Productivity Tools

The Top 7 Inventory Management Solutions

Discover the Top Inventory Management Software solutions with key features such as real-time inventory tracking, sales order management, and warehouse management.

Last updated on Oct 08, 2024

Written by Mirren McDade

Technical review by Laura Iannini

The Top 7 Inventory Management Solutions include:

1. Cin7
2. EZOfficeInventory
3. Fishbowl
4. Oracle Inventory Management
5. NetSuite Inventory Management
6. QuickBooks Online
7. SAP Business One

Inventory management software improves efficiency in your business by streamlining the operations associated with managing inventory stock. These tools integrate seamlessly with your company’s sales, purchase, and stock keeping procedures, allowing businesses to keep track of stock levels, manage suppliers, keep up with demand, and to avoid overstocking, misplacement, or theft.

Investing in a comprehensive inventory management system can result in substantial time and cost savings, as well as reduce inventory holding costs, eliminate stockouts and overstocks, and improve order delivery times.

We have collated a shortlist of the top inventory management software for businesses based on their features, integrations, scalability, user-friendliness, effectiveness. The solutions on this shortlist vary in terms of complexity and scalability, meaning that there is a viable solution for all types of organization.

Cin7

Cin7 is a cloud-based inventory management solution that delivers efficient and automated inventory lifecycle management. This solution lets users manage inventory across multiple locations and bins, and centrally handle purchase orders, storage, production, sales, fulfilment, and returns.

Who it’s for: Ideal for small businesses, larger retailers, and wholesalers requiring comprehensive inventory management.

Benefits: Cin7 provides a holistic inventory management solution that improves visibility and automates inventory processes. It integrates seamlessly with existing tools, offering a well-rounded solution for businesses.

Use barcode scanning to automatically add inventory details, improving accuracy and efficiency.
Enhance inventory and stock tracking with the ability to manage item transfers between warehouses or retail locations.
Track sales across multiple channels, including in-store and online orders, ensuring accurate sales data.
Product Availability reports provide detailed insights into item availability, whether on hand, on order, or allocated.

The bottom line: Cin7 stands out for its comprehensive inventory management features, seamless integrations, and advanced tracking capabilities. This makes it a strong candidate for businesses looking to streamline their inventory processes.

Founded in 2011, Cin7 offers cloud-based inventory management solutions headquartered in Auckland, New Zealand. It serves thousands of businesses globally.

EZOfficeInventory

EZOfficeInventory is an asset management and tracking solution that results in seamless item management. The platform is available as both a SaaS application and a mobile app. It supports third-party integrations with ticketing systems and SSO for enhanced connectivity and security.

Who it’s for: Suitable for organizations of all sizes.

Benefits: EZOfficeInventory provides comprehensive asset management and tracking capabilities, ensuring that organizations can monitor item locations and usage efficiently.

Users can monitor asset usage by tracking critical metrics on an intuitive dashboard.
Customizable asset names, fields, and workflows make it easy to access and manage items efficiently.
The mobile app allows users to scan new items, generate purchase requests, and transfer item custody seamlessly.
Built-in reports help identify common actions and trends, aiding in informed business decisions.

The bottom line: EZOfficeInventory stands out for its versatility and ease of use throughout asset management and tracking processes. It offers valuable insights and enhanced access, making it a top choice for organizations looking to streamline their asset management processes.

Founded in 2011, EZOfficeInventory offers asset management solutions to organizations worldwide.

Fishbowl

Fishbowl is a cloud-based inventory and warehouse management solution that offers critical insights into stock levels for warehouses and manufacturers.

Who it’s for: Fishbowl is versatile and is used by thousands of businesses of all sizes.

Benefits: Fishbowl provides comprehensive inventory visibility across multiple locations, making it an ideal choice for businesses looking to streamline their inventory and warehouse management. It integrates seamlessly with third-party platforms such as QuickBooks, Salesforce, and Xero.

Real-time inventory tracking and management show accurate and up-to-date information on stock quantities.
Track and trace items or parts by specific characteristics such as creation date, lot number, and expiration date.
Allows businesses to bundle, substitute, or customize their products according to customer needs.
Uses preset reorder points, pre-approved vendors, and automated PO processes to efficiently address low stock.

The bottom line: Fishbowl stands out for its ability to integrate with major third-party platforms, while providing real-time visibility and advanced tracking features. It is a robust solution for any business looking to take control of their inventory and warehouse operations.

Fishbowl was founded in 2001 and has since provided inventory and warehouse management solutions to thousands of clients worldwide.

Oracle Inventory Management

Oracle Inventory Management is a cloud-based solution that is designed to automate and streamline inventory flows across complex global supply networks.

Who it’s for: Best suited for large enterprise organizations.

Benefits: Oracle Inventory Management provides full visibility and control over inventory levels, integrating seamlessly with other products in the Oracle SCM suite for end-to-end orchestration.

Dashboards show the status of both inbound and outbound items, along with any actions that require attention.
Supports anytime, anywhere fulfilment with options such as drop-ship, back-to-back, and supplier consigned inventory.
Set consumption-based replenishment triggers for specific locations to restock efficiently.
Supports lot and serial number tracking.

The bottom line: Oracle Inventory Management offers a robust set of features that provide large enterprise organizations with comprehensive control over their inventory levels, integrating seamlessly with other Oracle products for a cohesive supply chain management experience.

Oracle, founded in 1977, is headquartered in Austin, Texas and serves thousands of clients worldwide.

NetSuite Inventory Management

NetSuite Inventory Management streamlines inventory tracking and management for retailers within a comprehensive ERP platform. It utilizes demand-based planning to optimize stock levels, ensuring retailers maintain the optimum inventory levels.

Who it’s for: This solution is ideal for warehouses, retail stores, pop-up shops, dropshippers, and third-party logistics providers (3PLs).

Benefits: NetSuite Inventory Management excels in providing real-time inventory oversight and efficient stock management.

The system offers real-time visibility of inventory across all locations, allowing for seamless stock monitoring and adjustments.
Predefined fulfilment rules help prevent multiple shipments for a single order, reducing excess shipping costs.
NetSuite Smart Count feature automates inventory counts without impeding transactions, offering flexibility in managing stock checks.
The ‘Item 360 Dashboard’ consolidates all critical item information, offering a centralized view of inventory status.

The bottom line: NetSuite Inventory Management takes a comprehensive approach to inventory control and is particularly beneficial for businesses requiring detailed and dynamic stock management. Its integration into the broader NetSuite ERP platform makes it a powerful solution for modern retailers seeking a unified system.

Founded in 1998 and headquartered in San Mateo, California, NetSuite serves a vast number of clients worldwide with its cloud-based business management software solutions.

QuickBooks Online

QuickBooks Online offers a comprehensive accounting platform with an integrated inventory tracking solution for retailers to gain real-time visibility into their stock levels and orders. It connects to sales platforms including Shopify, Square, and PayPal, streamlining sales and inventory management processes.

Who it’s for: This product is ideally suited for smaller businesses looking for an efficient inventory management and accounting solution.

Benefits: QuickBooks Online excels in providing automated inventory tracking and seamless integration with popular sales tools.

Users can easily identify low or out-of-stock items at a glance, ensuring constant stock readiness.
The system updates inventory quantities in real-time, maintaining accuracy and reducing manual workload.
It delivers detailed reports with insights into best sellers, total sales, and tax summaries.
Low stock alerts notify users before items run out, enabling timely reordering.
Purchase orders can be converted into bills, facilitating prompt vendor payments.

The bottom line: QuickBooks Online offers an effective solution for small business owners seeking an integrated accounting and inventory management tool. Its real-time updates and robust reporting capabilities make it a valuable resource for optimizing inventory control.

QuickBooks is developed by Intuit, a global financial software company, founded in 1983 and headquartered in Mountain View, California.

SAP Business One

SAP Business One is an ERP system designed to streamline various business functions including inventory management, accounting, and procurement. It can be deployed on-premises or in the cloud to suit your organizational needs.

Who it’s for: SAP Business One is best suited for small to medium-sized businesses (SMBs) looking for a comprehensive yet affordable solution.

Benefits: SAP Business One offers an integrated platform that enhances visibility into all aspects of business operations.

It accurately tracks shipments, inventory, and item locations across multiple sites.
The system enables the management of inventory through various costing models, while maintaining item master data.
Generates timely reports that can be displayed in different formats or dashboards.
Create and maintain multi-level bills of materials (BOMs) to assist in planning production and material requirements.

The bottom line: SAP Business One stands out for its comprehensive suite of features that manage multiple business functions through a single platform, making it a reliable choice for SMBs seeking efficiency and clarity in their operations.

SAP, founded in 1972 and headquartered in Walldorf, Germany, is a global leader in enterprise software with a vast client base worldwide.

The Top 7 Inventory Management Solutions

Everything You Need to Know About Inventory Management Software (FAQs)

What Is Inventory Management Software?

An inventory management system can help organizations to more efficiently account for all incoming and outgoing stock. This makes them better equipped to meet customer demand and avoid the expense of overstock or loss of business with stock outs. These solutions automate processes like inventory tracking, order management, and replenishment, ensuring real-time visibility into stock quantities, locations, and movements.

This software often includes features such as barcode scanning, purchase and sales order management, warehouse management, and reporting tools, which all provide insights that can help to streamline operations, reduces costs, and enhances customer satisfaction. By facilitating better, more efficient order fulfilment and inventory control, a good inventory management tools can support your organization in making better informed decisions, leading to improved operations and cost saving. These solutions are commonly used across retail, manufacturing, and logistics industries.

How Do Inventory Management Software Work?

Inventory management software integrates with your company’s procurement, sales, and warehouse operations. Once fully set up, the software will update your inventory data as it gains new information on what goods are received, sold, or transferred among warehouses. It does this automatically, and provides real-time visibility into inventory stock levels, locations, and status.

Inventory management software solutions provide users with a way to store, organize, manage, and analyze inventory data. These tools will typically include:
An easy-to-use interface that doesn’t require advanced training, support or documentation
Automation for eliminating manual processes of business functions related to inventory management
A reliable, secure database that provides accurate, real-time data
Performance that enables fast, actionable inventory monitoring and control
The ability for administrators to easily add software modules with minimal configuration so that the system is scalable
Software integrations and automated features that minimize manual inventory updates or inputs

What Features Should You Look for When Choosing Inventory Management Software?

Some core functions to look out for when selecting an inventory management software solution include:

Real-time Inventory Tracking – Continuous monitoring and updating of inventory levels as transactions occur, including any sales, returns, or restocking. This provides up-to-the-minute, accurate visibility into stock levels, making it easier for businesses to prevent overstocking or stockouts, streamline their order fulfilment, and make informed decisions on purchasing and replenishment.
Barcode Scanning – This allows users to quickly capture and input product information by scanning barcodes, helping to streamline data entry, reduce human error, speed up inventory tracking, and improve accuracy in managing stock levels.
Purchase Order Management – This involves automating the creation, tracking, and processing of purchase orders; a useful process for streamlining procurement, ensuring timely ordering of stock, and maintaining accurate records of purchases.
Sales Order Management – Automating the processing of customer orders, from order creation to fulfilment, helps to ensure accurate tracking of sales, more streamlined order fulfilment, and keeps inventory levels properly updated. This improves customer satisfaction by reducing errors, speeding up delivery times, and ensuring products are available when needed, while also optimizing inventory control and sales operations.
Warehouse Management – This is the system that oversees and optimizes the storage, organization, and movement of inventory within a warehouse. Good warehouse management is needed for improving efficiency in picking, packing, and shipping processes, which then reduces errors, maximizes space utilization, and ensures accurate stock levels.
Reporting – Reporting in inventory management software provides detailed insights and analytics on inventory levels, sales trends, order history, and stock movements. Timely and accurate reports enable better control over stock, reduce costs, and improve overall business performance by guiding strategic planning and operational improvements.
Integrations – Being able to connect and share data with other systems, such as accounting, e-commerce platforms, and shipping services, it important for streamlining workflows, improving data accuracy, and keeping communication between different business functions as seamless as possible.

Mirren McDade

Senior Journalist & Content Writer

Mirren McDade is a senior writer and journalist at Expert Insights, spending each day researching, writing, editing and publishing content, covering a variety of topics and solutions, and interviewing industry experts. She is an experienced copywriter with a background in a range of industries, including cloud business technologies, cloud security, information security and cyber security, and has conducted interviews with several industry experts. Mirren holds a First Class Honors degree in English from Edinburgh Napier University.

Laura Iannini

Cybersecurity Analyst

Laura Iannini is an Information Security Engineer. She holds a Bachelor’s degree in Cybersecurity from the University of West Florida. Laura has experience with a variety of cybersecurity platforms and leads technical reviews of leading solutions. She conducts thorough product tests to ensure that Expert Insights’ reviews are definitive and insightful.