Given the benefits of inventory management software, more businesses are now keen on investing and adopting newer and more advanced systems for more efficient management of product inventories. According to a recent report by Upkeep, 75% of supply chain professionals currently believe that they need to improve their inventory management processes. As part of the best practices for inventory management, finding the right software can be a game-changer for many businesses.
As a business owner, you can confirm how difficult it is to manage inventory and prevent stockouts on a regular basis. For this, you would like nothing but the perfect method to keep a close tab on the movement of your inventory. Luckily for you, there is now plenty of inventory management software that you can choose from.
What Is Inventory Management Software?
This piece of technology allows you to keep track of your inventory, from purchase to the sale of goods, and ensure that there is enough stock to fulfill customer orders. With an inventory management system in place, you can have an accurate and detailed record of how much raw materials, components, and finished goods are sold or used in your production processes. This kind of software also eases your sourcing, storing, and selling processes.
Depending on the types of products you have and the channels you sell them through, the best inventory management software for your business offers a range of features that encompasses everything you need to efficiently manage inventory. This includes business management and end-to-end production tracking features, as well as demand forecasting, metrics, reports, and basic accounting tools.
Below, you’ll find a detailed inventory management software list that discusses each of their key features, benefits, and practical uses.
NetSuite Inventory Management
Kicking off our list is NetSuite Inventory Management, a top pick among many businesses when it comes to optimizing inventory levels and ensuring the availability of goods and products across multiple channels. This solution offers a wide array of features, from providing you with a single, real-time view of your inventory across all warehouses and sales channels to keeping inventory costs low and avoiding stockouts.
Furthermore, the solution automates inventory tracking, making it easier for you to keep tabs on inventory levels from all your warehouse locations. It also improves overall visibility for your business, especially when it comes to viewing related records and every activity associated with a particular order. This makes it the ideal inventory management software for businesses that manage retail stores, warehouses, 3PLs, drop shippers, and pop-up shops.
Another inventory management tool that businesses find most indispensable is ShipBob, which is equipped with numerous tools for efficient management of inventory levels. Among the leading inventory management systems, the solution also serves as a WMS and ecommerce fulfillment platform. Ideal for retailers, wholesale businesses, and ecommerce businesses, ShipBob has plenty of features to help you manage warehouses, facilitate shipping, and fulfill global orders.
ShipBob is specifically designed to help businesses enhance delivery times, optimize shipping costs, and improve the overall shopping experience of your customers. It has end-to-end warehouse management and order fulfillment features, including product warehousing, order management, FBA preparation services, distributed inventory, reports and analytics, and more.
With GEP NEXXE, you can have an inventory management system loaded with state-of-the-art features and capabilities. It has an array of functionalities that improves planning, visibility, and execution of your warehouse operations. It also provides you with real-time inventory data to help you create demand, supply, and logistics plans and maximize business results.
Additionally, GEP NEXXE lets you stay ahead of the curve by providing you with accurate forecasts gleaned from point-of-sale data and real-time market events. The solution also allows you to predict expected costs and demand for your products across multiple channels.
Best suited for growing businesses, ShipHero is an all-in-one order fulfillment software designed to meet the specific needs of ecommerce businesses. This solution comes with different modules for order management, shipping management, inventory management, and returns management. ShipHero helps you throughout crucial processes in the entire order lifecycle, from procurement and inventory tracking to shipping.
Another useful feature of ShipHero is its automated inventory tracking, which lets you prevent stockouts and syncs your inventory across all your warehouses and sales channels. Moreover, the software comes with a mobile native app that lets you scan item barcodes and verify if orders are packed and ready to be delivered.
ManagerPlus is an asset management software that allows you to optimize processes, streamline equipment management, and improve visibility into your inventory levels. The software is loaded with essential features to help you track inventory across multiple warehouse locations and ensure that stocks are always on hand and available whenever necessary.
Moreover, ManagerPlus automatically assigns and updates your inventory, allowing you to keep up with any changes in your inventory levels in real time. The software also lets you keep accurate records of your inventory by allowing you to conduct auditing processes using accurate and up-to-date inventory data.
Shopventory is an easy-to-use inventory management system that lets you track and monitor asset performance in real-time. It has the necessary features you need to efficiently manage your inventory, including inventory tracking, sales analysis and forecasting, vendor management, and inventory control. The solution allows you to manage each item on your inventory independently or combine products, enabling you to keep track of your supplies with accuracy and precision.
Furthermore, Shopventory streamlines vendor management by providing you with end-to-end functionalities. For instance, you can easily assign items to their corresponding vendor and accelerate order fulfillment processes. This simplifies the ordering experience for you and your vendors.
Ideal for small enterprises in the manufacturing industry, Katana offers comprehensive features for sales, production, order scheduling, and inventory control. Basically, it is a manufacturing ERP solution designed to improve your visibility and control regarding all moving parts of your business. Whether in sales or inventory management, Katana offers essential tools to help you increase the efficiency of your business.
Likewise, Katana serves as a useful tool in optimizing your inventory processes, from inventory tracking and setting up reorder points to prioritizing sales orders. The software also has an omnichannel order management feature, which helps you throughout order fulfillment processes across multiple ecommerce channels.
Cova is an inventory management and POS software specifically designed for businesses in the cannabis industry. It has plenty of important features that merchants in the cannabis industry will find useful. For instance, Cova is equipped with a seed-to-sale compliant POS, enabling merchants to comply with the latest regulations in cannabis selling. The software also connects with the METRC, which accurately and automatically reports inventory, sales, and adjustments to the appropriate government bodies.
Cova’s inventory system allows cannabis businesses to accurately monitor every item that enters their store until they are sold, either by individual batch or by product type. Moreover, the solution has a fraud and theft detection feature that smartly detects any discrepancy in the inventory levels of cannabis stores.
Zoho Inventory is a powerful inventory management solution with a range of functionalities, including order and delivery tracking, inventory control, billing, order fulfillment, and more. Ideal for ecommerce businesses of all scales, the solution comes with automation features to ease inventory tracking, product deliveries, and business reporting. Also, the solution seamlessly integrates with popular ecommerce channels, including Etsy, eBay, Amazon, and Shopify.
In addition, Zoho Inventory offers everything you need to start a warehouse business. It has a multi-channel inventory management system that helps you centralize your orders and inventory levels across different sales channels. It also keeps your stocks updated in real-time, enabling you to ensure that you always have enough items to complete orders from your customers.
Perfect for retail businesses, leafio is a cloud-based inventory system that helps accelerate margin and revenue growth through inventory optimization. It is packed with robust features to help you keep a balanced supply chain, such as inventory and order monitoring, stock balance calculator, and product assortment control. It has automation functionalities that eases balance monitoring, decision making, and order processing.
Another useful feature of leafio is its ability to monitor delayed orders, helping you stay on top of your order and procurement processes. For instance, leafio immediately sends you an alert when a certain product has still not been reflected on your inventory. This way, you can assess the problem, stay in control of your inventory levels, and avoid stockouts in the future.
Choosing the Perfect Inventory Management Software
So what is the best inventory management system, you ask? From our list, it remains to be NetSuite Inventory Management, hands-down. It ticks off every feature and functionality that you have to consider in what to look for in an inventory management system—inventory tracking, multi-location fulfillment, sales channel integration, replenishment, cycle counting, and more.
However, the choice is entirely up to you in picking the best solution ideal for the specific requirements of your business. Just remember that your chosen software product should be able to do the following: manage your inventory levels accurately, give you a clear picture of your warehouse locations and order fulfillment processes, and prevent any unfortunate inventory mishaps. As long as you keep these in mind, you are all set in having the best inventory system for your business.