The inventory management software space was worth more than $3 billion in 2019, and should grow at a compound annual growth rate of more than 5% from 2020 to 2026.
According to a research report from Global Market Insights, the expected growth rate is a function of higher manufacturing output because of greater industrial internet of things (IoT) adoption.
The Best Inventory Management Softwares
But what does that mean to your company? You’re at a competitive disadvantage if you don’t have an inventory management system in place. You might be wondering–if you’re in the market for an inventory management software application–what the best options are.
Q2 2022 hedge fund letters, conferences and more
Find A Qualified Financial Advisor
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.
Keep reading to learn about options for small businesses that should be on our shortlist.
QuickBooks Online
QuickBooks Online has almost become synonymous with accounting for many users. But the application also integrates inventory management functionality. If you already use or are familiar with QuickBooks, then it might be worth your while to check out the inventory management features to see if they meet your needs. You’ll be able to track your existing inventory, receive notifications when you need to restock items, and look at insights on what you purchase and sell.
Finale Inventory
If you’re looking for a formidable inventory management solution for small businesses requiring multichannel, high-volume eCommerce and warehouse management, Finale Inventory is worth considering. You can put the software through its paces with a demo and a 14-day free trial. You can use it for warehouse management, return management, stock auditing, lot ID tracking, serial number tracking, and more. And if you already use QuickBooks but don’t feel like that program’s inventory management features are robust enough, Finale Inventory offers QuickBooks integration. So, you can still use QuickBooks for accounting and Finale Inventory for inventory management.
Fishbowl Inventory
Fishbowl Inventory is designed to meet small- to medium-sized companies’ warehouse and manufacturing management needs. It offers inventory management, work order management, material requirements planning, barcoding, manufacturer bills and orders, and more.
Zoho Inventory
Zoho Inventory is an inventory management solution that you can use to create and manage your purchase orders and track your inventory. You’ll be able to check your stock levels, centralized inventory management for multiple eCommerce stores, receive instant notifications on inventory levels, get alerts when your stock dips south of re-order levels, and more. You can use the software to generate extensive reports that can help with making proper business decisions.
TallyPrime
TallyPrime is a comprehensive solution that not only offers inventory management, but also accounting, invoicing, cost management, payroll, and more. If you want to decrease, rather than increase, the number of software applications used at your company, TallyPrime is a good option since you can use it for multiple business functions. You can generate business reports that provide a comprehensive view of your company, which will facilitate sound and informed decision-making.
The options above are a good place to start if you’re looking for a reliable inventory management solution. But there are many more applications that you can consider, so look around to find the right fit for your business. Using an Excel file or, even worse, keeping track of things with a pen-and-paper system will make inventory management harder than needed. A good inventory management system will embody the idea of working smarter rather than harder.
It makes sense to ditch inefficient inventory management strategies and instead find something that will help your company. When you research and find some applications that appear to be a good fit for your business, request a demo and ask questions to get into the nitty-gritty.
You’ll also want to request a free trial so that your staff can test it out and determine if it’s a helpful tool.
