7 Top-Rated Inventory Management Software

When overcrowded warehouses or stockouts become frequent, inventory managers are required to regain control of their inventory and keep up with customer demand. However, the manual and time-consuming nature of traditional inventory management methods often leads to inefficiencies and missed sales opportunities. Solution? Inventory management software.

Using inventory management software, you can track your inventory in real time through a centralized dashboard and create alerts when stocks are low. You can also automate the inventory-recording process and manage shipping for customers.

We know it can be difficult to find a tool that’s not only easy to use but also aligns with your budget and needs. To help, we’ve highlighted the top seven inventory management software solutions, in alphabetical order, based on verified software reviews.

Finale Inventory is a cloud-based inventory management system that stores your data on an online server, making it accessible from any device. With its centralized inventory management functionality, you can stay on top of your inventory across multiple warehouses, record your past sales, and get real-time information on current stock. This helps inventory managers anticipate restocking based on sales patterns. Its barcode scanner lets you conduct quick cycle counts and transmit the data into the database for teams to derive relevant insights. Finale Inventory has a mobile app for Android devices.

Product features of interest*:

• Automatic restock forecasting: Optimize incoming shipments and use sales history to calculate reorder points that anticipate the best time to order more of a certain item. Leverage automatic restock forecasting to minimize the risk of over- or under-stocking and make optimal use of warehouse space.

• Serial and lot number tracking: Assign a series of numbers or a combination of numbers and letters to each product, part, and other material in your inventory. This helps monitor the movement and history of individual items or groups of items based on their unique serial numbers or lot numbers.

• Inventory stock auditing: Perform physical inventory counts to verify the quantity and condition of items in stock. This helps determine whether the products match the inventory records and identify and correct any discrepancies, such as errors in record keeping or thefts.

Customer support options: Message, call, and email.

Who should consider Finale Inventory?

As a retailer, if you are looking for an inventory management system that analyzes landing costs to understand profits, consider Finale Inventory. Landing cost refers to the total cost incurred to bring goods or products into inventory and make them available for sale. Finale Inventory ensures appropriate pricing for profitability by considering additional costs associated with acquiring and transporting the products, such as import duty, freight, and insurance. This provides an accurate gross margin on every unit of stock, enabling data-driven business decisions.

Konfio Gestion is a business management software suite offering inventory management as a part of its features. It focuses on inventory control to help you prevent over- or under-stocking and increase your sales. Konfio Gestion enables you to track customer orders, manage sales invoices, and generate sales reports. This feature helps streamline the order fulfillment process and ensures accurate inventory allocation. The tool has a mobile application for both Android and iOS devices.

Product features of interest*:

• Inventory movement controls: Track and record stock movement from a centralized dashboard. This helps minimize the risk of inventory loss or theft by monitoring and alerting users about any unusual stock movements.

• Price and availability updates: Automate updating product prices and availability. This helps eliminate time-consuming manual processes and ensures information across multiple sales channels or warehouses is up to date.

• Synchronize POS: Integrate various sales channels, such as physical stores and online platforms, to sync multiple point-of-sale (POS) systems and optimize sales processes. This allows you to centralize sales data and gain insights into sales performance and trends.

Customer support options: Chat, email, and help center.

Who should consider Konfio Gestion?

Konfio Gestion is a good choice for retailers of all sizes and types. It enables retailers to manage their inventory by tracking stock levels, monitoring sales, and automating the ordering process. With its real-time visibility and automated alerts, users can prevent stockouts and make informed decisions about replenishing their inventory. It also features barcode scanning and integration with other systems, improving inventory optimization and overall operational efficiency.

Limble CMMS is a maintenance management system that offers spare parts inventory management, specializing in tracking and recording inventory items that are used for maintenance, repair, and operations. You can get an overview of spare parts inventory to stay on top of what parts are in stock and where they are being used, ensuring the availability of critical spare parts to minimize equipment downtime. It also sends instant push and email notifications when a part’s quantity is below a custom-set threshold. Limble’s calendar planner allows you to automate periodic predictive maintenance and sends automatic alerts for all upcoming maintenance and repair services. Limble has a mobile application for both Android and iOS devices.

Product features of interest*:

• Usage tracking: Monitor the utilization of spare parts and assets in your inventory to get insights into over- or under-utilization. This process helps identify performance issues, reorganize asset allocation, and schedule maintenance to extend asset life cycles.

• Real-time reporting: Generate detailed reports that show usage patterns for spare parts and assets to get real-time visibility into inventory levels, identify optimal reorder points, and automate reordering based on predefined thresholds.

• Stock levels optimization: Leverage demand forecasting, historical usage data, and maintenance schedules to optimize stock levels and ensure the availability of necessary spare parts. 

Customer support options: Call, email, and live chat.

Who should consider Limble CMMS?

If optimizing maintenance operations is at the core of your inventory management strategy, consider Limble CMMS. With the spare part inventory feature, you can record maintenance data of an asset, including the number of times it needed maintenance, time taken for its maintenance, and total maintenance cost. Such metrics assist in planning the timely replacement of an asset and maintaining accurate stock levels at all times.

Prodsmart, in addition to being a manufacturing execution system (MES), offers inventory management capabilities. With its inventory management module, you can track inventory levels, monitor stock movements, and optimize stock levels to ensure smooth production operations. Prodsmart enables real-time visibility into inventory data, facilitating accurate inventory counts and capturing usage and trends. It offers quality control tools that help with waste tracking, product logging, and quality checklists for all listed inventory. The tool also has a mobile app for both Android and iOS users.

Product features of interest*:

• Bills of materials (BOM): Create a list of components or materials required for the production of finished goods, including the quantities and specifications of each item. This helps plan and track the availability of materials and manage inventory levels for individual components.

• Lot traceability: Track and trace specific batches or lots of products throughout the supply chain. It provides end-to-end visibility, allowing you to identify the origin, movement, and destination of products within the inventory.

• Warehouse management: Optimize the storage and movement of inventory within the warehouse or distribution center. This enables you to organize inventory by assigning locations for different items, recording stock receipts, conducting cycle counts, and managing stock transfers.

Customer support options: Call, live chat, and email.

Who should consider Prodsmart?

Prodsmart is a good option for manufacturing and production businesses looking for the right technology to standardize their inventory management operations. Its production tracking capabilities provide insights into work in progress, ensuring inventory levels align with production needs. The tool also lets inventory managers monitor each worker’s performance individually, align their shifts, and oversee their day-to-day tasks and integrates with a punch clock that tracks employee time and productivity.

Formerly known as TradeGecko, QuickBooks Commerce enables you to manage inventory and orders for all your sales channels. It keeps track of your stock and inventory through real-time reporting, whenever you sell and restock across multiple warehouse locations and channels. The tool integrates inventory management with its accounting system, automating invoicing and providing multi-currency pricing for enhanced visibility into costs and profits. Currently available as part of a bundle with QuickBooks Online, this tool has a mobile application for both Android and iOS users.

Product features of interest*:

• Purchase order management: Create, edit, and email purchase orders while automatically updating inventory levels, ensuring data accuracy. You can also generate reorder reports to stay informed about the ideal timing for inventory replenishment.

• Back-order management: Monitor and record customer orders for out-of-stock items. The software provides visibility into expected availability dates, communicates the status of these orders to customers, and prioritizes their fulfillment once the items are available.

• Demand forecasting: Analyze historical sales data and other factors to predict future demand for products. It helps optimize inventory levels, procurement, and production planning, minimizing costs and ensuring timely availability to meet customer demand.

Customer support options: Call and help center.

Who should consider QuickBooks Commerce?

Businesses engaging in wholesale operations and direct customer sales can consider QuickBooks Commerce. With its dedicated wholesale inventory management feature, you can handle bulk orders through an automated and personalized wholesale ordering system. This tool enables you to create sales quotes, generate sales orders, and provide self-service capabilities to existing customers. Real-time sales reports offer valuable insights for informed decision-making, while the ability to generate detailed sales history and order reports enhances inventory management.

Trunk is a multi-channel inventory syncing and management system. At its core, Trunk functions as a centralized hub that connects multiple sales channels (such as Shopify, Etsy, eBay, Amazon, and Xero) to inventory sources, allowing you to have real-time visibility into stock availability and inventory levels. It ensures data synchronization and updated product information across all channels. With its reporting capabilities, you can get insights into sales trends, inventory performance, and channel-specific metrics. This data supports informed decisions regarding inventory management, pricing strategies, and channel optimization.

Product features of interest*:

• Real-time stock level sync: Capture and update inventory quantities in real time as sales occur or inventory changes happen, ensuring accurate stock information across all integrated channels. You can view the synchronized dashboard to check stock levels and prevent overselling and stockouts.

• Smart bundles and kits: Create interconnected bundles or kits of products or components. If the quantity of one item changes, Trunk adjusts the quantities of other items accordingly. For instance, a bathroom renovation kit with a faucet, mirror, lights, sink, etc., will have quantities adjusted even when one item from the kit is purchased.

• Multi-channel sales tracking: Integrate different eCommerce platforms and marketplaces to collect sales data and visualize it on a unified dashboard. This provides insights into sales performance and helps track trends, identify popular products, and assess the effectiveness of each channel to optimize sales strategies.

Customer support options: Help center, chat, and email.

Who should consider Trunk?

Trunk is a good option for businesses that operate across multiple sales channels and struggle with inventory control. The inventory synchronization platform centralizes inventory data, provides real-time sync, and offers multi-channel integration, catering to those who find it particularly challenging to keep track of inventory levels and product information across different platforms.

With a suite of tools including point of sale (POS), inventory management, reporting, and multi-store management, WooPOS helps retailers improve their daily operations. As an inventory management solution, it provides real-time visibility into stock levels, preventing stockouts and overselling. WooPOS enables you to adjust inventory to account for breakage, wastage, or write-offs, ensuring accurate inventory tracking and providing valuable insights into product consumption patterns. With its reporting capabilities, you can gain in-depth insights to optimize inventory processes and make strategic decisions.

Product features of interest*:

• Inventory balancing: Transfer products from one store or warehouse to another, maintaining stock levels and ensuring equal distribution of products. This reduces the likelihood of stockouts or overstocking and avoids the need for unnecessary discounts.

• Physical inventory count: Conduct inventory counts by capturing a snapshot of your inventory for a specific location. WooPOS offers different count types, such as full count, selective count, and spot count, allowing you to choose the right method as per your requirements.

• Custom barcode designer: Leverage the built-in barcode designer to design, create, and print high-quality barcodes tailored to your specific needs. You can also adjust size and positioning and incorporate logos and other branding elements to enhance brand recognition.

Customer support options: Live chat, call, email, and message.

Who should consider WooPOS?

If you have a retail business and are looking to link it to an eCommerce platform, consider WooPOS. It helps you manage inventory, customers, employees, and point-of-sale systems across multiple storefronts. WooPOS enables you to generate best- and worst-seller inventory reports, providing insights into your product performance and highlighting which items are selling well and which ones are underperforming. You can use these reports to optimize the availability of best-selling items and maximize sales.

An inventory management tool can cost as low as $10 per month, or all the way up to $63+ per month, depending on various factors—features, number of warehouses, inventory size/type, training availability, deployment options, integrations, and storage. Most inventory management software solutions typically include the following pricing plans:

• Free trial: No-cost trial plans ranging from 14 to 30 days, giving users access to either all or limited features of the software.

• Free version: Free software plans offer basic features and limited premium feature access. These are ideal for small businesses or individuals with a limited budget.

• Entry-level: Start at $10 per month and offer limited features. These are recommended for small businesses or teams with basic inventory control and invoicing requirements.

• Mid-tier: Range from $16 to $45+ per month. These are ideal for midsize businesses with multiple software users looking for advanced features such as batch tracking, e-invoicing, vendor portal, and barcode printing.

• High-end: These plans usually cost $63 or more and offer unlimited inventory management, advanced analytics, and priority customer support along with entry and mid-level features.These are ideal for large enterprises with cross-functional teams.

• Is this tool mobile-compatible? Consider investing in a mobile-compatible tool to manage your inventory. It enables you to stay updated on inventory, create purchase/sales orders, track real-time shipment status, and streamline workflows from anywhere, at any time.

• Does it offer integration with barcoding or purchase order management tools? To simplify data export and import, check integration with barcoding and purchase order management tools. Without integration, you would have to manually upload data to another application after exporting it from your inventory software. This can be time-consuming and limit your ability to keep all systems up to date.

• Does this tool support multi-channel inventory optimization? If your business operates multiple warehouses, it's important to ensure that your inventory management solution offers visibility into each warehouse. Before selecting a tool, verify if it supports different warehouse models and sizes, allowing you to optimize inventory across multiple channels.