Inventory Management Software and Systems

TrustRadius Top Rated for 2023

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QuickBooks Desktop Enterprise

QuickBooks Desktop Enterprise is a widely-used accounting package designed for small to mid-sized businesses. It is the top of the QuickBooks line. Pricing starts at $3,000 for five users, and goes up depending on the number of additional users. They also offer an Advanced Inventory…

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galleryManager

galleryManager is an inventory management software offering. It includes features such as consignments and sales and invoicing.

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add*ONE
0 reviews

add*ONE is an inventory management software offering from INFORM. It includes features such as self-adapting forecasts and calculation of cost-effective order proposals.

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Chronos eStockCard

Chronos eStockCard is an inventory management software offering from Chronos Process Integration.

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Track & Trace
0 reviews

Track & Trace is an inventory management software offering from a2b Tracking Solutions. It includes features such as track assets and facilitate recalls with traceability.

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Slingshot Inventory & Warehouse

Inventory & Warehouse is an inventory management software offering from Slingshot. It includes features such as sales order managment and requisition managament.

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CoreIMS
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CoreIMS is an inventory management software offering from CoreIMS. It includes features such as inventory management software and turnkey solutions.

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Piro
0 reviews

Piro is an inventory management software offering from MindSpark. It includes features such as Piro provides a fully integrated business platform for running a manufacturing shop in-house. Additionally, Piro is entirely configurable to meet virtually any production setup and workflow.…

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Vision Inventory Management

Vision Inventory Management is built specifically for companies in the home entertainment, electronics, and publishing industries. It was divested by Aptean and is now owned and supported by Avolin since 2018.

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SpikeFli Analytics

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SixBit Software

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Ginesys
0 reviews

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AlloyERP
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Bling
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N41
0 reviews

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ERP123
0 reviews

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Posibolt
0 reviews

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Intact iQ
0 reviews

Learn More About Inventory Management Software and Systems

What are Inventory Management Systems?

Inventory management systems, or inventory management software, 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 Software 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

Most inventory management software products include the following features:

  • 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 Software 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 software products, 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 software 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.

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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.