Find the best platform to accelerate your growth in the new year.
The right tools to manage your business operations can make all the difference. In the world of e-commerce retail, one of the most critical is inventory management software. In this comprehensive guide, we will delve into everything inventory management software has to offer, as well as explore the top platforms for 2024.
Overview of topics we will be covering in this guide:
- What is inventory management software?
- How does inventory management software work?
- What’s the difference between inventory management software and warehouse management software?
- Why use inventory management software?
- Key features to look for in inventory management software
- Top inventory management software systems for 2024
What is inventory management software?
Inventory management software is a digital tool designed to streamline the tracking and managing of inventory, no matter the location or platform. It can also significantly reduce the risk of product overselling by giving businesses real-time access to crucial data related to their supply chain and sales activities.
How does inventory management software work?
Inventory management software works by providing businesses with a “source of truth” with a centralized platform to track and manage inventory. It typically includes features like real-time inventory tracking, automated reordering, and reporting capabilities. By integrating with other systems like accounting and sales platforms, the software ensures accurate inventory levels, reduces stockouts, and improves overall efficiency.
What’s the difference between inventory management software and warehouse management software?
To understand the differences between inventory management software and warehouse management software (WMS), it is helpful to think of them this way: While inventory management software can function without warehouse management features, a WMS cannot function without inventory management. Inventory management is a critical ingredient in any WMS. However, not all inventory management software has the functionality to serve as a WMS.
Why use inventory management software?
Businesses adopt inventory management to streamline the inventory management process and take advantage of the numerous benefits. Some perks that inventory management can bring businesses are:
- Minimized costs: With automated inventory tracking, the guesswork is eliminated. Therefore, this makes it possible for you to avoid tying up funds in excess stock and reduce costs related to storage and labor.
- Increased accuracy: Automated workflows minimize the pesky human errors no one wants, ensuring accurate inventory and order management tracking.
- Improved customer loyalty and satisfaction: Inventory software helps you make sure that you have your most popular products in stock with low stock alerts. That way, you can keep customers happy by being a reliable source for their favorite things - and foster long-term loyalty.
- Integrate with your other business tools: Any inventory management solution worth your money can integrate with your other business tools like online marketplaces like Shopify and BigCommerce, accounting systems like QuickBooks Online, and shipping engines like ShipStation.
Key features to look for in inventory management software
Before we discuss our top inventory software picks, let's first identify the key features to evaluate when choosing inventory management software for your business (no matter its size.)
- Functionality: A software’s functionality should always be at the top of your list. It is why you buy software, after all. For an effective inventory software, it must be reliable, intuitive, and keep inventory up-to-date - as promised. Other key functionalities that are worth looking for includes:
- Inventory tracking: Can the software track inventory by location?
- Advanced inventory data support: Does the software have support for advanced inventory data like expiration dates, lot numbers, and serial numbers?
- Mobile & scanning support: Does the software support mobile technology and scanning? Is there an app that can be used? Does the app support both iOS and Android?
- Bill of Materials support: Does the software support items with a Bill of Material, such as kits, bundles, multi-packs, and assemblies?
- Reminders for team members: Can the software remind team members when inventory-related processes need to be done, like when it’s time to conduct a cycle count or order replenishment stock?
- Inventory tracking: Can the software track inventory by location?
- Easy to use: If a software is difficult to use, it will cause more problems than it solves. To ensure that an inventory software is used to its full potential, it should be user-friendly and easy to use.
- Integrations: The ability to integrate with your sales channels, accounting systems or provide an integration helper like Zapier makes your life easier, not harder. Make sure all your essential integrations are supported or that there is a decided-on solution, like Zapier, to help connect your systems and platforms.
- Order management: Inventory and order management are like peanut butter and jelly. You can have one without the other, but they are better together. Therefore, your inventory system should support this relationship and help manage sales orders, purchase orders, returns, and fulfillment activities.
- Reporting and analytics: Your inventory system should also have robust reporting capabilities so you always have visibility into your inventory so that you can evaluate patterns to forecast future demands and sales.
- Customer service: Nothing is worse than needing help and finding it is not readily available. If you need help, you should not have to fight your way to a salesperson for help (Representative. Representative!) Instead, customer service should be readily available.
A bonus feature to look for when evaluating inventory software is multi-warehouse support. If your inventory is spread across multiple locations, look for multi-warehouse capabilities when evaluating the different platforms out there. Future you will be happy you did!
Top inventory management software systems for 2024
Now that we have a foundation of key features that we should use to evaluate the different inventory platforms out there, it’s time for the fun part - finding you a solution that best fits your needs!
Let’s take a look at the top inventory management software systems for 2024:
- Zenventory
- Extensiv
- Skuvault by Linnworks
- Cin7
- Fishbowl
- Ordoro
- Finale Inventory
Zenventory
About Zenventory
Zenventory was created to provide an all-one-solution for all inventory, order, and fulfillment needs. It is an intuitive and robust application that puts everything you need to run a business into one place and utilizes automation to handle the boring stuff.
Price
All of Zenventory’s plans include unlimited users and unlimited phone/email support. Prices start at $149 with Zenventory’s Lite plan. The Lite plan supports up to 1,000 products, 5,000 orders per month, and a single warehouse. It also includes features like barcode scanning, cycle counting, supplier catalogs, purchase orders, and pick and pack order fulfillment. The Enterprise plan, priced at $449 per month, includes 3PL features, unlimited SKUs and orders, branded client portals, 3PL billing, and multi-client inventory.
What Zenventory users say
Zenventory users say that the software provides a customizable system to fulfill all their needs - and support is always ready to help and, above all, agile in responding by any means.
A negative that some users have shared about Zenventory is that the cost increases with some added features.
Inventory management features:
✅ Functionality
✅ Easy to use
✅ Integrations
✅ Order management
✅ Reporting and analytics
✅ Customer service
Other inventory software features:
✅ Powerful API
✅ Workflow automation with easy to configure rules
✅ Multi-warehouse support
✅ Item catalog management
✅ Kits, assemblies, bundles with Bill of Material (BOM) support
✅ Par levels to help expedite reorders from suppliers
✅ Low stock alerts by email or TXT
✅ Unlimited users for one low price
Powerful warehouse management
When a need for a better warehouse management system for third-party logistics (3PL) arose, Zenventory answered the call with a powerful WMS solution that empowers its users with automatic billing charges, streamlined pick and pack, automation rules, dynamic order tags, and support for lot numbers and expiration dates.
Extensiv
About Extensiv
Extensiv, formally known as 3PL Central, was created to make managing inventory, automating tasks, and visibility easier for third-party logistics (3PL) warehouses.
Price
The pricing for Extensiv software is not available on their website. You will need to contact one of their sales representatives to learn about the cost. (From personal experience, it’s usually never good when the pricing is not shared outright.)
What Extensiv users say
The biggest advantages that users attribute to Extensiv is that the system is easy to use and the interface is intuitive and modern.
However, regarding negatives about the software, there are some concerning gripes that users have highlighted. One is that Extensiv will “nickel and dime you for everything”. From customer service to paying for a missing column to be added to a report to EDI connections, Extensiv has a charge for everything.
Some users have also identified a need for more functionality when it comes to cycle counts and stock replenishment. Also, when you can contact support, some users have said that they feel like they are always being sold something.
Inventory management features:
❌ Functionality
✅ Easy to use
✅ Integrations
✅ Order management
✅ Reporting and analytics
❌ Customer service
SkuVault by Linnworks
About SkuVault by Linnworks
Skuvault by Linnworks is an inventory management system that was created to serve medium-sized or small businesses (SMB). When using Skuvault, you can sync your e-commerce channels, manage inventory, and generate reports.
Price
Skuvault by Linnwork has based their pricing plans on the number of orders. Plans range from $449 to $1,749 a month. Though, there are custom plans and pricing available as well.
Add-ons like enhanced warehouse, listings, forecasting, and warehouse management can also be included for an additional monthly cost.
What SkuVault by Linnworks users say
Users have said that the support team is extremely helpful, and the integrations create a source of truth for multi-channel selling.
Some negatives that SkuVault by Linnworks users have shared are that the sales pitch greatly exceeded the product’s performance and that the application did not deliver in any capacity and denied a refund when a customer tried to cancel.
Inventory management features:
❌ Functionality
❌ Easy to use
✅ Integrations
✅ Order management
✅ Reporting and analytics
✅ Customer service
Cin7
About Cin7
Cin7 is an inventory management system that connects inventory, orders, shipping, and accounting workflows into one solution.
Pricing
Pricing plans for Cin7 are based on the sale order volume a year, as well as the number of integrations. The Cin7 starting plan, $349 / month, supports 3 users, a sale order volume of 6,000 / year, accounting integrations, and 2 e-commerce and app integrations. Add-ons like B2B portal, automation, and API can be included for an extra cost.
Unlike online retailers, 3PLs have a different payment structure with Cin7 and will have to be locked into a contract. Pricing for 3PLs is also not supplied online and you know what that means … it most likely is not going to be cheap.
What Cin7 users say
Some positives that users comment on for Cin7 is about the onboarding experience. However, some users have shared that post-onboarding customer service can be hit-and-miss. In some cases, chat support has also become unavailable after users used it too many times.
Some additional negatives users have shared about Cin7 is that the software has some quirks with creating new SKUS and can be challenging to use.
Inventory management features:
❌ Functionality
❌ Easy to use
✅ Integrations
✅ Order management
✅ Reporting and analytics
❌ Customer service
Fishbowl
About Fishbowl
Fishbowl is an inventory management application offering on-premise and cloud solutions: “Fishbowl Advanced” and “Fishbowl Drive.” Handling simple and complex manufacturing processes, Fishbowl can be a great ERP alternative for small to medium-sized manufacturing companies looking for a more up-to-date solution than SAP or Netsuite.
Price
Fishbowl pricing starts at $329 a month and includes 2 full access users, as well as 1 integration choice. Additional integrations can be included with an additional cost of $49 a month (per integration).
What Fishbowl users say
Users who use Fishbowl Manufacturing with either production or manufacturing processes have been happy with the platform. One specific user shared that the software was highly customizable and helped streamline production.
Negatives about the software are more on the WMS side with picking and packing issues and lack of vendor management capabilities. Some users have also shared fears about data integrity and that there were a lot of hidden costs.
Inventory management features:
❌ Functionality
✅ Easy to use
✅ Integrations
✅ Order management
✅ Reporting and analytics
✅ Customer service
Ordoro
About Ordoro
Ordoro helps growing merchants run their online stores with the same back-office tools that large-scale corporations have (without the expensive price tag).
Price
Ordoro offers a free version that includes unlimited shipping labels and also has an Advanced plan that supports unlimited channels for $59 a month. Those shipping more than 7,500 orders a month do require a custom plan.
Also, if you want the inventory management functionality, there is an additional $350 a month that will be added to your plan.
What Ordoro users say
Many Ordoro users like the intuitive software and say the customer support is great. Some negatives highlighted by users are that there is a long sync time between platforms (Ordoro syncs about once an hour), and customization for packing/picking slips is only available for some tiers.
Inventory management features:
❌ Functionality
✅ Easy to use
✅ Integrations
✅ Order management
✅ Reporting and analytics
✅ Customer service
Finale Inventory
About Finale Inventory
Finale Inventory is an inventory management system designed for businesses dealing with high volumes and multiple sales channels.
Price
Finale Inventory pricing starts at $99 a month and includes 1 user, 500 orders a month, 2 integrations and 100,000 products. It does not include API access or QuickBooks Online integration. Also, the Barcode WMS module will cost an additional $300 a month. If you are a 3PL and would like 3PL functionality, that will cost you an additional $200 a month as well.
What Finale Inventory users say
Users of Finale Inventory mention that the application is easy-to-use. Other users also appreciate the integrations offered. However, some of the functionality could be better, with reviews citing stock take to be difficult with the many steps to follow and that it is time-consuming to generate reports as well.
Inventory management features:
❌ Functionality
✅ Easy to use
✅ Integrations
✅ Order management
✅ Reporting and analytics
✅ Customer service
Final thoughts
Choosing the best inventory management software depends on your business size, industry, and your specific needs. No matter your industry or company size, there’s a solution out there that can streamline your inventory management process and help your business thrive.
Remember that the best inventory management software should offer real-time inventory tracking, multi-channel integration, order management, comprehensive reporting, and great customer service.
With the right inventory tool in place, you can enhance your operational efficiency, improve customer satisfaction and drive business growth. The sky’s the limit!
Zenventory: A reliable, scalable inventory management software trusted by 1,200+ companies
See the Zenventory difference yourself! Book a free product tour with one of our product experts (no salespeople here!). Get free product tour >>>
