuickBooks is effective.
• Manages complicated inventory cases.

Cons:

• Premium is costly to small businesses.
• Intensive learning curve in the beginning.
• The interface appears a bit old-fashioned.

Best For: Manufacturers

Pricing: Starts at $4,395 one-time fee

Website: https://www.fishbowlinventory.com/ 

3. inFlow Inventory

InFlow Inventory is a superior Inventory Management System for businesses wishing to be simple yet at the same time not lose features. It is ideal among retailers, wholesalers, and light manufacturers who require a simple way of managing inventory. inFlow provides simple workflows to manage purchase orders, sales orders, and inventory transfers as they are displayed in easy-to-understand dashboards. It facilitates barcode scanning via mobile devices, hence inventory counts are fast and precise.

Key Features:

• Simple, easy-to-use interface
• Mobile app for scanning 
• B2B ecommerce portal was a part of it.

Pros:

• Quite a user-friendly system.
• Low prices for features.
• Proper mobile application.

Cons:

• Only a few integrations with third parties.
• None of the sophisticated manufacturing facilities.
• Reporting could be better

Best For: Retailers

Pricing: Plans start at $89/month

Website: https://www.inflowinventory.com/ 

4. NetSuite ERP

NetSuite ERP is a comprehensive cloud-based business management system that includes powerful inventory control software as part of its suite. This is an enterprise-level solution that is targeted at medium to large companies with intricate requirements. NetSuite is a unified inventory management system, accounting, CRM, e-commerce, and other features. The inventory module has such advanced capabilities as demand planning, order management, and supply chain visibility. It sustains various currencies, languages, and taxation policies of the international business.

Key Features:

• A full ERP solution was included.
• Complex demand planning applications.
• Multi-location inventory tracking on a global basis.

Pros:

• Very extensive feature set.
• Scales well with growth
• Superior to large companies.

Cons:

• An extremely costly investment is necessary.
• Complicated implementation and installation.
• Needs full-time IT support.

Best For: Enterprises

Pricing: Custom pricing (typically $999+/month)

Website: https://www.netsuite.com/ 

5. QuickBooks Commerce

TradeGecko, which became QuickBooks Commerce, is a new Inventory Management System developed to meet the needs of online sellers and wholesalers. It is multi-channel selling-oriented, and it assists businesses in handling multiple inventories in different online marketplaces at the same time. The system will automatically synchronize the stock levels on all the sales channels to avoid overselling. QuickBooks Commerce has powerful B2B solutions such as customer-specific pricing, payment terms, and order portals.

Key Features:

• Automation in multi-channel selling.
• B2B order management portal
• Clever inventory management recommendations.

Pros:

• Exceptional with online sellers.
• Vibrant channel integration support.
• Quality analytics and reporting.

Cons:

• Higher price point overall
• In the beginning may be overwhelming.
• Poor manufacturing capacities.
• Best For: E-commerce

Best For: E-commerce

Pricing: Starts at $199/month

Website: https://quickbooks.intuit.com/in/ 

6. Cin7

Cin7 is a comprehensive inventory tracking software that connects inventory management with point-of-sale, e-commerce, and warehouse operations. It is built to enable product sellers to have full visibility of their entire supply chain. Cin7 provides two primary products, including Cin7 Core and complex operations, and Cin7 Omni and omnichannel retail. The system allows real-time tracking of inventory in the various warehouses and places of sale. It has manufacturing functionality, such as a bill of materials and production tracking.

Key Features:

• Inventory synchronization through omnichannel.
• POS system integration is involved.
• Integrated third parties (state-of-the-art).

Pros:

• An extensive feature base to be used.
• Very good integration ecosystem.
• Powerful reporting facilities.

Cons:

• High cost pricing model.
• A highgh learning curve is needed.
• There should be better customer support.

Best For: Omnichannel

Pricing: Starts at $299/month

Website: https://www.cin7.com/ 

7. Odoo Inventory

Odoo Inventory belongs to the greater Odoo business applications. It is an open-source Inventory Management System, which is highly flexible and customizable. The inventory module can be used alone or integrated by businesses with other Odoo applications such as accounting, CRM, and manufacturing. The system relies on a two-entry inventory system, which keeps track of all stock movements correctly. Odoo can assist other types of inventory, such as dropshipping, cross-docking, and multi-step processes.

Key Features:

• Full-custom Open-source.
• Extensional system of modules.
• Enhanced inventory routing facility.

Pros:

• Free community version experienced.
• Otherwise completely customizable platform.
• Enterprise suite of business applications.

Cons:

• Technical knowledge setup is required.
• User-friendly at the beginning. 
• The enterprise version becomes costly.

Best For: Tech-savvy

Pricing: Free (Community); Enterprise from $24.90/user/month

Website:  https://www.odoo.com/app/inventory 

8. Sortly

Sortly is a picture-based Inventory Management System that makes it easy to keep track of items. It is geared towards businesses, schools, and organizations that need easy inventory management and not a complicated one. The special feature of Sortly allows capturing photos of objects and placing them in folders and subfolders in a graphic way. The system facilitates the scanning of barcodes and QR codes to be identified and tracked swiftly. It is compatible with all mobile devices and is therefore suitable for the field and remote areas.

Key Features:

• Photo-based inventory tracking.
• QR code generation included
• Easy mobile-first interface

Pros:

• Extremely easy to use
• Great for physical items
• Affordable pricing tiers

Cons:

• Few options for integration.
• Only available basic features.
• Inapplicable to complicated needs.

Best For: Simplicity

Pricing: Free plan available; Pro plans from $29/month

Website: https://www.sortly.com/ 

9. DEAR Inventory (Cin7 Core)

DEAR Inventory, which is Cin7 Core, is an effective stock control system that serves product-based companies with intricate inventory requirements. It is a unified system that integrates inventory, manufacturing, purchasing, and sales. The system manages the purchase orders and even final sales on a traceable basis. DEAR facilitates serial and lot number tracking in order to comply with regulations and quality assurance. It provides the calculation of the landed costs of the product costing and profitability.

Key Features:

• Total supply chain management.
• Production and assembling characteristics.
• Computation support of landed costs.

Pros:

• Full functionality was provided.
• Good for complex operations
• Well-developed integration skills.

Cons:

• Highly costly to small businesses.
• Complex setup and learning
• Certain characteristics are complex.

Best For: Manufacturers

Pricing: Starts at $249/month

Website:  https://dearsystems.com.cn/ 

10. Unleashed Software

Unleashed Software is an Inventory Management System based on the cloud, which offers the entire visibility regarding the inventory and business activities. It is aimed at wholesalers, distributors, and manufacturers that require proper stock management. Unleashed provides real-time inventory management with specifications of products such as costs, prices, and suppliers. The system has a multitude of currencies, tax rates, and global operations.

Key Features:

• On-demand tracking with the cloud.
• Close integration of accounting software.
• Fully developed reporting package.

Pros:

• Accurate real-time updates
• Excellent Xero integration
• Professional reporting abilities.

Cons:

• Pricing on higher side
• No free trial available
• Poor manufacturing capabilities.

Best For: Wholesalers

Pricing: Starts at $380/month

Website: https://www.unleashedsoftware.com/

Key Features to Look for in Inventory Management Systems

• Real-Time Tracking: Inventory numbers should be updated at the point when something is added or sold, and the information should be up to date and accurate.
• Barcode Scanning: It has this feature, where you can scan product codes at a high speed, and the addition or removal of items is much faster as compared to typing.
• Reporting and Analytics: Good systems generate reports that indicate the trends in sales, items that are slow-moving moving and those that are profitable that enabling you to know more about your business.
• Multi-Location Support: In case you have more than one store or warehouse, then the system must be able to monitor inventory in all the locations from a central point.
• Connection with other tools: The Inventory Management System must integrate with your accounting software, online store, and other business tools that you are already using.

How to Choose the Right Inventory Management System

• Evaluate Your Company Size and Requirements: Small businesses require basic systems that have simple functionality, whereas larger businesses need complex systems that have advanced functionality and expandability.
• Consider Your Budget: Compare initial expenses, as well as monthly charges. It is important to remember that price and quality do not necessarily correlate with something that suits your needs.
• Check Integration Capabilities: Ensure that the Inventory Management System is compatible with the tools you are already using, such as accounting software, e-commerce, and payment systems.
• Evaluate Ease of Use: Select systems with user-friendly interfaces that are easy to learn for the members of your team. Complex systems are a time and money waste in terms of training.
• Look for Scalability: Select a system that has scalability with your business. You do not want to change systems when you grow the business.

Conclusion

An Inventory Management System is more than a software program – it represents an investment in the future of your business. The correct system saves time and minimizes errors, and assists you in making the right decisions. You need it whether you are a small retailer or a big manufacturer; there will always be a perfect Inventory Management System. Based on this list of the top 10 systems, you will be able to find systems that fit all types of budgets and businesses. There are those, such as Sortly, that are simple and those, such as NetSuite, that are powerful at the enterprise level. The trick is to select one that fits your needs at the moment and that allows you to expand.

It should be kept in mind that any Inventory Management System will need dedication and proper training in order to be implemented. Take time to consider alternatives, run systems on trials, as well as include your team in the decision. You will see the result of your effort when you have selected and established the appropriate system that will increase your efficiency, happy customers, and profits. You should not wait to discover that your inventory is problematic and that it is damaging your business. Begin to consider these Inventory Management Systems now and have your stock management tomorrow.

Frequently Asked Questions

1. What is an Inventory Management System?

The advantage of an Inventory Management System is that the company is in a position to monitor its products as they are sold. It shows exactly what is in stock, where items are located, and when to order. This will prevent the stockouts, reduce wastage, and save time in counting and record-keeping, which is manual.

2. How much would an Inventory Management System cost on average?

The prices are very differentiated according to functionalities and business magnitude. Simple starts at free or around 29 dollars a month for small businesses. Mid-range stock management solutions cost $100-$300 monthly, while enterprise systems like NetSuite can exceed $1,000 per month with custom pricing.

3. Are there advantages to having Inventory Management Systems for small businesses?

Absolutely! Small businesses often benefit most from Inventory control software because they have limited resources. The systems automate the repetitive processes, reduce errors, and provide insights that can help the small business to compete with larger businesses without necessarily having to hire additional employees.

4. Should I be technical to utilize an Inventory Management System?

Most of the existing Inventory Management Systems are user-friendly. Their interfaces and training resources are easy to use. However, some more complex systems may require more technical knowledge to be developed and tailored. Choose systems that are suitable for your team’s level of skills.

5. What is the number of days to introduce an Inventory Management System?

The implementation time will vary according to the complexity of the systems and the size of the business. Other, less complicated systems like Sortly can be installed within days. More comprehensive warehouse management systems like NetSuite or Fishbowl may take weeks or months, especially when migrating data and training teams properly.