Best Inventory Management Software of 2020

Need to keep track of your business inventory? If you want to avoid product mismanagement and profit loss, then of course you do.

BY: MARK ANDREW ON FRIDAY, DECEMBER 06, 2019
Best Inventory Management Software of 2020

Need to keep track of your business inventory? If you want to avoid product mismanagement and profit loss, then of course you do.

Yet, 43% of small businesses do not track their inventory or are using a manual process to do it instead.

What they should be using is inventory management software.

Every business strives for success and longevity, but without products, this is unattainable.

Business owners must know when stocks are running low to reduce a loss in profits.

With an inventory management system, you gain the ability to track your stock. Needless to say, this is a vital part of determining when to order more products.

It can forecast and predict which products to request and in what quantities. Too often, businesses overstock their inventory to prevent stock-outs.

They want to ensure products are available when customers are ready to buy.

But overstocking items come with a price and its own challenges.

As of June 2019, U.S. retailers are sitting on approximately $1.36 of inventory for every $1 in sales.

To spend your money wisely, you must make inventory tracking a priority. Otherwise, you can expect excess carrying costs and unexpected stock-outs.

Your business needs to prevent store shelves from being empty, creating unhappy customers.

With the right management software, this is achievable. You simply need to find the one you can trust.

Benefits Of Using An Inventory Management System

An inventory management system helps business owners raise their level of success.

When you delegate this time-consuming task to a management system, it increases productivity. It also creates space for more customer-focused efforts and satisfaction.

The software automates orders, predicts product volume, and analyzes data trends. It can even tell you which product is out-preforming the others.

When you learn which merchandise is most in-demand, you make better business decisions.

Inventory management software increases your company's revenues.

How? These systems provide data that enables you to deliver a better customer experience. It is simple, with a stock room full of inventory, you can better meet customer expectations.

What Businesses Should Look For In An Inventory Management System

The best systems are the ones that best meet your needs. Systems that track and optimize the entire journey of a product. It only makes sense that you follow merchandise, from order placement to delivery.

Yet, not everyone does. To start, you first need to know what to look for in an inventory management solution.

  • Track Inventory Items - Offers a centralized view of stock across sales channels.
  • Control Costs - Keeps records and provides inventory reports.
  • Improve Delivery - Knows when the vendor is shipping inventory and when it will arrive.
  • Manage Planning & Forecasting - Analyze data trends from well-performing stocks to improve demand.
  • Improve Inventory Management Time - Decrease the time it takes to track products. This includes the one you have in stock and on order.

It also reduces the need for inventory recounts, saving you and your team from wasting a lot of time and money.

How We Evaluated Inventory Management Software

To assist you in your search to find the best inventory management system, we put together a list.

We evaluated several different inventory management solutions. The ones that met the criteria made it onto our list. Here is what we were looking for:

  • Price Comparison: We found those that should work well with most business budgets.
  • Ease of Use: We looked for natural and uncomplicated inventory management software.
  • Asset Tracking: We picked systems that track and provide “running out of stock” alerts.
  • Purchase Orders: We looked for systems that offer automatic orders and reorders. You can choose to either set it up through the software or integrated POS system.
  • Barcoding: We studied how each app allows you to scan SKUs on the stock using a barcode scanner or mobile device.
  • Cloud-Based: We looked at cloud-based Inventory management software with real-time inventory updates.
  • Integrations: We found systems that integrate with accounting, eCommerce, and third-party logistics companies.
  • Advanced Features: We uncovered inventory solutions that include kitting, assembly, and batch tracking. It offers omnichannel sales and multiple-warehouses tracking.

Inventory Management System Companies

Below is our full list of the best inventory management system companies. Review each software to choose the one that fits with your business needs.

12 Best Inventory Management Software For Businesses

1. Zoho Inventory

How Zoho Inventory meets our criteria:

  • Monthly Price: $0 - $249
  • Mobile App: Yes
  • Barcode Scanning: Yes
  • Cloud-Based: Yes
  • Integrations: 40+ Integrated Business Apps
  • Advanced Features Kitting Solutions

Zoho Inventory is a management software that tracks inventory and sale orders. It also manages buying and shipping orders. This solution is an excellent option for any eCommerce or small business.

One key feature is its ability to integrate with other apps and marketplaces. You can connect as a seller on eBay, Amazon, Etsy, or Shopify. It also integrates with various payment and invoicing processors like PayPal and Stripe.

2. Lightspeed Retail

How Lightspeed Retail meets our criteria:

  • Monthly Price: $99
  • Mobile App: Yes
  • Barcode Scanning: Yes
  • Cloud-Based: Yes
  • Integrations: Yes
  • Advanced Features: Omnichannel

Lightspeed Retail is a cloud-based POS (Point-Of-Sale) System. It offers your customer’s product pickup and shipping flexibility.

This system will help you optimize stock, make sales, and learn from your data to grow.

Choose to import inventory from a spreadsheet. You can add several variants to each product to include serial numbers. This software provides order management and set up reorders with integrated vendor catalogs.

Its intuitive interface is one you and your employees will love.

3. Quickbooks Enterprise

How Quickbooks Enterprise meets our criteria:

  • Monthly Price: $140
  • Mobile App: Yes
  • Barcode Scanning: Yes
  • Cloud-Based: No
  • Integrations: Yes
  • Advanced Features: Real-Time Tracking

QuickBooks Enterprise is an accounting system, but do not let this stop you from using it. Once you add the advanced inventory feature, it becomes an inventory management software.

It lets you track inventory, sales, and expenses. It also offers bin management, order fulfillment, and insightful reports.

There are many Quickbook users, including manufacturers, wholesalers, and retail businesses.

QuickBooks Online Mobile is available for smartphones. Whether you have an iPhone, iPad, Android Phone, or Android tablet.

You can sync with apps that you already use like Paypal, Square, and more.

4. Stitch Labs

How Stitch Labs meets our criteria:

  • Monthly Price: Only on a quote basis
  • Mobile App: No
  • Barcode Scanning: Yes
  • Cloud-Based: Yes
  • Integrations: Yes
  • Advanced Feature: Multi-Channel Inventory

Stitch Labs makes inventory management more effortless.

It is an integrated, cloud-based inventory and order management solution. The software combines your sales channels together, from retail-to-online-to-wholesale.

With Stitch Labs, you can integrate with leading channels and tools in commerce. It provides seamless eCommerce inventory management, point-of-sale inventory management, and 3PL management.

The software provides you with one place to track inventory across all channels. You can set up automated work orders and forecast future demand. See how well your business is doing at any time.

5. Odoo

How Odoo meets our criteria:

  • Monthly Price: $0 - $24
  • Mobile App: Yes
  • Barcode Scanning: Yes
  • Cloud-Based: No, but it does offer a cloud-based version.
  • Integrations: 10,000+ apps
  • Advanced Features: eCommerce Platform functionality in an ERP (Enterprise resource planning)

Odoo is an open-source software that offers two non-cloud based versions and one that is in the cloud. It provides a smooth and friendly user experience. Its full integration covers the needs of even the most complex companies.

Odoo is an inventory system that grows with your company and customer base.

It is an open-source community that a broad base of developers maintains. The system helps you meet customer needs and provides new, innovative applications. You no longer have to deal with several interfaces between the different software.

6. Cin7

How Cin7 meets our criteria:

  • Monthly Price: $299
  • Mobile App: Yes
  • Barcode Scanning: Yes
  • Cloud-Based: A cloud-based order system.
  • Integrations: 450+ Business Solution Apps
  • Advanced Features: Multi-Channel Fulfillment

Cin7 software optimizes your business inventory and offers a cloud-based order system. It keeps stock in line with orders across every sales channel and stock location.

You can use Cin7 for how you source your products. Use it to manage purchases, pre-orders, contract manufacturing, production jobs/BOMs, and more.

Get all your business-critical data on a single dashboard. Gain business insights and use its extensive reporting library.

7. Ordoro

How Ordoro meets our criteria:

  • Monthly Price: $25 - $299
  • Mobile App: Yes
  • Barcode Scanning: Yes
  • Cloud-Based: Yes
  • Integrations: Yes
  • Advanced Features: Yes

Ordoro is a cloud-based inventory management software. Its do not need to download or install anything to access their Ordoro account. Plus, Ordoro's POS integration offers simple back-office management.

You can learn more about your business inventory and sell from anywhere, at any time.

You can plug in each of your channels, create kits, assign UPC barcodes to SKUs, and so much more. Ordoro also tracks, syncs, and updates your inventory quantities with every fulfilled order.

It integrates with Amazon, eBay, and Etsy.

8. Fishbowl

How Fishbowl meets our criteria:

  • Monthly Price: Customizable pricing
  • Mobile App: Yes
  • Barcode Scanning: Yes
  • Cloud-Based: No
  • Integrations: 50+ Business Solutions
  • Advanced Features: Real-time tracking.

Fishbowl is a SaaS solution that makes your business procedures easier to handle. Whether you are manufacturing, distributing, selling, servicing, or managing goods.

The software walks you through the steps of importing and exporting your data. In no time, you can move your information from Quickbooks to Fishbowl.

It automates quoting, ordering, and purchasing processes. Create less stress by making it easier to stay on top of asset management.

It also offers barcode scanners, which help with decreasing typos when entering data.

9. Veeqo

How Veeqo meets our criteria:

  • Monthly Price: $156 - $269 - Custom pricing option
  • Mobile App: Yes
  • Barcode Scanning: Yes
  • Cloud-Based: Yes
  • Integrations: Yes
  • Advanced Features: Omnichannel

Veeqo is a cloud-based inventory management software. It helps organize multiple-warehouses and radio-frequency identification (RFID) kits, plus more.

Veeqo software also offers a dollar conversion feature. This is great for international business. It converts orders into your base currency using real-time exchange rates.

It takes care of inventory management and shipping.

10. Unleashed

How Unleashed meets our criteria:

  • Monthly Price: $135
  • Mobile App: Yes
  • Barcode Scanning: Yes
  • Cloud-Based: Yes
  • Integrations: Yes
  • Advanced Features: Batch Number Tracking

Unleashed is a cloud-based platform. It caters to enterprises with multiple-warehouses and extensive product lines. Get access to real-time data on stock levels, costs, and tracking information.

Unleashed also offers tons of integrations. It gives you the flexibility to choose the right tools for your business.

11. Infoplus

How Infoplus meets our criteria:

  • Monthly Price: $695
  • Mobile App: Yes
  • Barcode Scanning: Yes
  • Cloud-Based: Yes
  • Integrations: Yes
  • Advanced Features: Advanced Shipping Notifications

Infoplus is a WMS cloud platform. It can streamline your warehouse, integrations, billing, reporting, and shipments.

This inventory management platform helps you develop a better eCommerce company experience. Infoplus integrates with different apps and other parts of your business.

Infoplus tools allow users to track and control inventory levels in real-time. You get access to lot control, high and low stock level alerts, and inventory adjustments.

12. TradeGecko

How TradeGecko meets our criteria:

  • Monthly Price: $39 - $999
  • Mobile App: Yes
  • Barcode Scanning: Yes
  • Cloud-Based: Yes
  • Integrations: Yes
  • Advanced Features: B2B E-Commerce Store

TradeGecko is a cloud-based platform. You can sync orders from different sales channels.

It also provides supply chain management, optimizing the strategy for supply chain profitability. It is useful in boosting business efficiency and perfect for expanding businesses.

Make secure transactions with various brands or dropshipping companies like Amazon and Shopify. You get inventory control and deep company insights.

Conclusion

Invest in an inventory management solution. It will be is one of the best decisions you make for your business.

It will help organize, manage, and forecast your bill of materials and assets. Furthermore, you can manage the life-cycle of your products. Including its four main stages: introduction, growth, maturity, and decline.

The more you know about the ins-and-outs of your inventory, the more money you will save.

With valuable insights, you can improve company performance and increase profitability.

Start using helpful software to manage your inventory. It is time to remove the guesswork from your stock room and improve data accuracy.

Soon you will see productivity, profits, and customer satisfaction soar, like never before.

About the Author

Mark Andrew

Mark is a freelance content writer specializing in topics such as Internet marketing for small businesses. His goal is to help small businesses owners understand what types of services and products truely bring in more business.

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