Top 10 Inventory Management Software

Conduct a paperless and hassle-free inventory

Published 27 Oct 2021

What is Inventory Management Software?

Inventory management software is a digital tool that enables efficient and accurate reporting of inventory on stocks, raw materials, and supplies. A good inventory management app should generate detailed reports, showcase data analytics, and help users leverage the two to gain actionable business insights.

Benefits of Using Inventory Management Software

Handling inventory and orders can take up a lot of time, especially as the business grows bigger. That’s why more and more businesses are choosing to convert from manual inventory to digital inventory management. The top benefit of going digital is that applications and software are jam packed with features that helps save time. These digital tools also ensure that data is free from human error.

Choosing the Right Inventory Management Software

There are different factors that should be considered before deciding which inventory management software best fits your business. Think about the features you may need, the price, and also your business size. 

Features

The list above presents numerous top features to look out for when deciding on the right inventory management application. The features common among the apps in the list include stock notifications, integrations, ability to create unique barcode/QR, and order trackers. Exclusive features, such as ones for enterprise or higher-tier accounts, include support for large-scale inventory, multiple locations, and high security.

Some of the aps listed are geared toward product sales such as Shopify and ShopKeep, with inventory management working as a database of current stocks. iAuditor and its smart sensors effectively control inventory by tracking real-time quality and quantity of stocks and raw materials .  Interested users that know what specific features they need but can’t seem to find the perfect fit should try software options that offer customization such as Caspio.

Pricing and Cost

Depending on the features, the average pricing for inventory management software ranges from $10 per user per month to $500 for a lifetime license.

Licenses only give the right to use the software and not ownership, which limits the user to the specified terms and conditions. Software subscribers are account holders that pay every billing period to use the product. When the plan ends, the user will lose access to the software or application until they renew or continue to pay for the plan.

Generally, inventory management software is priced based on the number of:

  • Iicenses; 
  • users;
  • product listings (SKUs), stocks, and raw materials;
  • fulfilled orders;
  • Iocations (branches of facilities, warehouses, factories); and
  • devices used.

Business Size

To choose the right inventory management system, you also have to consider the size of your teams. Putting people at the forefront of business decisions helps you make sure that you’re empowering employees with the right tools, enabling them to do their jobs more efficiently. Here are some suggestions for what inventory management system to choose based on company size:

  • Small – This business size should consider free inventory management applications first since most offer free features that fit small businesses. Companies that fall under this category can easily choose and switch between applications.
  • Medium – Considered the “in-between business size,” this business size can benefit from features offered by most inventory management software. The problem is choosing which software to use and what price point is fair. A great way to do so is to choose software that offers free trials of their premium accounts. Some can even offer to extend the trial until you reach a decision. 
  • Large – Software solutions that offer enterprise accounts should be the main consideration in choosing an inventory management system for a company this size. It’s also important to check if the software offers full flexibility, customization, and support.

This article covered everything you needed to know about inventory management software. Overall, the inventory management software your business chooses to integrate with your system should make inventory more efficient and accurate.

SafetyCulture Content Specialist

Erica Reyes

As a researcher and content writer for SafetyCulture, Erica is tasked to contribute to the expansive information available on the website. She makes sure that her content contains correct and timely sources for various industries. Her goal is to help spread awareness and create a culture of safety in the workplace.

As a researcher and content writer for SafetyCulture, Erica is tasked to contribute to the expansive information available on the website. She makes sure that her content contains correct and timely sources for various industries. Her goal is to help spread awareness and create a culture of safety in the workplace.