Top 10 Best Digital Inventory Management Systems

Any business owner who focuses on selling products knows how challenging it can be to manage physical inventory. Whether it’s keeping track of items or managing inventory finances, there are many moving parts in the inventory management process. Thankfully, there are digital inventory management systems that make this process more efficient and seamless.

Below is a guide to some of the best inventory management systems available for small businesses looking to invest in this type of software.

What Is an Inventory Management System?
Simply put, an inventory management system is an automated tool that streamlines tasks associated with all things inventory — that could be tracking inventory, managing reordering, and updating any accounting data.

Business owners know that effective inventory management requires patience and close attention to detail. This type of mission-critical software has become invaluable in the business world. It plays a significant role in the daily operations of a business, especially companies in the retail or food service industries, for example.

Most inventory management systems are cloud-based nowadays, which means a third-party service provider manages the software.

Features to Look for in an Inventory Management System
If inventory management is so important, what types of features should a reliable inventory management system offer? Understanding what features offer the most value for a business can help business owners or managers decide which system best suits their needs.

Below are some features that every inventory management system should have to make inventory management processes more efficient and effective:

  • Point of Sale (POS) Integration: Bridging the gap between what products are being sold and what products are still in inventory is made easier with inventory management software. It’s key to have POS integration for more efficient, accurate operations.
  • Inventory Catalog: A system should determine an inventory of various products and form a catalog of available items based on distinguishing characteristics like size and color. This feature is especially useful for retailers.
  • Automatic Reordering: This feature allows retailers and other small businesses to restock inventory without fear of running out of items.
  • E-commerce Integrations: Many retailers sell across various channels, like a mobile application or an online storefront. Inventory management software should track sales on all of these channels to make things simpler for business owners.

Keep these features in mind when selecting a viable inventory management system. Continue reading to review the top 10 best digital inventory management systems that are available to small businesses.

1. Zoho Inventory
Zoho Inventory is a leading inventory management standalone software suite that is easy to use, reasonably priced, and viable for small e-commerce businesses. The software has a free inventory management option that allows companies to do the following:

  • Accept backorders on out-of-stock items.
  • Set up drop-shipping.
  • Handle multi-currency transactions.

Zoho is cloud-based software that works well for small businesses. It isn’t necessarily equipped with the tools needed for large companies to operate successfully.

2. Fishbowl
For mid-sized to large businesses, Fishbowl is a perfect inventory management solution. The software features vast inventory tracking capabilities and plenty of integrations, including Quickbooks and Xero. Users can download Fishbowl on the most popular operating systems and is available on desktops and tablets.

All business operations are tracked by Fishbowl — purchases, inventory orders, payments, sales, shipping, and more. Some of Fishbowl’s key features include barcode scanning, multichannel inventory management, real-time tracking, and customer relationship management (CRM) tools.

3. Finale Inventory
Finale Inventory is inventory management software that is great for small businesses looking to scale their operations. It’s easy to use, designed to fuel business growth and meet new demands, and even helps minimize inventory understocks or overstocks. Minimizing these common inventory issues can help improve sales and prevent overspending on storage, for example.

Finale Inventory’s integration options are a standout feature— Amazon, Etsy, and other marketplace integrations are available, in addition to shipping service integrations like ShipStation or ShipEasy.

4. inFlow
Compared to other inventory management software, inFlow comes at a much more affordable price, especially for smaller businesses. For businesses operating on a tight budget, inFlow’s free, comprehensive inventory management software includes automated inventory tracking features, data management, reporting, and plenty of integration capabilities.

Its ease of use, pricing structure, and robust customer support are some of the pros of using inFlow for inventory management. Clients can use the Windows desktop application for even more functionality, like kitting and work orders.

5. Oracle NetSuite
NetSuite is a robust ERP solution many small businesses can use to their advantage. All inventory management processes occur in this centralized system. There are powerful customization options and a reporting module that can streamline supply chain management.

For businesses unfamiliar with ERP, these systems are essentially designed to automate workflows and simplify various processes by organizing data from a variety of sources. NetSuite is known for being fast and effective, so business owners or managers can spend more time on important business tasks.

6. Vend
Vend was created with both brick-and-mortar and online retail stores in mind. Vend is a great choice for small businesses mainly because they can utilize Vend for inventory management and POS transactions. Companies can try Vend free for two weeks to see if it’s the right solution for their needs.

Users can track customers and orders, use analytics to improve company performance, and manage their inventory seamlessly.

7. Ordoro
When businesses are juggling multiple sales channels, it can make inventory management more challenging. With Ordoro, one of the leading e-commerce solutions on the market, companies can:

  • Batch shipping label printing
  • Advanced kitting
  • Returns processing
  • Multichannel inventory management
  • Automated dropshipping

Ordoro also offers high-quality customer support for users looking for advanced functionality. Remember that Ordoro’s price structure may be better suited for established businesses, as it may be too expensive for a company just starting out.

8. TradeGecko
Software offered by TradeGecko receives high marks for ease of use, functionality, and making overall positive impacts on business operations. Inventory can be tracked across multiple channels, and customer accounts can also be tracked. Here are some features worth highlighting:

  • Multi-currency transactions
  • Accounting integrations
  • Syncing across warehouses
  • Automation
  • Reports and insights

One downfall of TradeGecko’s software is that there are limited customization options for users.

9. Unleashed
For manufacturers, Unleashed is a feasible solution for inventory management. It’s a powerful yet easy-to-use system that features real-time inventory, sales, and warehouse management. Unleashed is feature-rich, but it’s worth noting that the extra features come at a higher price.

The software has a mobile app for iOS and Android, making it easy to access while on the go. It also supports barcode scanning, making inventory counting, sales shipments, and receipt purchase orders easier.

10. Cin7
Last but not least, Cin7 is a digital inventory management system for businesses in retail or wholesale. They have integrations for these areas:

  • Accounting
  • Sales and marketing
  • E-commerce
  • Marketplaces
  • Shipping and logistics

Additionally, Cin7 includes inventory forecasting as one of its main features. It’s a perfect system for inventory tracking, orders, sales, and deliveries, too.

Optimize Your Inventory Management

Each of these 10 digital inventory management systems can work for small businesses. It’s crucial to look into each system to learn which features will best fit your needs. Speaking with company representatives may offer greater insight and lead you to the solution that will help your business remain competitive in its industry.

Speak Your Mind