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Managing inventory is a very important task in any business. It’s a good idea to have the right software to help you avoid costly mistakes, errors, and waste. Here are five of the best inventory management solutions for 2022.
Inventory management software assists firms in tracking things or components across the supply chain—from the manufacturer or wholesaler through assembly, storage, and sale—while lowering costs and keeping finances in control.
Familiarize yourself with your company’s inventory tracking demands before selecting a system to utilize. Small companies, such as retail outlets, commonly employ a basic inventory system, which is often combined with point-of-sale (POS) software, while B2B enterprises need a system with more assembly or accounting facilities. A more comprehensive system, such as an enterprise resource planning (ERP) system, is required for large enterprises.
The best inventory management software for small companies, according to our research, is:
- Zoho Inventory: Best overall inventory management software.
- Agiliron: Best B2B retail inventory management
- Cloud inFlow: Best barcode-based inventory software on the market.
- QuickBooks Online: Best for enterprises with complex accounting requirements.
- Ordoro: Best for drop shippers and volume merchants.
What We Looked For When We Were Evaluating Inventory Management Software
We emphasized inventory management solutions that are cloud-based, simple to use, and provide SMB-friendly pricing. We also looked at features including real-time and multi-location monitoring, the ability to do mobile inventory counts and granular inventory, and the sorts of reports it can generate, such as COGS and costing reports.
We looked at how well it performs in businesses other than retail, whether it can manage many warehouses or sales channels, what integrations it supports, and how simple it is to receive support. ERPs and other enterprise-level solutions were not considered.
Zoho Inventory is the best inventory management software for small companies based on these metrics. Among the seven inventory systems we looked at, it scored the highest overall score (4.58 out of 5).
20% of the overall score
We looked for software that offers a free plan or a free trial, as well as a plan choice for under $100. We also gave points to systems with a basic plan that includes an infinite number of users and inventory items.
50% of the overall score
Inventory capabilities include real-time tracking (which includes barcoding, batch, serial, and RFID tracking), low-stock and reorder notifications (using EOQ), multi-location and warehouse monitoring, mobile inventory counts, and granular inventory management received a higher ranking (kitting and assembly, variants, etc.) We looked at whether they offered buy orders, vendor management, and centralized multichannel management. Finally, we looked at whether each system had CRM capabilities or can be integrated with popular CRM software.
15% of the overall score
Platforms that are cloud-based, give 24/7 customer service and provide online training, forums, or assistance manuals received full marks. Its interfaces with prominent accounting, eCommerce, marketplace, and POS software were also taken into consideration.
15% of the overall score
We examined the general quality of each system’s features to see if there were any standout features and whether it was a good value for the money. Finally, we took into consideration our own personal experience with each system and interactions with its customer service professionals, as well as reviews and the personal experiences of other small company owners.
Zoho Inventory
4.58 OUT OF 5
Pros
- Multiple routes, warehouses, and currencies are supported.
- There is a mobile app available.
- Can keep track of batch order expiry dates.
Cons
- Only works with Zoho applications.
- Returns management is lacking.
- It does not have a renting function.
Pricing
- Free: 50 online orders each month, 1 warehouse, and 2 users
- Standard: 59 dollars per month for 1,500 online orders, two warehouses, and three users.
- Professional plan: $99 per month for 7,500 online orders, five warehouses, and five users.
- $159/month for 15,000 online orders, seven warehouses, and ten users.
- Unlimited orders, 15 warehouses, and 15 users for $239 per month.
Out of all the inventory management software evaluated, Zoho Inventory received the highest rating (4.58 out of 5) It achieved flawless ratings for inventory features and also obtained high marks for simplicity of use.
Because it offers exceptional value for the money, we picked Zoho Inventory as the best inventory management application for small companies. You may manage numerous warehouses, eCommerce, and purchase orders depending on the package you choose. The system has comprehensive bundling and kitting tools for combining various SKUs, is adaptable to different kinds of enterprises and use cases, and can be integrated with other Zoho products or run independently. In addition, Zoho Inventory offers an easy-to-use UI.
Agiliron
4.31 OUT OF 5
Pros
- Options for B2B and B2C eCommerce stores
- Manages product substitutes and modifications.
- Offline mode is supported.
Cons
- It’s a pricey product with a restricted basic plan.
- The system’s learning curve is steeper.
- Some Marketplace integrations are only available for a fee.
Pricing
- Premier: $99/month includes limitless orders, 1 user, POS, CRM, and an eCommerce shop.
- $199 a month for limitless orders, 1 user, extensive inventory management, numerous stock locations, and a warehouse mobile app.
- Global Enterprise: $299 per month for limitless orders, 1 user, multi-currency, and various country channels.
- Free trial for 30 days
Agiliron is a multichannel retail management system that includes features for eCommerce, retail, and wholesale. This system stands out with its comprehensive B2B and B2C inventory capabilities for creating bespoke orders, kits, assemblies, matrixed items, and product substitutes. It’s perfect for B2B, wholesale, or B2C enterprises with complicated kitting or assembly requirements while being a bit more expensive and involved.
On our inventory management software evaluation criteria, Agiliron received a 4.31 out of 5 ratings. It received the same perfect score as Zoho Inventory for sophisticated inventory features. If the system had a free plan and more users, it would have received better scores. Some of its eCommerce and marketplace platform connections are also premium features.
inFlow Cloud
Overall Score: 4.13 OUT OF 5
Pros
- Provides a B2B gateway.
- Barcode scanners are used in a seamless manner.
- Assists with onboarding.
Cons
- QuickBooks is the only accounting program that can be integrated.
- Integrations are limited.
Pricing
- Light: $71/month for 100 sales orders per month, two users, one warehouse, and two integrations
- Standard: $179 per month for 1,000 sales orders each month, 5 users, unlimited warehouses, and 3 integrations.
- Plus, for $449 a month, you get 100,000 sales orders per month, 10 users, limitless warehouses, and unlimited integrations.
- Free trial for 14 days
InFlow Cloud is one of the most cost-effective systems we looked at, with a free plan that limits you to 100 goods and clients in total, making it ideal for small enterprises and offices. The built-in barcode software, which works with price scanners and mobile devices and can be integrated into every stage of the inventory and order management operations, is its most powerful feature.
On our inventory management software evaluation system, inFlow Cloud received a 4.13 out of 5 grade. Pricing and general and sophisticated inventory management features were strong points for this program. More users per subscription and a basic CRM would have aided inFlow Cloud in receiving better scores.
There are two versions of inFlow: cloud-based software and software that is installed locally. We concentrated on the cloud solution, inFlow Cloud, since the locally hosted version, inFlow On-Premise, will no longer acquire new features as of this writing (April 2021).
QuickBooks Online
Overall Score: 4.06 OUT OF 5
Pros
- Tracking the cost of items
- Purchase orders are created.
Cons
- Inventory management features are limited (such as lot tracking, eCommerce, and barcode scanning)
- There is no need for various warehouse management.
- The accuracy of real-time tracking is questionable.
Pricing
Inventory management plans include:
- Plus, for five people, it’s just $80 per month.
- Advanced: $180 per month for a group of 25 people
- There is a 30-day free trial available.
QuickBooks is popular among businesses because it is a simple accounting application. QuickBooks Online, the company’s cloud-based version, includes inventory management functions in its higher-priced tiers, enabling customers to generate purchase orders, monitor the cost of products, and determine which orders are the most popular.
On our inventory management software ranking methodology, QuickBooks Online received a 4.06 out of 5 grade. QuickBooks online received excellent grades for its overall inventory features and price, but it fell short of scoring better due to the absence of crucial inventory management tools (such as lot tracking and multiple warehouse management).
QuickBooks also provides QuickBooks Enterprise, which is a significantly more expensive version. It provides robust inventory management, allowing you to manage not just monitoring products and orders, but also price changes. It works with various warehouses, connects with eCommerce systems, and even focuses on construction inventories. While it is more costly, it is an excellent alternative for a medium-to-large firm, particularly for those who already use QuickBooks for accounting.
Another alternative is QuickBooks Commerce (previously TradeGecko), which includes order management, warehouse management, and full wholesale functionality, making it suitable for B2B storefronts and developing multi-location, multichannel retail operations.
Ordoro
3.94 OUT OF 5
Pros
- Shipping features with a discount
- Kitting and automatic purchases are examples of advanced functionality.
- Multiple warehouses are supported.
Cons
- The basic plan lacks inventory management tools.
- There is no mobile app available.
- Most inventory software is more costly.
Pricing
You must be a subscriber to one of the following plans in order to use the inventory features:
- Purchase orders, kitting, and drop shipping are all available for $499 per month.
- Enterprise: $999 per month includes everything in Pro plus vendor portals, inventory management, and bespoke integrations. Main – Ordoro
While Ordoro is best known for its shipping platform, it also offers comprehensive inventory management and automated buying capabilities that work seamlessly with its shipping system. Ordoro makes supply chain management simple and effective as a result, making it a great alternative for drop shippers and volume sellers.
Ordoro received a 3.94 out of 5 rating in our review of inventory management software. It received a good ranking because of its integrations (including possible shipping reductions) and comprehensive inventory management solutions (such as kitting and bundling). Ordoro is, however, still a costly solution, more so than most of the inventory management systems we’ve looked at. Ordoro is for you if you need to reduce inventory holding costs and save on volume shipping due to online purchases, but if you operate a brick-and-mortar retail business, you should consider another choice.
Conclusion
Your company’s inventory is its lifeblood. Inventory management software may save you time, hassles, and money unless you have a very basic inventory that you can handle using a spreadsheet. Inventory management software simplifies the process. Many are linked to point-of-sale systems, while others may be used alone or in conjunction with accounting software.
