Inventory Management Systems

Inventory Management Systems Overview

What are Inventory Management Systems?

Inventory Management Systems provide a central hub for retailers, primarily eCommerce or multichannel selling operations, to manage the flow of goods and eliminate inefficiencies in the movement of inventory between locations. Products in this category generally include modules for order fulfillment, procurement, and shipping in addition to inventory control and management.


Implementing an inventory management system allows companies to better manage their inventory levels, which becomes convoluted when there are multiple locations or bundled/kitted products. The software manages and tracks inventory and can predict demand, which helps prevent overstock or out of stock situations. It can help automate purchasing and shipping. Finally, inventory management systems help with the management of vendors, orders, suppliers, fulfillment, and warehouse locations.

Inventory Management vs. Order Management, Supply Chain Management, and Warehouse Management Systems

Generally, an inventory management system is more affordable than omnichannel order management and retail suites, which also encompass marketing, payment processing, and customer management. Supply chain management (SCM) suites include logistics, product lifecycle management, and enterprise asset management in addition to inventory control and ordering systems.


Software billed as inventory management is a wiser choice for smaller businesses, compared to SCM suites which are designed to manage supply across many warehouses or a complex logistics network. Capabilities of inventory management systems are very similar to warehouse management systems (WMS), though WMS’ are often targeted at distributors while inventory management systems are most often targeted at retailers; however, this is not an absolute distinction.

Inventory Management System Features & Capabilities

A basic Inventory Management System should include:
  • Inventory control - including inventory location tracking, inventory levels and low stock alerts, reordering rules and automatic reordering

  • Bill of materials (BOM) creation and management

  • Barcode scanning capabilities or integrations

  • Tools to optimize inventory stocking levels based on historical sales data

  • Purchase/Sales order management

  • Fulfillment tools and optimization

  • Order and stock history

  • Backorder management

  • Reporting and analytics - including product/channel performance and sales forecasting

Some products may include the following modules or integrate with third party vendors that provide:

  • Shipping and tracking

  • Supplier relationship and supplier performance management

  • Accounting or bookkeeping

  • Customer relationship management (CRM)

  • Enterprise asset tracking

Inventory Management Systems Comparison

Inventory management systems are most useful when they possess all the features and capabilities we’ve outlined. However, to more easily compare Inventory Management Systems consider evaluating different options based on these factors:



Accounting software integration: Inventory management systems provide the most return on investment when you can connect them to your existing accounting software to be able to calculate your company’s cost of goods and valuation of products at any given time. Some tools, like Zoho Books, combine accounting software and inventory management into one platform.


Procurement tools
: The modern warehouse is incredibly complex due to globalized supply chains. Inventory management systems can help you manage procurement by using predictive analytics that help keep warehouses sufficiently stocked. Look for inventory management systems that can forecast demand and safety stock levels. Other reporting tools related to procurement you will want to consider include order recommendations and decision-making suggestions that are based on your inventory history.




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Pricing Information

Most inventory management products follow a pricing scheme based on the number of shipping orders processed per month. These range from $40 to $80 on the low end to $300+ for the highest shipping volume. There are at least two open source solutions for personal or small business use. Enterprise level users are always advised to work with the vendor for a custom quote.

Inventory Management Products

(176-200 of 210) Sorted by Most Reviews

ACTouch Technologies Pvt. Ltd.

ACTouch is a Cloud-Based ERP Software Designed Specifically For Small Businesses, Providing Inventory Management, Billing & Invoicing, Payment Management, Manufacturing, Online Accounting,Sales and Purchases, Order Management,Budgeting, General Ledger etc.

MarketMan

MarketMan

Starting Price $127

MarketMan in New York offers a cloud-based inventory, ordering, and reporting solution to help restaurant operators manage more efficiently and profitably.

Smart Software

Smart Software is a provider of demand planning, inventory optimization and supply chain analytics solutions headquartered in Belmont, Massachusetts, USA. Founded in 1984 Smart boasts having helped thousands of customers plan for future demand utilizing statistical analytics. Smart…

BooksPOS

BooksPOS aims to make complex retail simple with all-in-one cloud inventory, POS, Accounting, and eCommerce. BooksPOS allows users to manage sales channels, inventory, point of sale and supply chain in one central, cloud-based software. BooksPOS also allows users to run franchise…

Directify

Directify is an all-in-one software solution for online sellers that optimizes and automates boring tasks of Inventory, Procurement and Order Management across multiple sales channels (webshops, Amazon, Shopify, Bol.com, unique large customers, etc.), aiming to save users working…

Celeritech StockPro

StockPRO is a presented by Celeritech as a full-featured and robust mobile warehouse solution built with SAP Business One best practices. This solution allows users to process: - good receipt - stock transfer - pick & pack - production orders - cycle counting - palletizing To…

StackFX ERP

StackFX ERP is a cloud-based ERP Solution custom-built for the businesses in Middle East. StackFX is an all-in-one solutions and comes with features like Accounting, HR, Inventory management, Sales Management, HR Management, Payroll, CRM, Multiple warehouse management, and Integrated…

INTURN 360

INTURN 360 aims to solve for a common problem across industries and companies—slow-moving and excess inventory. With no real-time visibility or existing systems in place to manage growing inventory levels, brands waste valuable time and resources on inefficient, redundant work. The…

Rentman Asset Management

A solution to control assets with full visibility, and keep track of asset movement across locations, persons, or teams. With Rentman users can manage asset data and workflows in any preferred way, whether tracking laptops, machinery, or medical equipment. Rentman's cloud and mobile…

PackageX Mailroom

PackageX works at the heart of the latest advancements in machine vision and Artificial Intelligence (AI) to deliver mailroom management and delivery automation solutions. Their products are powered by the cloud and boast users among teams like WeWork, DelVal University, Symphony…

Omnichain ERA

Omnichain is an enterprise focused on customer centric supply chain management solutions that uses blockchain, AI, and machine learning to help consumer brands and retailers drive business growth at scale. They aim to enable real-time transparency, trust and data flow across the…

Vyapar

Vyapar is a basic Business Accounting, Invoicing & Inventory app made for small Businesses, that lets users manage, invoices/receipts, estimates, payments, inventory, online orders and clients. The vendor presents it as an ideal solution to fulfill all Business Accounting needs.…

TYASuite Inventory management software

TYASuite provides a platform for business to systematically manage their business inventory. TYASuite Inventory Management Software allows users to plan, track, and handle inventory with full control and real-time visibility. It features barcoding, catalog management, price management,…

Kechie ERP

My Office Apps offers a cloud ERP software under the brand name Kechie ERP. Kechie ERP helps streamline business needs by automating and synchronizing inventory management, procurement, sales order management, finance, manufacturing CRM, and warehouse management. The Kechie ERP Software…

Leafio

leafio is a SaaS company serving retail chains by enhancing, optimizing and automating supply chain processes.

Intuendi

Intuendi is an inventory optimization and demand planning solution for retail from the company of the same name in Florence.

Slimstock Slim4

Slim4 is a forecasting and inventory optimization software system from Dutch company Slimstock.

GMDH Streamline

Streamline from GMDH Software is an AI-based demand forecasting and revenue planning solution for manufacturers and distributors, as well as retailers, free for users with less than $1mil in revenue.

Stor.ai (formerly Self Point)

Stor.ai is an inventory management tool for grocers, providing the with tools to build and manage their own catalogue of inventory and scale up online business with fulfillment methods to meet growing consumer needs.Stor.ai allows grocers to swiftly move online, ensuring that customers…

PortalTrack RFID Software by MSM Solutions

PortalTrack RFID Software is a software solution that identifies, counts, tracks, and manages millions of objects every day. IDENTIFY - PortalTrack is used to track, count, and manage objects with a Digital DNA, or smart labels.TRACK - PortalTrack is designed to enhance product visibility…

NETSTOCK

NETSTOCK is a cloud-based inventory management solution that connects to the user's ERP to provide additional functionality to optimize inventory. The solution helps users classify items, providing reliable forecasts, and order recommendations. NETSTOCK gives visibility and control…

PartsPal

PartsPal is e-commerce software for parts distributors. It enables users to sell aftermarket and OEM parts online with detailed and accurate fitment data.

Rokdi Billing Software

ROKDI is a GST-ready Accounting and Invoicing tool that enables users to generate detailed reports, manage stock, and check the business status anytime with this online as well as offline billing software for any type of business. It has GST compliance and automates business workflows…

Acctivate

Acctivate is an inventory management software offering from Alterity, Inc. meant to integrate with QuickBooks, Intacct, and other platforms. It includes features such as barcoding & mobile, kitting & assemblies.

Unleashed

Unleashed is an inventory management software offering from Unleashed Software in New Zealand. It includes features such as integrated eCommerce accounting.

Frequently Asked Questions

What is the difference between inventory management system and order management software?

An Inventory management system is often less expensive than order management software. Also, order management software is primarily focused on the purchase to pay workflow.


What are the benefits of using an inventory management system?

Inventory management systems improve the efficiency of moving inventory between locations. They also allow businesses to monitor their inventory levels and easily restock when necessary.

How much does an inventory management system cost?

Inventory management systems are typically priced based on the number of shipping orders processed per month. The cost can range from $40 to over $300 for the highest shipping volume.

What is the best inventory management system?

The inventory management system with the most reviews on TrustRadius is QuickBooks Desktop Enterprise. Odoo also received positive reviews from small businesses and mid-size companies.