Inventory management is one of the biggest challenges for businesses to keep the flow of profits in the right direction. With the increase of order volumes & the expansion across sales channels, it becomes merely impossible to manage the operations on your own.
The use of inventory management software will prove handy in ensuring flawless operations. It is the process of ordering, storing, & managing the inventory of an organization efficiently.
The success of a business will greatly depend on inventory tracking & management and thus using a top-rated tool will be the best option.
Take help of technology and get the business operations channelized for smooth functioning. But what are the inventory tools in use in the market? This guest post is highlighting the best tool in use for inventory management.
10 Best Inventory Management Software for Businesses in 2023
The inventory management task of a business includes syncing various inventory-related activities. This results in the running of smoother supply chains!
Select the tool that fits the requirement and also has an easy interface to operate. It will assist in a drastic cut down on the resources needed to get products out to clients.
1. inFlow Inventory
Inflow is the inventory management tool meant for all kinds of businesses. It is the best tool for businesses within a budget. It has a free version and the enhanced version can be used starting @ $71.00 per month.
The software is easy to use and many of its functions are automated. That means the user need not be relying on doing the calculations on their own. It is a portable mobile app that has barcode scanning features and keeps all the parties on the same page.
It is a cost-effective tool and is suitable to meet all the inventory needs of a business. However, the software has limitations on the number of orders it can process and even on the highest plan it is not possible to input more than 5000 orders per month. If this is a problem for you then better look for other tools.
2. Zoho Inventory
It is the kind of tool specially built to meet the needs of SMBs. The Zoho app is suited for entities with a limited number of orders per month.
Some of the attractive features of the free version of the Zoho tool include dropshipping arrangement, multi-currency transactions, and acceptance of backorders on out-of-stock products. Small enterprises can manage the inventory better without worrying about their limited budget.
Upgrading the plan in Zoho provides access to enhanced inventory features. It is now possible to manage varied warehouses, sync with different stores, and simple serial numbers & batch tracking.
Businesses can only manage orders up to 30,000 per month on most advanced plans. The tool is limiting the invoices, packing slips, & shipping labels.
Cin7 is the enterprise solution meant for businesses with midsize costs. The inventory management system includes everything that you need for optimization to manufacturing. It comes filled with B2B eCommerce features and offers built-in modules.
The tool is also offering assistance in forecasting and cross-channel syncing. You get a dynamic inventory management platform providing all the right details of the business inventory. The ERP tool is not as expensive as some of the other ERP solutions starting @299.00 per month.
Upserve is the unique inventory management tool meant for restaurants. It provides a dynamic environment to meet the needs of restaurants & their business needs.
The focus of the tool is on supply chain needs & expiration date tracking compared to other inventory tools.
The software is providing features just for restaurants and can be used by private entities to customize the inventory needs. Upserve is coming with an inbuilt POS (Point-of-Sale) system and is probably the best inventory management tool for restaurants.
Ordoro is the best inventory management software for eCommerce businesses. The tool is having all the inventory features starting from dropshipping capabilities to multichannel selling. It is having everything needed to run an online store successfully.
Juggling along different sales channels is not a good inventory technique. It is easy to create master products with Ordoro and allows the update of descriptions & branding across all the sales channels.
Build on non-traditional inventory management approaches with Ordoro. The businesses can choose to oversee the goods or limit the instock visible to customers. Both the situations are creating the illusion of scarcity & motivate the buyer to finalize the purchase.
6. Fishbowl Manufacturing
Fishbowl Manufacturing is the inventory management software helping to track the inventory levels in the production facility.
The tool is also best for assigning work orders and supervises the efficient manufacturing of different projects. It is the best choice for manufacturing businesses and simplifies the creation of BOMs (bill of materials). For every job you complete, it is easy to track the inventory cost item-by-item.
The software was built specially to integrate with the QuickBooks accounting tool and it is easy to sync the inventory & accounting system for easy tracking of the costs. Manufacturers can use this tool for accurate management of inventory & sales.
Busy is an integrated accounting tool that helps SMBs manage multiple operations. Inventory management is one of the features of the tool and it has all the modern-day inventory features.
The leading accounting software ensures that the business doesn’t have to use multiple tools for managing its operations. Some of the notable features of the accounting tool include multi-currency, multi-branch management, multi-location inventory, reporting, MIS, invoicing, and more.
8. Think Aisle
It is cloud-based providing assistance to take care of entire inventory management activities. It provides customized and flexible solutions as per the inventory management needs. Think Aisle is ensuring easy integration with other kinds of shipping, accounting, or ERP platforms.
Generate the right kind of inventory report using the tool and helps businesses acquire the complete invoice for billing purposes. The software has all the functions that you desire from a modern-day inventory management tool.
It is a multi-channel inventory management tool that is helping to track inventory levels in real-time. Orderhive is ensuring easy syncing across sales channels for every time you receive or ship an order.
It is the ERP platform with modules for every aspect of a business. Businesses can now do all the necessary work in one platform like accounting, inventory, reporting, shipping, and more.
EPPAG is the latest tool that assists the business with all the ERP needs. The tool is having all kinds of inventory management features that are idle to keep the stocks up.
The features of the tool include inventory tracking, cloud label printing, multiple UOMs, and more. SMBs can use the multi-lingual interface easily and support manufacturing. It also has automated features that ensure tracking of the right details and prepare the right reports.
Inventory management is very important for businesses to keep the workflow on the right track and ensure the availability of the stock. Adapt to the right kind of tool that is cost-effective and eases the management of inventory for the business in real-time.
The business needs to manage excess stock or stock-outs to prevent any kind of damage. We have mentioned above the top-rated inventory tools in the market. Do some further research work and check the prices of the hosting tool as per your business needs.
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Author Bio: Alice Bell is a passionate content writer, having knowledge in areas including the latest technology, Cloud Computing, Accounting technology and QuickBooks Hosting. She dreams of someday living somewhere warm and typesetting a novel. Most of the time she spent on laptop and learning new things.