7 Best Inventory Management Programs for 2024

Inventory management is the process of tracking and optimizing the flow of goods from suppliers to customers. It involves managing the quantity, location, and condition of inventory items, as well as forecasting demand, ordering supplies, and fulfilling orders.

Key Takeaways

Inventory management is the process of tracking and optimizing the flow of goods from suppliers to customers.

Inventory management software is a tool that helps you track, manage, and optimize your inventory levels across multiple channels and locations.

The 7 best inventory management programs for 2023 are Cin7, Ordoro, inFlow, Katana, Zoho Inventory, Fishbowl, and Sortly.

To choose the best inventory management software for your business, you should consider factors such as your business size, industry, inventory complexity, sales channels, integration needs, budget, and user-friendliness.

You can benefit from inventory management software by reducing costs, increasing efficiency, improving customer satisfaction, and avoiding stockouts or overstocking.

Inventory management is crucial for any business that sells physical products, whether online or offline. It helps to reduce costs, increase efficiency, improve customer satisfaction, and avoid stockouts or overstocking.

However, inventory management can also be complex and time-consuming, especially for small and medium-sized businesses that may not have the resources or expertise to handle it manually. That’s why many businesses use inventory management software to automate and streamline their inventory processes.

Inventory management software is a tool that helps businesses track, manage, and optimize their inventory levels across multiple channels and locations. It can integrate with other systems such as accounting, e-commerce, point of sale (POS), warehouse management, and shipping to provide a holistic view of the inventory cycle.

There are many inventory management software options available in the market, each with different features, pricing, and suitability for different types of businesses. To help you choose the best one for your needs, we have compiled a list of the 7 best inventory management programs for 2023 based on our research and analysis.

These are:

Cin7: Best overall inventory management software for multichannel businesses that need a powerful and customizable solution.

Ordoro: Best for multichannel sellers that need a simple and affordable solution for dropshipping and fulfillment.

inFlow: Best for B2B and wholesale businesses that need a flexible and scalable solution for inventory control and order management.

Katana: Best for manufacturers that need a smart and modern solution for production planning and inventory tracking.

Zoho Inventory: Best value inventory management software for small and medium-sized businesses that need a comprehensive and easy-to-use solution.

Fishbowl: Best for QuickBooks users that need a robust and integrated solution for inventory management and manufacturing.

Sortly: Best for small retailers and asset tracking that need a simple and intuitive solution for barcode scanning and inventory organization.

Let’s take a closer look at each of these programs and see what they offer.

Cin7

Cin7 is a cloud-based inventory management software that offers a complete solution for multichannel businesses. It allows you to manage your inventory across multiple sales channels, warehouses, locations, suppliers, and third-party logistics (3PL) providers. It also provides advanced features such as automated order routing, demand forecasting, batch tracking, serial number tracking, landed cost calculation, consignment stock management, and more.

Cin7 integrates with over 450 platforms, including e-commerce platforms like Shopify, Amazon, eBay, Magento, WooCommerce, BigCommerce, etc., POS systems like Vend by Lightspeed, Square, etc., accounting systems like QuickBooks Online, Xero, etc., shipping services like ShipStation, Shippo, etc., and 3PL providers like ShipBob Merchant Plus, Fulfillment by Amazon (FBA), etc.

Cin7 is suitable for businesses of all sizes that sell through multiple channels and need a powerful and customizable inventory management solution. It offers four pricing plans starting from $349 per month for up to 2 users and 2 integrations. You can also request a custom quote for enterprise-level features and support.

Pros:

Comprehensive and powerful inventory management solution
Supports multiple sales channels, warehouses, locations, suppliers, and 3PL providers
Offers advanced features such as automated order routing, demand forecasting, batch tracking, serial number tracking, landed cost calculation, consignment stock management
Integrates with over 450 platforms
Customizable and scalable

Cons:

Expensive compared to other options
Initial implementation can be confusing
Customer support can be slow

Tips

Keep your inventory data accurate and up-to-date by using barcode scanners, RFID tags, or other inventory tracking methods.

Optimize your inventory levels by using demand forecasting, reorder point calculation, safety stock analysis, or other inventory planning methods.

Automate your inventory processes by using order routing, purchase order generation, stock transfer, or other inventory automation methods.

Monitor your inventory performance by using inventory reports, dashboards, alerts, or other inventory analysis methods.

Integrate your inventory software with other systems such as accounting, e-commerce, POS, warehouse management, and shipping to streamline your workflow and avoid data duplication.

Inventory Management Programs: A Global Perspective

Inventory management programs are software applications that help businesses track, manage, and optimize their inventory levels. They can also facilitate various inventory-related tasks such as ordering, receiving, storing, picking, packing, and shipping. Inventory management programs are essential for ensuring customer satisfaction, reducing operational costs, and increasing profitability.

Market Size and Growth

According to a report by FinancesOnline, the global supply chain market is expected to grow at a compound annual growth rate (CAGR) of 11.2% from 2022 to 2023, reaching USD 37.41 billion by 2023. One of the key drivers of this growth is the increasing demand for inventory management software, especially in the e-commerce sector. The report also states that in 2018, the biggest challenges in supply chain management were visibility (21.1%), fluctuating consumer demand (19.7%), and inventory management (13.2%).

Another report by Global Market Insights estimates that the inventory management software market size surpassed USD 3 billion in 2022 and is anticipated to exhibit a CAGR of 5% between 2023 and 2032. The report attributes this growth to the growing trend of omnichannel retailing, the widespread adoption of smartphones and other mobile devices, the rapidly growing popularity of e-commerce, and the need to mitigate supply chain inefficiencies.

A third report by Data Bridge Market Research forecasts that the global inventory management software market will register a CAGR of 8.5% in the forecast period of 2023 to 2030. The report identifies the rising demand for RFID technology, the increasing adoption of cloud-based solutions, and the emergence of artificial intelligence and machine learning as some of the major factors influencing the market growth.

Related Market Trends

The warehouse management systems market, which is closely related to the inventory management software market, is also expected to witness significant growth in the coming years. According to a report by Grand View Research, the global warehouse management systems market size was valued at USD 3,413.9 million in 2022 and is expected to expand at a CAGR of 19.0% from 2023 to 2030. The report cites the increasing adoption of automation, robotics, and IoT in warehouses, the growing demand for efficient and flexible warehouse operations, and the rising need for real-time inventory visibility as some of the key factors driving the market growth.

In conclusion, inventory management programs are vital for enhancing supply chain performance and competitiveness in the global market. The demand for these programs is expected to increase steadily in the near future, owing to various technological advancements and changing consumer preferences. Businesses that adopt inventory management software can benefit from improved inventory accuracy, reduced operational costs, increased customer satisfaction, and higher profitability.

Frequently Asked Questions

Q: What is inventory management?
A: Inventory management is the process of tracking and optimizing the flow of goods from suppliers to customers. It involves managing the quantity, location, and condition of inventory items, as well as forecasting demand, ordering supplies, and fulfilling orders.

Q: What are the benefits of inventory management?
A: Inventory management can help you reduce costs, increase efficiency, improve customer satisfaction, and avoid stockouts or overstocking.

Q: What are the features of inventory management software?
A: Inventory management software is a tool that helps you track, manage, and optimize your inventory levels across multiple channels and locations. It can integrate with other systems such as accounting, e-commerce, point of sale (POS), warehouse management, and shipping to provide a holistic view of the inventory cycle. It can also offer features such as automated order routing, demand forecasting, batch tracking, serial number tracking, landed cost calculation, consignment stock management, and more.

Q: How to choose the best inventory management software for your business?
A: To choose the best inventory management software for your business, you should consider factors such as your business size, industry, inventory complexity, sales channels, integration needs, budget, and user-friendliness. You should also compare different options based on their features, pricing, reviews, and support.

Q: What are some of the best inventory management software options for 2023?
A: Some of the best inventory management software options for 2023 are Cin7, Ordoro, inFlow, Katana, Zoho Inventory, Fishbowl, and Sortly.

References:

http://www.almyta.com/Inventory_Management_History_4.asp

http://www.islandnet.com/~kpolsson/comphist/comp1981.htm

http://www.inventoryops.com/economic_order_quantity.htm

https://www.cin7.com/
https://www.forbes.com/advisor/business/software/best-inventory-management-software/
https://www.usnews.com/360-reviews/business/best-inventory-management-software