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.




Start an Inventory Management System comparison



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

(26-50 of 210) Sorted by Most Reviews

inFlow Inventory

inFlow Inventory

Starting Price $71

inFlow Inventory is an inventory management software offering from Archon Systems.

OMS Office Master System

OMS Office Master System is an inventory management software offering from Master System. It includes features such as oms enterprise software and inventory control.

Almyta Control System

Almyta Control System is an inventory management software offering from almyta systems. It can be customized for both single and multiple users.

Linnworks

Linnworks is an inventory management software offering from Linn-Systems. It includes features such as multi-channel software and order management.

Stock Tracker

Stock Tracker is an online ordering and stocking software offering from UK company Defy Logic. It includes features such as stock control and order management and social media set-up.

RF Pathways

RF Pathways is an inventory management software offering from Automation Associates.

Goods Order Inventory System (GOIS) Pro

Goods Order Inventory System (GOIS) Pro is a web and mobile application designed specifically to address the inventory management needs of SMEs moving up on the growth curve. Some key features include: Multiple Platform Compatibility, Real Time Synchronization and Currency, Themes…

RightControl

RightControl

Starting Price $1.50

RightControl is a business management software range designed specifically to meet the needs of the small business user. The products in the range have been tailored to suit different size enterprises in terms of their inventory and user capacities. This comprehensive inventory management…

StratusStockroom

StratusStockroom is an inventory management software offering from Intellitrack. It includes features such as the ability to get notifications when stock levels reach critical lows and set up an automated system to track input and outtake of items.

SenseQuiet Inventory

SenseQuiet Inventory is an inventory management software offering from SenseQuiet Technologies. It includes features such as multi-location inventory software and integrated accounting capabilities.

Cybex Enterprise Retail System

Canadian company Cybex Systems offers their Enterprise Retail System, an integrated platform combining their Head Office software with a point-of-sale (PoS) system, inventory and order controls, and business intelligence, for a total retail management solution.

Aestiva Inventory

Aestiva Inventory is an inventory management software offering from Aestiva Software. It includes features such as customized inventory form and customized check-in and check-out tools.

Vogue Professional

Vogue Professional is an inventory management software offering from Dimensional Business Solutions. It includes features such as manually generated purchase order management via the special order processing module.

RedBeam Inventory Tracking

RedBeam Inventory Tracking is an inventory management software offering from RedBeam, Inc. It includes capabilities to easily track item movements, take cycle counts, and conduct a physical inventory.

Zenventory

Zenventory is an inventory management software offering from Ubiquia.

MapYourTag

MapYourTag is an inventory management software offering from MapYourTag. It includes capabilties such as shipping and logistics.

TFG4000 Inventory

TFG4000 Inventory is an inventory management software offering from The Fredrick Group, Inc. It includes features such as data conversion assistance and bar code device integration.

XtreMe eStoreKeeperPRO

XtreMe eStoreKeeperPRO is an inventory management software offering from Pathfinder. It includes features such as well-defined workflows, authorizations & escalation processes and intuitive & transparent business intelligence.

NumberCruncher

NumberCruncher

Starting Price $1,800

NumberCruncher is an inventory management software offering from NumberCruncher.com, Inc. It includes features such as granular inventory visibility and reducing recall loss with serial and lot.

VISCO

VISCO is an inventory management software offering from VISCO LLC. It includes features such as profitability analysis at the transaction level and shipment level / lot level / unit level tracking.

Yellow Dog Inventory

Yellow Dog Inventory is an inventory management software offering from Yellow Dog Software. It includes features such as physical inventories and purchasing, receiving & invoicing.

GoECart IMS

GoECart IMS is an inventory management software offering from GoECart. It includes features such as customer & volume pricing and integrated real-time advanced inventory with commitment management.

Masterworks

Masterworks is an inventory management software offering from Beckard Associates. It includes features such as streamlined order fulfillment and increased efficiency in logistics.

TopShelf

TopShelf is an inventory management software offering from Scout Software. It includes features such as cloud based inventory/warehouse application and the abiltiy to provide solution for retail, manufacturing, distribution, and medical sectors.

Warehousing/3PL

Warehousing/3PL is an inventory management software offering from ScanOnline.

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.