A note from the author, Alex Hillsberg, SaaS software expert:
If there’s one thing that I’ve learned in my more than 10 years of expertise in the role of a SaaS software advisor, that’s the critical importance of businesses maintaining full visibility and control over their inventories.
The challenges of monitoring procurements and storage are particularly pronounced for companies relying on manual workflows. So, we managers were just too eager to adopt SaaS solutions like inventory management and ERP systems.
But, choosing the right inventory management software is in itself an entire issue.
As an expert in keeping inventories healthy, I've analyzed a wide range of professional studies and business reports to create this guide that not only showcases leading inventory management software options but also draws from my own experiences to help businesses make informed decisions for efficient and effective resource management.
The COVID-19 pandemic has undoubtedly altered the way many businesses operate. Adopting hybrid work models and using more cloud-based technologies aside, many have also begun to rethink the way they approach inventory planning (Business Continuity Institute, 2020).
Source: Business Continuity Institute, 2020
As such, it is no longer surprising that the inventory management software market reached a value of $1.53 billion in 2021. Moreover, the 2022-2029 forecast period indicates a compound annual growth rate (CAGR) of 6.62%, pushing the market's value to $2.56 billion by 2029 (Data Bridge Market Research, n.d.).
In the global warehouse management system market, inventory management software demand reached nearly 25% due to the user-friendly tracking capabilities of these applications and the rising use of connected devices (Statista, 2020).
In the manufacturing sector, on the other hand, the increasing demand for inventory management in controlling and improving the supply chain drove its market growth, where inventory supply insufficiency would lead to the halting of manufacturing operations. This increased demand led the manufacturing segment to hold 41.1% of the inventory management software market in 2022 (Future Market Insights, n.d.).
As shown by the inventory management software statistics, the demand for this platform is steadily rising as businesses look for ways to cope with market volatility. Through software implementation, an inventory management system answers the needs of ever-growing industries.
Similar to an online property management software solution, inventory management software can simplify the value chain, improving efficiency and productivity. So much so that 80% of organizations report that creating responsive supply chain and inventory management operations is among their biggest digital transformation priorities (KPMG, 2022). The following inventory management software trends highlight how advances in technology is redefining the process of inventory planning.
Inventory management software trends lead to increased competitive advantage and organizational performance. Through automating processes, costly errors are reduced, if not completely eliminated.
Source: Grainger, 2021
Source: Grainger, 2021
All in all, inventory management software ensures a quality value chain, reducing costly inventory issues, and supporting the business with assistance, automation, simplified accounting, insights, market details, and trends. However, as not all platforms are created equal, it is best to find the best inventory management software that can fit the nature of your business. Those that are designed like collaborative project management software are ideal.
QuickBooks Online is a cloud-based financial management software designed to reduce time in managing your business by assisting you in estimate and invoice creation, sales and cash flow tracking, and supplier and customer management. It also has features focused on tax monitoring, tax return simplification, company performance analysis, future planning, and budgeting, partly functioning like business tax software.
The advantage of using a cloud solution is that QuickBooks Online does not require installing the software or using the same computer. You can access the application directly on your internet browser on any computer or internet-connected device.
QuickBooks Online Key Features:
QuickBooks Online provides variable pricing for its monthly subscription depending on the size of your business and the feature you need. The service also offers a 30-day trial for new users.
TallyPrime is a business management software that helps small- and medium-sized businesses manage inventory, banking, accounting, and taxation processes. It also offers assistance in cash and credit management, payroll, costing, and invoicing.
Furthermore, TallyPrime offers automated critical business processes, enhancing business efficiency and better business control. The application also provides hundreds of insightful and customizable business reports. Moreover, it generates reports quickly, allows you to personalize them, and provides access to these reports on any device.
TallyPrime Key Features
TallyPrime comes with a free demo and offers a one-time cost license.
Webgility is a cloud-based ecommerce application focused on helping businesses with connecting sales, inventory, shipping, listings, accounting, and centralizing financial data through automation and AI-driven forecasts.
Moreover, Webgility boasts of its function of automating business workflows through seamless integrations with ecommerce channels, such as Amazon, eBay, Etsy, Shopify, etc., with QuickBooks.
Webgility Key Features:
Webgility provides web-based and desktop plans with two monthly subscription offerings and a discounted price for annual subscriptions.
Netstock is a cloud-based supply chain planning software that enables businesses to remain responsive, agile, and profitable.
Its features can integrate into the leading ERP system solutions to unlock ERP data and enhanced analytics for quick supply and demand response. It also aims to increase visibility and improve team alignment, enabling your business to reduce operating cash through predictive demand planning, forecasting capabilities, sales and operations planning, and procurement and production alignment.
Netstock Key Features:
Fishbowl Inventory, now called Fishbowl, is a SaaS solution for inventory, warehouse, and manufacturing management for small- to medium-sized enterprises. It is also fully compatible with QuickBooks and other third-party services.
Fishbowl assists companies by tracking product manufacturing, location, sales, and movement through improved inventory accuracy toward increased efficiency and supply chain problem reduction.
Fishbowl Inventory Key Features:
Megaventory is a cloud-based order and inventory management solution for medium-sized franchises, retail, wholesale, and product manufacturing.
It provides businesses with order fulfillment, invoicing, manufacturing management, and multiple-location reporting. Megaventory has seamless integration with applications, including Shopify, WooCommerce, Magento, and Zapier.
Megaventory Key Features:
Megaventory is available starting at $150 per month with a 10% discount for an annual subscription. It also has a custom enterprise plan depending on your needs and budget.
GoCodes Asset Management, also called GoCodes, is an asset management solution that tracks and oversees inventory records across various retail and warehouse locations. As a browser-based platform, GoCodes is compatible with computers, laptops, and iOS and Android devices.
It offers a patented inventory and asset-tracking solution through cloud-based technologies, QR code labeling and scanning, and smartphone compatibility for small- to medium-sized companies.
GoCodes Asset Management Key Features:
GoCodes offers a free trial, a monthly subscription fee, and a custom payment scheme for the Enterprise package.
Zoho Inventory is an inventory management application that allows businesses to manage and create purchase and sales orders while tracking inventory. This cloud-based software also integrates with online sales platforms, including eBay, Shopify, Amazon, and Etsy.
Furthermore, Zoho Inventory integrates with global shipping carriers, including UPS, DHL, FedEx, Australia Post, etc. It also allows users to stay connected with real-time updates on order status with its mobile application on iOS and Android operating systems.
Zoho Inventory Key Features:
Zoho Inventory offers a free subscription with limited features, discounted prices for annual subscriptions, and feature add-ons for additional fees.
Kintone is an all-in-one customizable workplace solution that allows businesses to manage data, tasks, and communication. With its customizability, Kintone lets users organize their existing processes into intuitive and simplified workflows.
It also tracks inventory and the supply chain, generates custom reports for detailed analysis, and auto-calculates the available stock after an order, creating notifications when products run low and require reordering. Moreover, the platform partly functions as an inventory-oriented project management app.
Kintone Key Features:
Kintone offers a 30-day trial with a customizable monthly or annual contract. Its most affordable plan starts at $24 monthly per user for a minimum of five users.
Skubana is an order management solution that provides enterprises with a unified tool that covers inventory, fulfillment, and other tools for business management, including the automation of repetitive tasks.
It also integrates with third-party applications and services, including Amazon, Walmart, Zapier, QuickBooks, SPS Commerce, and ShipBob. Furthermore, Skubana offers one-click integrations with Shopify, Shopify Plus, and Shopify POS.
Skubana Key Features:
Kyozou is an ecommerce automation solution that assists online sellers in managing and monitoring their omnichannel sales. It also enables businesses with inventory management, stocking multiple warehouses, order processing, multi-channel listing, and shipping with carriers, including FedEx, Canada Post, and UPS.
Being an all-in-one solution for daily management, Kyozou integrates with services, such as Amazon, eBay, Etsy, Newegg, and more.
Kyozou Key Features:
Zap Inventory is a multi-channel solution that helps companies manage their business and boosts income through efficient stock control and order fulfillment. It also provides integrations with retailers, marketplaces, accounting software, and shipping services.
Moreover, Zap Inventory aims to provide services based on the needs of small or large companies with inventory management and control, and purchase, warehouse, order, and shipping management.
Zap Inventory Key Features:
Zap Inventory offers a demo, a discount on an annual subscription, a $1 per month plan for Shopify-only service, and additional add-ons for orders and SKUs.
Agiliron is a multi-channel, all-in-one software suite that allows companies to manage inventory, orders, and CRM records. It helps the business grow by adding new channels, including retail POS, Amazon, eBay, and other web and mobile stores.
Its cloud-based POS system allows in-store, mobile businesses, and online sales channels to use third-party accounting and payment systems, including QuickBooks and Paypal. Moreover, its inventory module enables real-time monitoring of inventory.
Agiliron Key Features:
Agiliron offers a 30-day free trial without a credit card and a discounted price for annual subscriptions.
Square is an all-in-one software solution that offers ecommerce, inventory management, banking, employee management, and customer programs for businesses, ranging from food and beverage to retail, beauty services, and large enterprises.
Moreover, Square has acquired Stitch Labs, a solutions provider with a strong background in creating business tools, including order and inventory management, fulfillment solutions, and channel management. This acquisition aims to improve the ecommerce offerings of Square.
Square Key Features:
Square offers a free subscription with limited features and a custom monthly payment scheme, depending on the needs of the business.
DSers is a comprehensive e-commerce system that helps dropshipping companies manage their orders and inventory on eCommerce sites like AliExpress, Shopify, Wix, and WooCommerce. It enables drop-shippers to optimize suppliers, place bulk orders, run multiple digital stores, automatically track orders, manage store inventory, and map products and variants.
In addition, DSers allows users to create unique offers, divide products into product lines, preselect preferred shipping methods, and set pricing rules for different product types.
DSers Key Features:
DSers offers a free plan and three paid plans and enables users to pay monthly or annually, with considerable discounts on annual payments.
Generally, software management solutions offer a competitive advantage and efficiency in any field, including the medical field, where laboratory inventory management is necessary. So, you can expect to encounter a variety of inventory management software examples that cater to different business needs.
With this in mind, before you purchase an inventory management tool, be sure to assess its functionalities thoroughly. More than the cost, other considerations you may want to keep in mind are the availability of custom demos and trials, its compatibility with your other business systems, and customer support options.
In addition, once you have chosen a software, it is best to invest time and effort in implementing it. After all, responsible business management supported by careful software use will lead to the company's success.