Expertly managing inventory can be a difficult task for you, especially when you are running a retail business. Getting the benefit of technology can make operations more comfortable and easier for yourself and your employees.This is why an inventory management system is valuable to every retail business, be it large or small.  

Inventory moves continuously. Across the day’s operations, new sales, returns, damaged products, and pilferage, everything affects your inventory. This is why powerful inventory management systems are a critical need in every type of wholesale or retail business. 

This article will describe all you need to understand about inventory management systems. We’ll explain the varieties of systems or software you can pick from, and which may suit you the most.

What is an Inventory management system?

An inventory management system is everything about managing and tracking what you have in your storeroom age or retail warehouse. Inventory management further includes monitoring what your supply chain partners or your most loyal clients have in stock. For small to midsize companies or businesses (SMBs), managing all these things can get complicated fast if you’re just using a spreadsheet.

The inventory management system is a necessary part of managing a successful business. However, among so many choices, you have to understand what kind of platform you have to choose.

Why does a business need an inventory management system?

The inventory management system is a solution and a guardian to a business that attempts to control and manage the business, involved in bargainings, selling, and stocking. Smart Inventory management is designed for the authority to maintain and track all data, analyze the costing for stocks, and keep the most active stock updated. 

A Smart Inventory system perfectly guides the company in helping to manage stocks and automation of the process that involves selling, buying, costing, shipping, collecting, warehousing, distributing, and transporting.

10 Best Inventory Management System For your Businesses in 2024

The inventory management system gives a whole solution by measuring stocks, advancing, maintaining prices, and reducing cash resource blockage. However, you need to have a clear understanding of the inventory management system that you are going to choose. Now here is some top-level inventory management system software for your help. 

 

CIN7

Cin7 is very popular for its Enterprise Resource Planning (ERP) scale activities. Cin7 offers prefabricated modules that are customizable as per your requirement. In addition to a completely united POS system, Cin7 becomes fully packed with B2B eCommerce features, building features, and indeed a payment gateway.

On top of that, there are barcode scanning, inventory tracking, including order achievement, and many more features you’d like to have in your inventory solution.

Ordoro 

Odoro is best for eCommerce businesses because of its focus on transportation and shipping. Ordoro is all about getting your supply chain quick, efficient, and effective so you can see your stocks when you want them. Ordoro also reduces your inventory holding expenses, and ships order management to your clients immediately.

Ordoro is one of well designed cloud-based inventory tracking management software solutions because it makes supply chain control.

In plain English, Ordoro concentrates on simplifying the transportation manner for your company or business. Ordoro is essentially a shipping and supply chain tracking system, so the whole program focuses on customer order satisfaction and decreasing wait time during the stock reordering method.

Sokrio 

The Sokrio is a cloud-based inventory management system software that gives complete retail reporting to view all types of stock and also sales velocity that supports future assessment. The Sokrio inventory management system software is a huge gift of technology for any type of growing business, FMCG businesses, also small and medium level businesses as well.

When you find yourself in the Sokrio inventory dashboard you will be amazed by observing its spectacular design and features. After inspecting this system, you must say wow by observing its user-friendly design and advanced features. 

 

This inventory system works from the central house to the depot, then it helps to transfer the stocks depot to distributors. This system can also track the product’s journey from distributors to retailers. So easily you can say that this inventory management system also supports multiple warehousing. 

This inventory management feature concentrates on implementing inventory at various locations, keeping control of the stock level, monitoring supplier availability, and securing an on-time return of inventory. 

A multi-channel inventory system like Sokrio is not only a protector but also manages a lot of business epidemics with its integrated advanced features. The smart solution from Sokrio optimizes inventory and order management from buying, and packaging, to payments including multi-channel selling, delivery, and powerful inventory controls.

Upserve

Upserve presents a powerful inventory management solution for the unique needs of restaurants. Clearly, Upserve gives a higher focus on expiration date tracking and specialty supply chain requirements than different inventory control software options.

What’s more, Upserve gives features only for the restaurant business. For example, you can apply Upserve inventory system software to plan recipes for the foods you sell, customizing every recipe among the precise ingredients and quantities required.

Then, if you sell that food, Upserve can automatically deduct those amounts from your inventory levels for the elements used. You can even apply this system to manage pricing for your list items and identify food loss.

Fishbowl Warehouse

Fishbowl Warehouse is one of the best inventory tracking and management software for warehouse management.

With Fishbowl Warehouse, you can track inventory levels for specific and individual parts. This permits you to trace manufacturing, depot, and labor expenses for each particular part in your warehouse, which suggests a more detailed value of stocks sold count.

You can also have help measuring your COGS (carrying value of goods sold) since Fishbowl integrates seamlessly with Quickbooks accounting system software.

Fishbowl Warehouse also adds built-in UPS transportation features, which enable you to print pick records and shipping tags—all inside your inventory system. Fishbowl further helps multiple warehouses, making it capable of running more complicated business models than several other inventory management solutions.

Sellbrite

Overselling is one of the highest bottlenecks in the marketing enterprise which can be overcome by a smart inventory control system similar to Sellbrite. Providing your entire control of inventory and reducing overselling of stocks, Sellbrite is one of the most sorted business inventory systems.

This user-friendly program allows enterprise-level inventory management features and supports the business in setting up the balance between stock, sales, and marketing orders.

Sellbrite is one of the best small business inventory management systems that give user-friendly advanced features to save your business from overstocking. The system permits its users to see and control reserved, on-hand stock levels and ready stocks simply. 

TradeGecko

TradeGecko gives a perfect solution that you who want to control your wholesale company. For starters, TradeGecko allows you to build up a full-fledged business-to-business (B2B) eCommerce site, wherever all of your wholesale consumers see only the costs they’d pay based on their negotiated prices.

Plus, TradeGecko’s established payment processor permits you to include “Pay Now” buttons in your bills or invoices, so your customers can comfortably pay for their orders as soon as they get an invoice.

The inventory optimization option streamlines internal control and supervises the business with the best stocking process. TradeGecko allows you to transfer stock between warehouses, handle various currencies, receive and answer orders, and synchronize order management including inventory. 

Stitch Lab

Stitch Labs is a cloud-based inventory management system that gives complete retail reporting to survey historical stock, business area, and sales. Additionally, this tremendous platform updates sales channels, carries and transfers inventory, and monitors units in transportation and inbound locations too. 

Stitch Labs allows purchase order control, cost allocation, low stock warnings, bundling, and stocktakes. Stitch Labs is one of the forward inventory and order management systems that profit the retail business by organizing inventory and managing sales, marketing, and orders.

By developing this system, a company gets a better picture of its inventory, and specific data to control in forecasting and making intelligent business choices.

 inFlow

inFlow is an inventory management system created for item-based businesses to follow and track stock, control orders, generate invoices, perfect reports, and manage other trade and transaction services. Businesses of all sizes can easily trust inFlow to apply this in their business to improve their business inventory management system.

Sales, buy, and reorder management is brought out through B2B portals. It allows billing of supplies, invoices, and other receipts along with protected online payment gateways and regular order procurement, shipping, and delivery.

inFlow’s manageable agreement with user stages like Windows, iOS, and Android supports you visiting at the head of your game by viewing everything you want to know with a simple click.

Megaventory

Megaventory is a cloud-based inventory management system that is created for medium-sized companies and businesses, including retail, wholesale, or franchises, manufacturing businesses, and nonprofit businesses.

It enables you to control sales and take orders, selling quotes, backorders, dropshipping, partials, results, inventory including serial amounts, and barcodes – all with capabilities for various users!  

Its features involve sophisticated user support, customizable user orders and reporting, full information import and export/shipping, multiple currencies and exchange prices, pricing rules, and a rich API.

 

Conclusion 

A smart Inventory management system will automate businesses’ work processes, settings order numbers and trigger salesforce. Inventory information is equally valuable as financial data to create business choices and decisions.

A company must take a comprehensive inventory management system that supports understanding consumer needs and boosting the business profit for better sales strategies.