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10 Best Inventory Management Systems for 2019

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 include inventory categorization, key settings calculation, and inventory viewing and management, all of which 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 that holds your sales and overall business operations suspended in midair, then there is no reason to delay upgrading your manual inventory system to the powerful, integrated inventory system that easily syncs 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 chasing after leads that send you back exactly at the point where you started. These ten leading inventory management software solutions are culled from the pack because of their 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.

Some of the applications most likely will offer similar functionalities, so watch out for how they differ through other essential details like pricing, customer support, or whether they let you freely integrate critical features from another application.

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.

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

The Inventory Management Process

www.edrawsoft.com

While the image above illustrates the process of inventory management in a straightforward way, it does not show the subtleties of doing modern business. For example, when you run an ecommerce and a customer places multiple orders within a defined timeframe, you could be doing yourself a disfavor by having pickers and packers unaware of disparate orders to be delivered to the same address. A software solution featuring the newer technologies shaping inventory management today should be able to flag this event and pass the information to the pickers and packers. It should automate tasks that you typically spend hours doing manually in the past.

Looking ahead, watch out for a trend that is catching fire in many places: experiential retail. What does it mean? It simply means that today’s customers go to stores not just to purchase but to enrich their experience too. It seeks to eliminate the idea of stores as stale and boring places to be for other people. As experiential retail grows, so too the inventories that support them. And inventory management application would be a big part of experiential retail.

You can have a physical store, for example, that provides yoga classes or enjoyable dining while having multiple fitting rooms where customers can try different clothes to their liking. When they decide to purchase, they will do so online and expect the items to be delivered to their addresses. These business arrangements will allow for retailers to not to hold physical inventories for their customers: they simply have a few of them for testing. Once a customer decides to buy, that’s when your inventory system triggers the supply chain.

When you find your business suffering from problems related to inventory management — you cannot track demand, you always find that you have excess inventory, and many of your products get lost in the supply chain — you definitely need to have an inventory management system.

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 and pick the right platform for your company needs.

10 Best Inventory Management Systems for 2019

1. NetSuite ERP

netsuite erp dashboard example

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 on your assets.

You can sign up for NetSuite ERP free demo here to know more of what it can do for your business.

NetSuite ERP

This award is given to the best product in our ERP software category. It highlights its superior quality and underlines the fact that it's a leader on the market.

NetSuite ERP won our Best ERP Software of 2018

Our score
9.6
User satisfaction
100%

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 are able to 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.

2. Zoho Inventory

zoho inventory dashboard example

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 big 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.

You can sign up for Zoho Inventory free trial here to enjoy all its features at no cost.

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.

3. QuickBooks

quickbooks dashboard example

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 consider 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 after all. 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.

You can sign up for QuickBooks free trial to see what the application can do for your business firsthand.

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.

4. TradeGecko

tradegecko dashboard example

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.

You can check the solution closely when you sign up for TradeGecko free trial here.

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.

5. Systum

systum dashboard example

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 singular platform.

Sign up for free Systum trial here to experience its features for yourself.

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 allows you to manage all order fulfillment and inventory with a single solution. Multiple warehouses can likewise be managed while streamlining your operations.

6. Vend

vend dashboard example
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 products 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.

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 in order to add product entries to your inventory.

7. Brightpearl

brightpearl dashboard example

Brightpearl is a multichannel retail management product that helps companies manage key business processes such as handling orders, inventory, reporting, warehousing, payments, accounting, and customer data in one place. Multichannel retailers can use the app to boost their growth and profits. A key benefit is, the product offers real-time reports on cash flow inventory, customer buying behavior, profitability by SKU and channel, and more.

Retailers can arm themselves with the actionable insights provided by Brightpearl to bring their core processes under control and focus on merchandising and expanding their business. The app gives companies multiple new channels to grow their business as it integrates smoothly with leading business apps such as ekmPowershop, Bigcommerce, Shopify, Magento, eBay, and Amazon.

Brightpearl offers built-in accounting and reporting that deliver insights at the levels of channel, SKU, and customer. Plus, it is integrated with leading shipping carriers to ensure accurate and timely shipments. In short, Brightpearl gives you the channels, insights, and tools you need to grow your company’s sales and profit.

8. Cin7

cin7 dashboard example
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.

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.

9. SellerCloud

sellercloud dashboard example

SellerCloud is an eCommerce software application that is designed to meet the needs of online retailers. It provides automation, simplification, and synchronization features that enable you to manage the challenges of your multichannel sales operations.

What makes SellerCloud stand out? As mentioned earlier, it offers robust tools to help retailers manage the full range of multichannel selling. The system does all the necessary work including inventory and warehouse management, order processing and shipping, accounting integration, and publishing lists to marketplaces. The best part is that this single solution simplifies complicated ecommerce processes, enabling companies to better control and manage their online sales operations. Key features include accounting, reports, shipping, orders, purchasing, and single entry catalog.

10. FinancialForce ERP

 financialforce erp dashboard example

FinancialForce ERP is designed to meet the needs of mid-market enterprises. Companies usually face confusion when they migrate from CRM to an ERP tool, but this app makes the transition much smoother. When it comes to customer service, a company’s management usually doesn’t realize the needs and demands of their customers. This causes confusion and customers also face issues as they get bounced between business units in their search for resolutions to their issues. FinancialForce ERP eliminates all these confusion as it offers companies a unified ERP app built around the Salesforce platform that gets rid of boundaries between business units.

FinancialForce ERP links products, partners, employees, and customers using a single solution, providing users with a good overview of the whole customer journey. Users who subscribe to both Salesforce CRM and FinancialForce ERP can benefit from cross-departmental collaboration, workflow, analytics, and reporting capabilities.

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 new 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 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 the 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 are able to 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. 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 something 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 here 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.

Best Inventory Management Software of 2019

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