10 Best Inventory Management Software in 2024

Consider this: in today's competitive landscape, where customer expectations are higher than ever, having the right tools to manage inventory is not just beneficial—it's essential. As an employer, your responsibility goes beyond the bottom line; you need to provide your team with the resources they need to perform at their best. This includes equipping them with efficient inventory management software that streamlines workflows, reduces errors, and ultimately contributes to a more productive and empowered workforce.

Now, with so many inventory management software options available, it can be overwhelming to choose the one that aligns best with your company's needs and budget. From IT inventory management software to open source inventory management software, there are plenty of options. That's why we've compiled a comprehensive list of the top ten inventory management software platforms that can take your business to the next level. Let's get started!

What Are Online Inventory Management Software?

Online inventory management software is a digital tool that helps businesses efficiently track, organize, and manage their inventory online. These convenient solutions are hosted in the cloud, allowing users to access them from anywhere with an internet connection. With features like inventory tracking, stock level monitoring, order management, and reporting capabilities, online inventory management software is a valuable resource for employers and business owners.

There are numerous advantages to using online inventory management software. Firstly, it provides real-time visibility into inventory levels and movements, enabling better decision-making for purchasing, stocking, and order fulfillment. Additionally, these software solutions automate repetitive inventory tasks, reducing errors and freeing up time for employees to focus on more important responsibilities. Moreover, the scalability of cloud-based tools makes them adaptable to the changing needs of a growing business, making them suitable for businesses of any size.

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Top Features of a Good Inventory Management System Software

Let's explore the important qualities that define a top-notch inventory management system:

• Inventory Tracking: A robust system should provide real-time tracking of stock levels across multiple locations. This enables businesses to accurately monitor inventory movements, minimize stockouts, and optimize reorder points based on demand fluctuations.
• Order Management: Efficient order management capabilities are crucial for streamlining the entire order fulfillment process. This includes generating and processing purchase orders, managing sales orders, and tracking order status from procurement to delivery. A good system automates order workflows, reducing errors and speeding up processing times.
• Barcode Scanning: Integration with barcode scanning technology allows quick and accurate inventory updates. By scanning barcodes, employees can easily record stock movements, perform stock counts, and verify incoming shipments. Barcode scanning improves inventory accuracy and efficiency, leading to smoother operations.
• Reporting and Analytics: Comprehensive reporting tools are vital for gaining insights into inventory performance and trends. A good system should offer customizable reports and dashboards, providing critical metrics like inventory turnover, stock aging, and SKU profitability. These analytics assist businesses in making informed decisions regarding inventory planning, pricing, and resource allocation.

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Benefits of Inventory Management Software

Inventory management software provides numerous benefits to businesses, making operations more streamlined and efficient and ultimately increasing profitability. By using technology to manage inventory effectively, employers and business owners can conquer common inventory obstacles and gain better control over their supply chains.

Let's take a closer look at the major advantages of using inventory management software:

1. Optimized Inventory Levels

With inventory management software, businesses can effortlessly maintain optimal stock levels. By providing real-time visibility into inventory levels, demand patterns, and lead times, the software ensures that businesses neither have too much nor too little stock. This helps reduce carrying costs while efficiently meeting customer demand.

2. Prevent Stockouts and Overstock

By setting automated reorder points and receiving alerts for low inventory levels, businesses can avoid running out of stock. Moreover, inventory management software prevents overstocking by offering insights into slow-moving or obsolete inventory. This enables businesses to make informed decisions about discounting or liquidating excess stock.

3. Improved Order Fulfillment

Thanks to streamlined order management processes powered by inventory management software, businesses can fulfill orders faster and with greater accuracy. Tracking orders from placement to delivery becomes a breeze, ensuring timely shipments and boosting customer satisfaction.

4. Better Inventory Visibility

Inventory management software offers comprehensive visibility into inventory across multiple locations and channels. This allows businesses to optimize inventory allocation, effectively allocate resources, and swiftly respond to changes in demand or disruptions in the supply chain.

5. Integration with Other Systems

Seamlessly integrating with accounting, ERP, and e-commerce platforms, many inventory management systems ensure data consistency and eliminate manual data entry errors. This integration streamlines business processes, encourages collaboration between departments, and facilitates accurate financial reporting.

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Ten Leading Software for Inventory Management

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1. SOS Inventory

SOS Inventory is the ultimate small business inventory software ideal for small to mid-sized businesses seeking an all-inclusive cloud-based inventory and order management system. With a wide range of features like inventory tracking and order processing, purchasing and manufacturing capabilities, and detailed reporting, SOS Inventory has you covered. The best part is that it seamlessly integrates with QuickBooks Online, ensuring real-time synchronization of your inventory data.

But that's not all. SOS Inventory offers multi-location inventory management, barcode scanning support, serialized inventory tracking, and customizable reporting. These key features make it perfect for businesses in the manufacturing and distribution industries. With its user-friendly interface and robust functionality, SOS Inventory is the go-to choice for businesses looking to streamline their inventory management processes.

With SOS Inventory, you can centralize your operations, improve accuracy, and optimize your inventory management like never before.

Pricing: Prices start from $59.95 per month.

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2. Shopventory

Shopventory simplifies inventory management and sales analytics for retail businesses with its user-friendly cloud-based platform. With this software, you can keep track of sales and stock levels in real-time, receive automated low-stock alerts, and manage orders seamlessly with centralized control. Linking with popular point-of-sale systems like Square, Shopify, and Clover, Shopventory ensures inventory data stays synchronized across different sales channels.

Aside from its exceptional features, Shopventory offers robust reporting and analytics capabilities. You can gain valuable insights into sales performance, inventory turnover rates, and profit margins to make informed business decisions. The software also supports multi-location inventory management, barcode scanning, multi-channel synching, and product bundling  categories, making it adaptable to various retail environments.

Pricing: Prices start from $39 per month.

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3. NetSuite Inventory Management

NetSuite Inventory Management is a valuable component of the NetSuite ERP suite, designed to help businesses of all sizes manage their inventory effectively. With its comprehensive inventory control capabilities, it offers end-to-end visibility into inventory levels, demand forecasting, procurement, and order fulfillment processes. The cloud-based platform of NetSuite enables real-time collaboration among different departments, resulting in improved supply chain efficiency and excellent customer service.

Some key features of NetSuite Inventory Management include demand planning, safety stock optimization, lot and serial number tracking, and vendor management. The software seamlessly integrates with other Netsuite modules like finance, CRM, and manufacturing, enabling businesses to simplify their operations and gain better visibility throughout the entire enterprise.

Pricing: Pricing details are available upon request.

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4. Finale Inventory

Finale Inventory is a fantastic warehouse inventory management software. Its goal is to optimize your warehouse operations and streamline your inventory control processes. With features like multi-channel inventory management, stock auditing, order management, and automated stock replenishment, it has everything you need in one place.

One of Finale Inventory's standout features is its warehouse management capabilities. It offers cycle counting, pick, pack, and ship workflows, and customizable user permissions. With real-time visibility, you'll always know exactly where your inventory stands. This allows you to make smart decisions about purchasing, sales forecasting, and optimizing your inventory.

Pricing: Prices start from $99 per month.

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5. Square Inventory

Square Inventory is an essential component of the Square Point of Sale (POS) ecosystem. It is a retail inventory management software that seamlessly integrates with your POS system. With Square Inventory, retailers can easily keep track of stock levels, efficiently manage inventory across multiple locations, and automate reordering processes.

This user-friendly inventory management software for small businesses offers useful features like setting up low-stock alerts, tracking the cost of goods sold (COGS), and generating detailed inventory reports. It also includes SKU management, supports barcode scanning, and syncs in real-time with Square POS transactions. What's more, Square Inventory seamlessly integrates with other Square tools such as Square Dashboard and Square Online Store.

Pricing: Square Inventory is a free inventory management software. However, it also offers paid plans with premium features. Prices start from $29 per month.

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6. Sortly

Sortly is a top inventory management software that takes the hassle out of tracking and organizing inventory for businesses, no matter their size. With its user-friendly visual interface, you can create virtual "containers" to neatly categorize and keep track of your inventory items using photos, tags, and custom fields. It's a hit among industries such as retail, hospitality, and healthcare, where the visual organization of inventory is crucial.

Sortly is designed to handle all your supplies, materials, tools, and equipment with ease. It is a fantastic product inventory tracker and inventory management software small business that can help you streamline your inventory like never before! You can enjoy features like QR code scanning, custom labeling, and location-based tracking. It allows you to generate detailed inventory reports, set up handy reminders for reorder points, and collaborate seamlessly with your team through shared access.

Pricing: Prices start from $29 per month.

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7. Wasp Inventory

Wasp Inventory is an all-inclusive inventory software designed to handle the inventory management needs of a wide range of industries. It offers a large range of useful features like managing accurate stock counts, minimizing errors, and avoiding the tedious task of manually entering items, locating bins, picking orders, and receiving inventory. With real-time inventory reports, you can easily compile and analyze vital data like transactions by site or warehouse, detailed inventory levels by SKU, or individual customer purchase order history.

Its automatic low-stock level notifications guarantee that you'll never lose another sale. You can set automatic reorder points for each bin location and choose preferred vendors for each item in your inventory. Whether you are looking for manufacturing inventory management software or stock room management software, Wasp has all your needs covered!

Pricing: Prices start from $1,295 per month.

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8. inFlow Inventory

inFlow Inventory is the perfect eCommerce inventory management software for businesses looking to streamline their inventory operations. With its flexible features, such as inventory tracking, order management, and reporting tools, you can optimize your stock levels and improve supply chain efficiency. Whether you prefer a cloud-based or on-premise version, inFlow Inventory has got you covered.

One of the standout features of inFlow Inventory is its barcode scanning capability, allowing you to easily track your inventory. Plus, you can customize workflows to fit your specific needs and seamlessly integrate with other systems. This means you have everything you need to efficiently pick, pack, and ship orders, right at your fingertips.

But that's not all! With inFlow, you can also compare carrier quotes, purchase shipping labels, and even email invoices to your valued customers. It's a one-stop solution for all your inventory management needs.

Pricing: Prices start from $89 per month.

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9. Quickbooks Inventory

QuickBooks Inventory is the perfect inventory management solution for small and medium-sized businesses in the QuickBooks ecosystem. It effortlessly helps you keep track of your stock levels, manage purchase orders, and sync inventory data with accounting transactions. With QuickBooks Inventory, you'll gain insight into inventory costs, sales trends, and profitability, empowering you to make smarter financial decisions.

Some of the standout features of QuickBooks Inventory include different inventory valuation methods like FIFO and LIFO, the ability to make inventory adjustments, and the ability to track sales order fulfillment. Plus, it seamlessly integrates with both QuickBooks Online and QuickBooks Desktop editions.

Pricing: Prices start from $15 per month.

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10. Zoho Inventory

Zoho Inventory is a powerful inventory tracking system designed to help businesses effectively manage their inventory, sales orders, and purchase orders. With real-time inventory tracking and seamless integration with shipping carriers, Zoho Inventory makes order fulfillment a breeze. Plus, it's part of the Zoho suite of tools, which means it integrates perfectly with other applications like Zoho Books and Zoho CRM.

But that's not all—Zoho Inventory also offers batch tracking, serial number tracking, and customizable reporting dashboards to keep you in control of your inventory. If you have multiple sales channels, Zoho Inventory can sync your inventory across all of them, online or offline.

Pricing: Prices start from $29 per month.

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Conclusion

In conclusion, it is crucial for businesses to carefully select the right inventory management software. Doing so will streamline operations, reduce costs, and improve overall efficiency. The ten software solutions mentioned in this blog each offer unique features and functionalities tailored to various industries and business sizes. Whether you need barcode scanning, real-time inventory tracking, or integration capabilities with other business systems, there is a suitable inventory management solution for you.

Furthermore, in addition to optimizing inventory management processes, businesses can enhance their operations by choosing the best employees with the help of advanced talent assessment tools. If you're looking for a comprehensive AI-powered solution, you should consider exploring HiPeople. This platform offers a vast Talent Assessment Library with over 300 different types of tests. With HiPeople, employers can make informed hiring decisions and build high-performing teams. Book a demo today!