Top 54 Inventory Management Software (Jun 2024)

Inventory Management Buyer's Guide

Overview

Inventory management software is a type of software that helps businesses track, manage, and optimize their inventory levels. It allows companies to efficiently monitor their stock levels, streamline inventory operations, and ultimately improve overall business productivity and profitability.

Why businesses need it

Businesses of all sizes can benefit from using inventory management software. It helps prevent stockouts, reduce excess inventory, minimize carrying costs, improve order fulfillment accuracy, and enhance overall customer satisfaction. By providing real-time visibility into inventory levels and automating inventory-related tasks, this software category enables businesses to make informed decisions and maintain optimal stock levels at all times.

Main Features

The main features of inventory management software typically include inventory tracking, order management, barcode scanning, real-time stock updates, reporting and analytics, supplier management, multi-location support, and integration with other business systems such as accounting and e-commerce platforms.

Main business processes the software helps with

Inventory management software can help businesses with various key processes such as:

• Inventory tracking and control
• Order management and fulfillment
• Supplier and vendor management
• Forecasting and demand planning
• Warehouse management
• Asset tracking
• Reporting and analytics

Steps on how to buy this software

When buying inventory management software, businesses should follow these steps:

1. Assess your business needs and objectives
2. Research different software solutions and vendors
3. Request demos and trials from potential vendors
4. Evaluate the features, functionality, and ease of use of each software
5. Consider scalability, integration capabilities, and pricing
6. Check for customer reviews and references
7. Negotiate terms and pricing with the chosen vendor
8. Implement the software and provide training to users
9. Regularly review and optimize your inventory management processes

Things to consider

When selecting an inventory management software, businesses should consider factors such as scalability, ease of use, customization options, integration capabilities, mobile access, reporting features, support and training, pricing model, and vendor reputation and reliability.

Most popular vendors and their market share

Some of the most popular vendors in the inventory management software category include:

• 1. NetSuite - Market Share: 15%
• 2. Fishbowl Inventory - Market Share: 10%
• 3. inFlow Inventory - Market Share: 8%
• 4. TradeGecko - Market Share: 7%
• 5. Odoo Inventory - Market Share: 6%

Trends and future of this category

The inventory management software category is evolving rapidly with trends such as increased adoption of cloud-based solutions, integration with IoT and AI technologies for predictive analytics, mobile inventory management apps, and emphasis on sustainability and eco-friendly practices in inventory operations. The future of this category lies in providing more automation, real-time visibility, and scalability to meet the growing needs of businesses in an ever-changing market.

10 Questions to ask software vendors during a demo

1. How does your software handle multi-location inventory management?
2. Can your software integrate with our existing accounting or e-commerce systems?
3. What kind of reporting and analytics capabilities does your software offer?
4. How does your software help with demand forecasting and planning?
5. Does your software support barcode scanning and RFID technology?
6. What level of customer support and training do you provide?
7. Is your software scalable to accommodate our business growth?
8. What security measures are in place to protect our inventory data?
9. Can your software be accessed via mobile devices for on-the-go inventory management?
10. What is your pricing model and are there any additional fees we should be aware of?

Head to head Inventory Management software leaders comparisons:

List of Inventory Management Software:

Inventory Management Software Pricing

Inventory management software in the market has different pricings; hence, they can be divided into three tiers, starting from the range of $10 to $50, to the more common range of $50 to $150, and the range of $150 to $250+. These prices are set using different methods, some of which are per inventory, per stocking location, per machine, and per user. Regardless of the pricing method, inventory management software is usually billed per month or per year. For example, RunIT Real-time Cloud pricing starts from $258 per month, ParagonERP costs up to $150 per user monthly, and Inflow Inventory pricing sits around $71 monthly for two user accounts.

In addition to this, inventory management software is also priced based on the size of businesses they are targeting. For instance:

• Small Businesses can expect to pay between $8 to around $50 for an inventory management software, depending on the number of features on the chosen product. For example, Shipstation pricing is at $9 per month, Sortly costs around $39 per month, and eTurns costs up to $40 per month. Also, some products, such as Sortly, have free offerings for small businesses.
• Medium Businesses can expect to pay prices that fall between $50 and $150 for an Inventory Management software. However, the number of inventories, locations, users, etc., can also influence the software price. For example, Finale Inventory pricing starts from $99 per month, BoxStorm costs around $79 per month, while ParagonERP pricing is priced around $150 per month. Also, some products for medium businesses have one-time fees for perpetual licenses. An example is Acctivate Inventory which costs $5,000 for life-time usage.
• Large Businesses can expect to pay from $200 upwards for an inventory management software. For example, ShipHero pricing starts from $1,850 per month, RUnit Real-time Cloud from $258 per month, and InfoPlus costs up to $685 per month. However, some vendors may request separate fees for installation and onboarding, depending on the size of the organization.

Inventory management software best of breeds, and their price ranges are as follows:

• Barcoding Software The prices for barcoding software in the market can be divided into two tiers, starting from $20 to $50, and then $50 to $200. The prices are usually set per user or per assets, depending on the type of package. Billings are usually fixed monthly or yearly. For instance, eCount ERP pricing starts from $55 per month, Zangerine costs up to $199 per user monthly, and EZO Office Inventory pricing starts from $35 per month. Perpetual license can also be bought for some software like Asset Tracking Barcode System which is priced at $995.
• Inventory Control Scheme Inventory control scheme products can be divided into three tiers, and their price ranges are $20 to $40, $40 to $80, and $80 above. The prices are either set per user, per month or per a number of set inventories per month. For example, MarginPoint Mobile Inventory starts from $89 per month, Arbimed Inventory from $100 per month, and MarketPlace Works from $49 monthly and $249 monthly for premium users.
• Order Management Software The price ranges for order management software are $20 to $50, $50 to $100, and $100 above. The pricings for order management products are set on per order, per month or per user, per month basis. For example, Orderwerks pricing starts from $100 per month for a number of orders, InsiTV costs up to $25 per user monthly, and Caspio pricing starts from $125 per month.
• Catalogue Management Software Most catalogue management products in the market are set on a per-user/per-month basis, and the prices range, depending on the package level, are $19 to $48, $48 to $100, and $100 above. For instance, FileStage costs around $99 per month, while Channable starts from around $39 per month based on the size of the project. Additionally, Snappi pricing starts from $20 per month or $0.99 per app usage.
• Order Entry Software Most order entries in the market have pricings that fall between $26 to $50, and they are usually set on per user, per month or per order, per month basis. However, this is the price range for standard or entry-level offerings; more premium offerings range from $100 to $250 per month. For instance, Handshake costs $39 per user, per month, Blendzi $200 per month, and Handshake $40 per user, per month.