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10 Best Inventory Management Systems for 2020

Category: B2B News
What is the best inventory management software?
The best inventory management software is Netsuite ERP, given its ability to control inventory regardless of location and volume. It offers all the tools needed to track inventory, reorder counts, and monitor cycle points. Other winning features contribute to the system’s tight asset control.

If your business is still fumbling around with double entries and headache-inducing human errors in your inventory system, then, you are holding your business operations suspended in midair. There is no reason to delay upgrading your manual inventory system.

There are a host of robust, integrated inventory systems that easily sync product information across purchase order teams, inventory people, customer information staff, and modern media and ecommerce channels.

In this article, we present the 10 best inventory management systems, so you don’t have to spend precious time doing it yourself. These 10 leading inventory management software solutions pack cutting-edge features, like the use of better algorithms or artificial intelligence to better sort and track your products by any handle and tag of your choosing.

inventory management system

What are the 10 best inventory management systems?

As new technologies continue to bombard the business landscape, one would think that inventory problems are now things of the past. But nothing could be further from the truth. Many small businesses have yet to embrace inventory management technology, resulting in inefficient inventory management. For example, 46% of small businesses don’t track their inventory or don’t have an automated method to track it.

This, despite studies showing that improving inventory management processes can help businesses reduce spending by as much as 25%.

Benefits of integrated order processing in inventory systems

Source: Easypost

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However, this inefficiency can be easily resolved with the use of various inventory management systems, tools that can help you get a firmer grip on your supply chain, track inventory and ship your products on time.

This is why we present to you the 10 best inventory management systems in the market. Their key features and functionalities will be discussed in detail. After this reading, you will have gained a better understanding of these tools and be on your way to finding the best one for you. Read about the main features and benefits of these popular systems, consider our tips for effective inventory management, and pick the right platform for your company’s needs.

1. NetSuite ERP

Netsuite ERP dashboard

Our top pick of the bunch, NetSuite ERP Inventory Management, is designed to put you in control of your inventory regardless of volume or location. It allows you to meet customer service expectations or supply work orders in your warehouse. Using its built-in tools and features, you can track inventory in several locations as well as monitor cycle points, re-order counts, and safety stocks. Intended for fast-growing mid-sized and large businesses, the solution ensures that you have ample inventory volume to fill in order demands anytime.

Among NetSuite ERP’s core capabilities are automatic calculation of key settings, managing and viewing inventory across your organization, and multiple location planning. The application provides several tools to automate the critical process of maintaining the proper amount of inventory to address service demands. Its inventory count feature lets you categorize inventory according to transaction volume or value to further improve inventory tracking, keep precise item count, and have better control of your assets.

NetSuite ERP

An award given to products our B2B experts find especially valuable for companies

Try out NetSuite ERP with their free trial

With its warehouse management capabilities, NetSuite ERP enables multi-location inventory tracking. It displays physical locations as a hierarchy, and you can create sub-locations or further break them down into bins for a deeper level of tracking. You can define bins and locations and store any item in any location for a holistic view of your inventory levels across all your physical facilities. NetSuite ERP’s comprehensive tools and automation features can support end-to-end processes, from managing your supply chain to maintaining an organized and detailed record of every item in your inventory wherever they are located.

Oracle’s cloud-hosted ERP offering is available by quote.

Detailed NetSuite ERP Review

2. Zoho Inventory

Zoho Inventory dashboard

Our review team of B2B software experts analyzed the leading inventory management systems and picked Zoho Inventory as the second choice based on its simple but powerful main features, an extensive suite of integrated native apps, customization, quality of customer support and other aspects.

What you’ll appreciate at once in this inventory management system is that it’s part of Zoho’s suite of quality business productivity apps. The significant advantage of Zoho Inventory over the others is its compatibility with other Zoho productivity apps, which allows you to migrate data seamlessly across your Zoho stable of products. This means you can handle inventory, sell, and manage customer relationships and HR using a single platform and account. With the Zoho Inventory free trial, you can learn more about the product’s features at no cost.

Zoho Inventory

Zoho Inventory

Try out Zoho Inventory with their free trial

This software enables businesses to automate their order and inventory management and track deliveries. It is a suitable solution for ecommerce businesses of all kinds and sizes. Moreover, the app is integrated with multiple cloud retailers and leading shipping solutions. That means wider choices and more flexible online selling for you. The vendor also offers suitable pricing packages for the needs of startups and small businesses with tight budgets.

What is the highlight of Zoho Inventory? It offers end-to-end tracking, meaning it can track inventory from the initial order to the final delivery. Another advantage is it facilitates mobile tracking on iOS and Android devices. The system includes robust reporting and analytics tools as well as out-of-the-box functionalities such as multiple sales channels, billing and invoicing, full order fulfillment and management, inventory reloading to avoid stock-outs, and more.

Detailed Zoho Inventory Review

3. Vend

Vend dashboard
Next on our list is online point-of-sale and ecommerce solution Vend, whose inventory management system is one of its strongest features. With Vend, populating your inventory is as easy as importing CSV product files from your old inventory, retail, or other POS systems, even by bulk. Once your products are in Vend, the software will do the rest, organizing the items by type, name, supplier or supplier code, tag, or any handle of your choosing.

The inventory tool lets you generate inventory counts or cross-check your cloud commerce collections. As an ecommerce and retail application, Vend could easily connect and update product listings to your stock-takes, purchase order, or sales. Its unified product catalog magically syncs your product information across e-stores and sales channels. With such inventory management power, you don’t have to deal with inventory listing errors, especially of the double or multiple entries type. Should you want to investigate the platform firsthand, you can easily do so at no cost thanks to the Vend free trial.

Conversely, you may edit a close product variant by duplicating one and proceeding to change details accordingly. Once you are done, you may proceed to save the edited version as a new entry, saving you the tedious task of starting from scratch to add product entries to your inventory.

Detailed Vend Review

4. Cin7

Cin7 dashboard
Cin7 is a complete, automated point-of-sales package and inventory management suite created to cater to the needs of different business sizes and industries. Completely cloud-based, this platform offers top-of-the-line features that let you sell and distribute your products more quickly and efficiently. It connects all your inventories and lets you manage multiple sales channels in one platform, giving you a better idea of how your stores and online sales are being managed across outlets.

Aside from being an all-in-one inventory, POS, EDI, and 3PL system, Cin7 can also be integrated with more than 100 third-party applications so you can have access to all the features you need in one platform. This tool is also great for owners of online shops as it can be used alongside multiple ecommerce systems. The vendor offers a free trial to help you learn more about Cin7 features.

Built for adaptability,  Cin7 keeps stock in line with orders no matter how or where a brand holds or sells its products. Cin7 adapts to the unique way you do business, with integrations to 200+ ecommerce platforms, marketplaces, 3PLs, EDI retailers, accounting, shipping, payment, and CRM services and channels and with built-in warehouse, retail POS and B2B modules.

Cin7

Cin7

Try out Cin7 with their free trial

5. Fishbowl

Fishbowl dashboard

Fishbowl is a manufacturing and inventory management software that works seamlessly with Quickbooks. It streamlines operations for manufacturers, distributors, and sellers. It also provides warehouse management and asset tracking tools to help small to midsize businesses stay on top of their inventory. These tools give companies real-time updates of their stock levels in single or multiple locations.

Additionally, Fishbowl can be tailored to your unique business needs. It has custom fields that you can manually configure to you suit your processes. And in case you cannot find the right reports you are looking for, the platform allows you to generate custom reports. Plus, it has a robust shipping module that makes connecting with your shipping partners a lot easier. If you want to learn more about this product, be sure to check the Fishbowl free trial.

Fishbowl

Fishbowl

Try out Fishbowl with their free trial

6. Katana

Katana dashboard

Katana is a smart manufacturing software to help businesses with their raw material tracking, production planning, and stock support. It allows you to make inventory adjustments easily and automatically calculate operation costs. In one centralized dashboard, you get complete visibility over your multi-channel inventory and all your sales orders.

Furthermore, Katana lets you manage your outsource manufacturing processes. With it, you can stay in control of all your orders, raw materials, and manufacturing operations across multiple locations. It is also designed for easy implementation, so your team can easily get used to the software and start operations right away. You can investigate the product’s features closely at no cost thanks to Katana free trial.

Katana

Katana

Try out Katana with their free trial

7. Orderhive

Orderhive dashboard

With a simple and powerful multi-channel inventory management, Orderhive automates, and streamlines order workflows. It combines all the features you’ll need for an efficient inventory tracking–sales order management, stock updates, shipping processes, and ecommerce automation. Moreover, it provides timely actionable insights that you can leverage to optimize your inventory costs.

Automated PO creation, barcode systems, and multi-currency transactions simplify purchase management operations. Meanwhile, integrations with accounting systems like Quickbooks and Xero help you facilitate invoicing and payments. Also, Orderhive equips businesses with a returns management feature so you can easily handle returned goods and manage refunds. With the Orderhive free trial you can learn more about its features at no cost.

8. QuickBooks

QuickBooks dashboard

While many know QuickBooks as excellent all-around accounting software, its inventory management tool is actually capable of standing toe to toe with the best-dedicated inventory management tools in the market. If you think that businesses are all about selling items or services, then it makes sense that an accounting software solution should be able to manage all these items. And account for inventory items, QuickBooks does very well.

First off, QuickBooks takes care of updating inventory quantities that you sell or purchase. A quick view of this function should easily tell you what’s selling hot, which then tells you what to reorder. As you attend to your duties, QuickBooks works in the background to adjust the values of your inventory for your balance sheet.

Detailed QuickBooks Enterprise Review

QuickBooks tracks your orders and organizes the contact information of any number of vendors so you could seamlessly proceed with reorders when the need arises. You could organize products based on prices, any categories that you wish to define, or by images. To determine the value of any product you have sold, you simply run the first-in, first-out (FIFO) tool. For a quick view of how your business is doing, you could have QuickBooks generate a report of total sales and total taxes, then follow it up with a list of the items that are selling the most.

9. TradeGecko

TradeGecko dashboard

TradeGecko offers an elegant interface and cloud-based and automated delivery of asset management services. Multichannel, as well as multiregional wholesalers and distributors can use this handy tool to manage sales and supply chains, inventory, and customer relationships. Plus, the app integrates seamlessly with widely used ecommerce and accounting systems as well as with Shopify POS in physical stores. In addition, the vendor offers mobile apps for Android and iOS devices. A major highlight is TradeGecko allows you to invite your customers and sell on a private ecommerce ordering platform.

One of the key features of TradeGecko is it gives an individual description page for each product where the manager can track its performance and stock supply, allowing for the identification of positive trends. If stocks run low, the app notifies the manager through automatic reorder reminders.

For sales and order management, TradeGecko acts as an end-to-end or order-to-payment system that the manager can use to process orders, send quotes, and fulfill them after getting paid. The best part is you don’t need an accounting solution for invoicing and closing deals – you can process and track payments from the same application where the order was made.

Detailed TradeGecko Review

10. Systum

Systum dashboard

Cloud-based multi-channel business solution Systum helps you improve and streamline your wholesale processes by providing valuable insights. Its core functionalities include inventory management, CRM, multi-channel sales, shipping and fulfillment, and purchasing and supplier management, to name a few. Designed for use by SMBs, the software supports selling over multiple channels, eliminating the need to track or submit orders. The analytics that comes with the system help you boost your sales while being able to handle business concerns from a single platform.

The product allows you to manage your inventory across your sales channels–in real-time, helping you make improvements to your decision-making. Its inventory management offerings include product, inventory controls, SKUs, kitting, barcode scanning, and stock level management. Systum also enables you to manage all order fulfillment and inventory with a single solution. Multiple warehouses can likewise be managed while streamlining your operations.

Detailed Systum Review

The Changing Face of Inventory Management Software

If you think that inventory management technology has reached its apex, think again. The future of inventory management is seen to be shaped by the entry of new technologies, which can further extend to the whole supply chain. These innovations will surpass past technologies, which previously focused on automation that speeded up processes, reduced errors, and cut waste. The following are trends that are seen to impact the future of inventory management:

  1. Smart Order Management. Intelligent order management systems will help businesses ensure that the right products are delivered to the right customer on time, every time. They also ensure that no duplicate processes are carried out, along with the inaccurate shipment of products that are not in stock.
  2. Shop Anywhere Experience. With the increased popularity of mobile devices, customers are seen to benefit from businesses’ ability to improve customer experience by giving them access to products from virtually any machine or device. This means that any user can access shopping carts not only from desktops but from mobiles as well.
  3. Cloud and Other Technologies. Leveraging the power of the cloud is undeniably one of the greatest innovations in business technology. It has become a staple among many companies, allowing them to access their data and assets anytime, anywhere. It is this capability that makes a case for integrating other technologies like machine-to-machine interactions and the Internet of Things with the cloud. This setup further enhances automation; only this time, devices can monitor functionality by themselves.
  4. Inventory Data. Previously thought as a pie in the sky, real-time inventory data is now a reality, albeit, far from being perfect. The technology has been helping companies come up with efficiencies at a much faster pace. In this way, you can boost production by extending it to other facilities. All concerned parties are likewise given a clear view of the supply chain so that no one gets left behind.
  5. Data Analytics. Dubbed as the most important technology to ever grace the business world, analytics help improve the way companies handle their operations. This is also true for inventory management, bringing order to their entire supply chains.

Start with Powerful Features or Go for Free

And were’ just about done here. By now, you should have a good idea of what app is right for you. NetSuite ERP Inventory Management makes a strong case because of its powerful features. If you want to learn more about its features firsthand, you can easily sign up for NetSuite ERP Inventory Management demo to test drive the app.

If you are a small business owner, however, looking for free software to get the hang of the basic features, read our article on the best free inventory management software solutions. It will walk you through all the features and benefits that these products have to offer.

By Nestor Gilbert

Senior writer for FinancesOnline. If he is not writing about the booming SaaS and B2B industry, with special focus on developments in CRM and business intelligence software spaces, he is editing manuscripts for aspiring and veteran authors. He has compiled years of experience editing book titles and writing for popular marketing and technical publications.

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