If you want to position your business for success, you need to make sure you manage your inventory appropriately. There are a lot of options available if you are looking for the best inventory management software for your company, and if you choose your software program wisely, you will make sure that all of your transactions are seamless for your customers, which can help you position your business for success.
Having the right inventory management software for your company can benefit your employees and customers, but how can you choose the right program to meet your needs?
Take a look at a few of the best options below, and do not hesitate to reach out to an expert who can help you.
Best Inventory Management Software
What is Inventory Management Software?
Inventory management software is a computer program designed to help businesses efficiently manage their inventory levels, sales, and purchasing. It allows businesses to track inventory levels, monitor stock movement, and receive alerts when inventory is running low or when it is time to reorder.
Inventory management software can also integrate with other systems such as point-of-sale (POS) systems and accounting software to help businesses manage their entire supply chain. By using this software, businesses can avoid stockouts, reduce waste, and save money by improving the accuracy of their inventory data. Overall, inventory management software can help businesses optimize their inventory management process, streamline their operations, and improve their bottom line.
How To Evaluate Inventory Management Systems for Your Business: Choose the Right Option
If you are looking for the best inventory management software for your company, how do you choose the right one? As you evaluate inventory software options, there are several factors you should consider when you want to make it easier for your employees who are managing inventory.
Some of the top features you need to consider when you are looking for inventory tracking software include:
Versatility
You probably have a lot of inventory levels, and the right inventory management software should be versatile. What this means is that the best inventory management system should be able to address different types of inventory throughout your business.
For example, you need a program that will provide you with access to inventory data for both small and large items. You might also be looking for online inventory management software that will change your inventory in real time as orders come in. Keep in mind that you may have employees that work remotely, so you may want to program that is compatible with Android and iOS devices.
If you can find a warehouse management system that is versatile enough to handle multiple tasks at the same time, you can put your business in a position to be successful.
Scalability
You also need to think about scalability when you are looking for a robust inventory management software. If you choose the right inventory systems to help you manage inventory, your business will probably grow and expand. You might even have multiple warehouses in the future.
Do you think the inventory management tools that come with this program will be able to support your business if it grows and expands down the road? You need to think about scalability because you do not want to have to replace your inventory management program just because your business has grown. Make sure the software program can scale with your business.
Integrations
If inventory management software works well with the programs you already have, you can save even more time. For example, you might be interested in a program that will work well with your accounting program to automatically generate balance sheets for you. You might also be interested in a program that can work with your CRM system to generate business intelligence reports. You might even be looking for an inventory management program that has key features and software tools that will integrate with your accounting software or accounting systems.
Inventory control is very important, and you don’t want to have to manually enter data into multiple programs. Good Inventory management software should provide you with employee management tools that will integrate with many of the programs that you already have.
Inventory Features
Do not forget to think about the inventory management features that come with the program as well. As you go through the process of enterprise resource planning, you need to use inventory systems that come with features that can help you save time and money.
For example, you might be looking for inventory management programs that come with POS systems that can make it easier for your customers to check out. You might also be looking for a program that comes with multiple sales channels to help you open the door to new revenue streams.
Be sure to think about the individual features that come with the program when you are choosing inventory management software. Find inventory management software that gives you the tools you need. You might be interested in batch tracking, low-stock alerts, and other key features that can streamline incoming and outgoing supplies as a part of warehouse management.
Maintenance
You should think about the maintenance that is required to run your inventory program as well. Automatic inventory updates can help you save a lot of time during the day, as you won’t have to do as much clerical work by hand. The right operations management solution should not only handle multiple locations at the same time but also update its security features automatically.
When you are managing multiple locations from a central inventory database, you don’t want to have to stop everything you are doing purely because the program has to update. You need to find an inventory program that will update itself automatically but does so at a time that is convenient for you.
Customizability
Customizability is paramount when you are looking for a web-based software tool that can help you manage your inventory. For example, you might want a program that will automatically order more inventory when you reach certain stock levels. You might also be looking for a program that can help you customize your supply chain management dashboard to provide you with access to the most important information you need.
If you are in the business-to-business industry, you might even be looking for a program that can automatically generate invoices for you to send to your customers and clients. As you take a look at cloud-based software that can handle everything from retail inventory to advanced tech, make sure you think about the customizability of the program.
Ease of Use
How easy is the program to use? Regardless of whether you have online sellers or brick-and-mortar locations, you need to think about how easy the program will be for your inventory managers. Particularly if you have multichannel sales, the program will probably come with a learning curve.
You need to think about how tech-savvy your employees are. Who will be using the program? How long will it take them to learn the program? While barcode scanning is helpful, if the program comes with a lot of features, it might take your employees a while to learn how to use them. The easier the program is to learn, the faster you can incorporate it into your business.
Brand Identity
The best inventory software should also match your brand identity. What is it that you think your company stands for? What do you want your employees and customers to think when they look at the software program? You should try to find a program that will align with your brand identity.
This is another area where customizability can be helpful. Today, many software systems allow you to customize your interface with your logo or colors. This is particularly important for e Commerce stores. Think about your brand identity, and find an inventory program that matches it.
Budget
Finally, do not forget to think about your budget as well. There are plenty of software providers out there, and not every inventory management program is appropriate for every business. You need to think about how much money you are willing to spend, how many tools you need outside of the core features, and what the program is going to cost you in the future.
If you are looking for a program that has low upfront costs, then you might want a subscription program instead of a program you buy and install on your computers. Think about your budget before you start shopping.
If you keep these tools in mind as you evaluate various software vendors and supplier management programs, you should be able to find the right inventory management suite for your business operations.
The 7 Best Inventory Management Programs Available Today
If you are looking for the best inventory management program for your business, some of the top options you may want to consider include:
InFlow
If you operate in the B2B space, you will definitely want to take a closer look at InFlow. This provides you with access to a central inventory database that allows you to set up a virtual showroom where potential clients and customers can view all of the products you have available. It only takes a few hours to set up, and you get access to dozens of reports that will keep you updated about everything that is happening with your business. It also comes with a 14-day free trial, and you don’t even have to supply a credit card number to try it.
Key Features
You get access to an unparalleled number of business intelligence reports
You can create a virtual password-protected showroom for special clients to view everything you have available
You can automate your order histories, purchase orders, and vendor payments
You can generate barcodes with the click of a button
You can automatically email invoices and receipts to your customers
Cin7 Orderhive
Another one of the best programs you may want to use is called Cin7 Orderhive. This is a program that comes with a variety of advanced features and numerous integrations. It is also relatively affordable, and it should be able to handle everything from start to finish.
This program is even free for Shopify users, and you can take advantage of a free trial that lasts for a couple of weeks. While the mobile app is only available on the Google Play store, it could still be great for certain users.
Key Features
It comes with an automated purchase order creation tool that can help you save time
You can update, add, or delete products from your inventory in bulk
It is easy for you to transfer stock between different warehouses
You can scan multiple barcodes at the same time
It will provide you with low stock and out of stock alerts
There are a handful of e-commerce automation tools that are perfect for online stores
Upserve
Restaurants need access to inventory management tools as well, particularly with ingredients that could expire. Upserve is a strong tool because it comes with a barcode scanner, will help you automatically calculate the prices of certain recipes, and allows you to track your ingredients in real time. It could even help you shorten your order turnaround times, which makes it easier for you to keep your customers happy. With a single click, you can reorder ingredients, helping you keep your restaurant flowing well.
Key Features
Allows you to automatically sync your recipes to your POS system
Will automatically order new quantities of certain ingredients when you run out
Provides you with automated tools that allow you to manage your vendors and supplies
Will help you track your ingredients and inventory in real-time
Will provide you with alerts when ingredients reach a certain stock level
Has a mobile app that allows you to scan your inventory with ease
Lightspeed Retail
If you are looking for the best option for retail stores, you may want to consider Lightspeed Retail. This is a program that is not only an inventory management program but also one of the best POS systems on the market today. With a strong point-of-sale system, you can make life easier for your employees and customers. The program comes with a variety of stock tracking tools, plenty of integrations, and strong eCommerce capabilities that set it apart from other options. It integrates with dozens of applications, allowing you to streamline your daily operations.
Key Features
Provides bulk change options for various products and services
Can automate discounts and sales to help you save time
Also allows you to give your employees a discount on certain products
Will automatically track inventory levels across multiple locations
Allows you to establish automatic reordering guidelines
Will work well with bundled products for upsell and cross-sell opportunities
Megaventory
The next option you may want to consider is Megaventory. This makes it easy to manage your material-based inventory and receive updates on items you might be manufacturing. Even though it does not provide you with access to phone-based customer support, you can take advantage of a free trial. The learning curve is very short, and you can handle dozens of locations with ease. It will help you keep track of your bundling or assembly process, track key performance indicators related to your inventory, and help you fulfill your orders quickly.
Key Features
Runs well on Windows, Mac, and Linux
Gives you access to granular user permissions
Gives you bulk and quick-order options
Provides automatic alerts when your materials get low
Gives you access to barcode scanning and printing
Helps you generate business intelligence reports quickly, particularly those related to gross profit and inventory value
Ordoro
If you have multiple channels that you need to manage, then you may want to take a closer look at Ordoro. This is a comprehensive, end-to-end software program that will streamline just about every aspect of inventory shipping and tracking for you. It has an intuitive API and countless automated features to help you save a significant amount of time. The program also offers live phone support during business hours.
Key Features
Will sync your inventory, shipping, and orders automatically
Is perfect for online marketplaces and eCommerce stores
Will track bundled and assembly products for you
Will automate multi-warehouse management for you
Easy live phone support from 9 AM to 6 PM
Zoho Inventory
If you are looking for the best free option available, you may want to take a closer look at Zoho Inventory. While not all of the features are free, there is a free option available, which could be great for some small businesses. This is a program that can help you automate many of your workflows and integrate with numerous software programs. You can also take advantage of multiple shipping options, and the program works well on desktop and mobile devices.
Key Features
Will automatically order items when they are out of stock for you
Will provide you with automated email order confirmations
Is perfect for dropshipping applications
Also includes a strong CRM program
Comes with a barcode scanner
Integrates well with countless other programs
Find the Right Inventory Management Program To Meet Your Needs
These are just a few of the many options available if you are looking for the best inventory management program for your business. Keep in mind that the right Inventory management program for one business is not necessarily going to be the right Inventory management program for yours.
You need to compare the benefits and drawbacks of each option available before you decide which program is best for your needs.
