What if you could effortlessly overcome your inventory challenges and see your business thrive? With an inventory management system, this becomes a reality. But to experience seamless inventory management, how do you choose the best inventory system?

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Best Inventory Management Systems

When it comes to controlling inventory and streamlining operations, investing in an effective inventory management system is ideal. But which one’s the best? Our analysts have researched and compiled this list of the top five inventory management systems on the market:

Fishbowl Inventory

From optimizing inventory to gaining complete visibility across different levels, Fishbowl Inventory provides automation to help your business grow. It caters to medium-sized and large businesses and helps optimize manufacturing and warehousing processes.

It helps you oversee processes relating to payment transactions, multitask, and generate purchase orders and receipts.

Access accurate picking, packing and shipping details with Fishbowl Inventory. Source

Highest Rated Modules According to Our Data

• Dashboard and Reports — 100
• Order Fulfillment — 100
• Mobile — 94
• Purchasing — 89
• Inventory Control — 84

Top Benefits

• Automate Processes: It helps increase efficiency by automating crucial, daily business processes, so employees can focus on other tasks.
• Multitask Effectively: From fulfilling purchase orders to manufacturing receipts and conducting other transactions, seamlessly manage multiple different inventory tasks in a centralized location.
• Minimize Spend: Manage and monitor inventory levels to accurately estimate purchase reorders in case of low stocks. This helps you prevent overstocking and minimize unnecessary spend.
• Simplify Workflows: With an intuitive, user-friendly interface, navigation is simplified. Access information regarding employee workload and transactions with ease while maintaining complete transparency.
• Centralize Operations: Integrates seamlessly with enterprise accounting software, CRM software and eCommerce platforms like QuickBooks, Salesforce and Shopify, respectively. From barcode scanning to inventory tracking, access real-time inventory updates in a single location.

Primary Features

• Manufacturing: Control and streamline manufacturing by managing inventory levels in multiple warehouses in real time. Create advanced work orders and bills of materials, estimate accurate cost of goods (COGs), and help control stockouts.
• Advanced Reporting: Gain complete visibility over manufacturing, accounting, inventory and customer reports. Access accurate, centralized data and integrated, compact reporting.
• Business Intelligence: Divide and analyze customer sales data while accessing flexible, customizable dashboards. Use BI tools to create and schedule reports based on business needs.

Limitations

• Limited options for customizations.
• No FIFO or LIFO support.
• Poor customer support.

Features Not Fully Supported According to Our Data

• Gross Profit Method — Not Supported
• Offline Access — Not Supported
• Print/Scan Barcodes — Supported With Partner Integrations
• Abandoned Carts Alert — Not Supported
• iPaaS and Middleware Platforms Integration — Not Supported

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ASAP Systems

ASAP Systems is an on-premise and cloud-based inventory management system catering to organizations of all sizes. With a flexible, easy-to-use interface, it facilitates data optimization for both barcode scanning and mobile use.

Some of its advanced configurable features include kitting, reporting and forecasting.

Use the advanced inventory feature to create and configure reports in ASAP Systems. Source

Highest Rated Modules According to Our Data

• Mobile — 100
• Inventory Control — 99
• Returns Management — 98
• Platform Capabilities — 79
• Dashboard and Reports — 78

Top Benefits

• Gain Full Visibility: With improved inventory and asset tracking, gain complete visibility across multiple levels. Accurate location estimation and an upgraded traceability system are some of its perks.
• Automate Inventory Processes: Use automation to efficiently manage and monitor inventory. Minimize the risks of human errors and prevent data errors, overstocking and shortages.
• Configure Workflows: From on-premise to cloud-based capabilities, access a flexible and configurable solution that fits any size and type of business.
• Centralize Data: Configure and customize an intuitive dashboard so you can see the information you need most at a glance.

Primary Features

• Inventory Tracking: From creating configurable SKUs and forecasting reports, simplify inventory tracking by categorizing stocks by quantity or unique identification numbers.
• Mobile App: Allows complete access remotely using the mobile app. It’s compatible with any device — iOS or Android — and helps you view and track inventory and perform quick scans.
• Inventory Forecasting: Maintain a record of previous inventory data for quick reference to make informed decisions.
• Asset Tracking: Use barcode scanners, labels and mobile devices for the entire purchasing and selling process to track fixed assets.

Limitations

• Only supports the English language.

Features Not Fully Supported According to Our Data

• Purchase Order/Sales Reports — Not Supported
• EOQ Models — Not Supported
• Print/Scan Barcodes — Supported With Partner Integrations
• Supplier Management Portal — Not Supported
• POS Software Integration — Not Supported

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Zoho Inventory

Zoho Inventory is a cloud-based inventory management system serving small to mid-sized manufacturing industries. It helps create and manage sales while enabling end-to-end inventory tracking. It offers a streamlined reporting and order fulfillment system while maintaining stock levels.

From order and warehouse management to inventory control and multichannel selling, it offers real-time visibility at various levels. It’s also compatible with both Android and iOS devices.

Access a complete inventory control system using Zoho Inventory. Source

Highest Rated Modules According to Our Data

• Inventory Control — 88
• Purchasing — 87
• Order Fulfillment — 84
• Returns Management — 81
• Integration and Extensibility — 79

Top Benefits

• Enhance Tracking: Conduct lot/batch tracking based on unique identification numbers while keeping track of expiration dates or low stocks.
• Automate Reporting: Reduce manual data entry using automation to enable comprehensive reporting and store data in one centralized location.
• Customize Workflows: With an intuitive design, access a highly customizable solution that’s easy to mold to your unique workflows and requirements.
• Streamline Order Management: Maintain both online and offline orders while creating packages, managing multi-channel sales and setting reorder points using an effective order management system.

Primary Features

• Item Management: Use one central database to sort and classify items based on different criteria while creating customizable bundles. Reduce risks by distributing stocks in multiple warehouses.
• Vendor Relation Management: Create vendor-specific price lists and purchase orders while auto-updating for future orders. In the case of low stocks and high demand, you can use backordering and dropshipping.
• Customer Life Cycle Management: Create, manage and collate sales orders at every step of the operational process. Use automation to generate customizable invoices while centralizing billing.
• Inventory Control: From setting and monitoring reorder levels to making stock adjustments and viewing purchase order summaries, access it all within a centralized inventory database. Implement approval workflows to verify transactions.

Limitations

• Complicated third-party integrations.
• Top-tier plans lack certain important features.
• Limited onboarding support.

Features Not Fully Supported According to Our Data

• Product Performance Report — Not Supported
• Inventory Layout — Not Supported
• Retail Inventory Method — Not Supported
• Order Splitting — Not Supported
• Print/Scan Barcodes — Supported With Partner Integrations

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Veeqo

Offering simplified multichannel selling, Veeqo is an all-in-one inventory management solution that effectively helps manage and monitor inventory. It’s primarily used by retail and fulfillment industries. It handles returns and purchasing while offering built-in demand forecasting.

During times of high demand, it ensures stock availability and keeps the user auto-updated in real time.

Bulk ship batches of order using Veeqo. Source

Highest Rated Modules According to Our Data

• Returns Management — 100
• Purchasing — 89
• Order Fulfillment — 87
• Platform Capabilities — 85
• Inventory Control — 78

Top Benefits

• Gain Full Visibility: Access detailed operational insights to locate potential bottlenecks and fix them. Gain complete visibility over financial, sales and inventory-related performance reports from any given point.
• Maximize Accuracy: Filter orders based on stock levels and sales channels and conduct order routing using automation. Maximize picking process accuracy by tagging orders.
• Receive Instant Stock Updates: With automation, gain real-time updates on inventory stock levels. Increase supply based on demand while preventing overstocking.
• Reduce Operational Rates: From accurate picking to quick order fulfillment, it helps minimize extra inventory spend.

Primary Features

• Product Management: Conduct virtual product bundling and manage different variants within one centralized location. Create, manage and view product catalogs while enabling a simplified product management process.
• Inventory Control: Allows auto-inventory tracking while monitoring stock levels in case they run out or low. Accurately track, sync and control inventory across multiple marketplaces.
• Multichannel Inventory: Manage and auto-sync orders, print labels and conduct bulk multichannel shipping within one space.
• Reporting: Manage and track inventory orders and shipping while generating detailed reports for future reference.

Limitations

• No language support other than English.
• Missing manufacturing features.
• Poor customer support.

Features Not Fully Supported According to Our Data

• Purchase Order Report — Not Supported
• EOQ Models — Moderately Supported Out of the Box
• Inventory Analytics — Not Supported
• Create Sales Quote — Not Supported
• Print Barcodes — Supported With Partner Integrations

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ZapERP

With built-in modules to plan workloads and automate performances, ZapERP is an easy-to-use centralized inventory solution. It serves all industries and helps create purchase orders, produce bills, track shipments and generate invoices.

Some of its other features include accounting and eCommerce integrations, along with data encryption and order management.

Use ZapERP to view total revenue, active orders and invoices in one dashboard. Source

Highest Rated Modules According to Our Data

• Inventory Valuation, Counts and Alerts — 85
• Dashboards and Reports — 83
• Returns Management — 79
• Order Fulfillment — 78
• Mobile — 75

Top Benefits

• Reduce Errors: Minimize manual labor to reduce human errors, especially in reporting. Use automation to record data quickly, thereby reducing discrepancies and errors.
• Gain Full Visibility: From acquisition to delivery, access detailed order insights. Track stocks in real time to maintain an exact count.
• Minimize Costs: With the accurate tracking of goods and reduced freight charges, minimize write-offs for outdated or expired inventory.
• Increase Data Accuracy: Implement automation and integrated processes to reduce the need for manual data entry and chances of human error.

Primary Features

• KPI Dashboard: Access an intuitive KPI dashboard to stay updated on all necessary information, including order and transaction history, messages, and delivery details.
• POS Inventory: Seamlessly manage and optimize inventory by implementing barcode scanners and kits/bundles. Use integrated barcode scanning to execute POS billing functions. Enable notification alerts to gain real-time stock updates.
• Invoicing and Payments: Sync and integrate with accounting software to create customizable invoices and bills. Track and manage transactions while enabling multi-currency invoicing.
• Fulfillment and Shipment: Based on warehouse and shelf life, filter items and use automation for bulk order fulfillment. Integrate with shipment trackers and label scanners for accurate tracking.

Limitations

• Doesn’t offer a free plan.

Features Not Fully Supported According to Our Data

• Custom Reports — Supported With Partner Integrations
• Hazardous Product Management — Not Supported
• Capture Electronic Signature — Not Supported
• Flag Inventory Items — Not Supported
• Purchase Order Approvals — Not Supported

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How We Choose Products

Our team of writers and analysts at SelectHub is committed to giving you the best recommendations based on our data. To make our list, products had to meet two criteria:

1. Closely match the topic
2. Earn a top-5 analyst score in our selection platform

Our analyst scores are based on an in-depth research process using primary and secondary sources. This includes SelectHub Analyst Briefings, direct communication with vendors, and reviewing materials such as user reviews, product brochures, specification sheets, case studies, user manuals, and technical documentation.

Our platform’s Scoring Engine processes the research and computes the analyst score. The score also factors in platform settings such as industry and company size.

Learn more about our research methodology and editorial standards

Types of Inventory

The different inventory types play a critical role in your business operations. From raw materials to finished goods, these types of inventory serve unique purposes in meeting customer demand and driving profitability.

Raw Materials

Known to form the backbone of manufacturing, raw materials are the foundation for creating finished products. When it comes to inventory, raw materials play a crucial role and get categorized into two distinct types:

Direct Raw Materials

At the heart of production lie direct raw materials — the essential elements that play a direct role in shaping the end product. You carefully select, procure or create direct raw materials in-house, ensuring the highest standards of quality and consistency.

Quantifiable and meticulously accounted for on a per-unit or per-batch basis, direct raw materials form the building blocks of excellence in manufacturing.

Indirect Raw Materials

Indirect raw materials are the indispensable elements used during the manufacturing process that don’t become part of the end product. Unlike direct raw materials, their traceability to specific units or batches is challenging. However, their significance lies in facilitating the production process itself.

Work-in-Process (WIP)

WIP inventory represents the intermediate stage of production. You use both direct and indirect raw materials and components as you transform and assemble it, moving closer to its final product form.

Finished Goods

Finished goods inventory encompasses all products that’re ready for sale. The specifics may vary depending on the adopted workflow. In a make-to-order process, shipping the completed final products directly to customers is the norm.

Similarly, in a make-to-stock approach, you can store inventory until you receive orders. Regardless of the workflow, managing and tracking finished goods is crucial for efficient operations and customer satisfaction.

Maintenance, Repair and Overhaul (MRO)

Reserved solely for internal consumption in operational facilities, MRO inventory includes crucial spare parts, tools and supplies required for maintenance and repairs.

Maintaining optimal MRO inventory levels requires careful planning and monitoring. It involves forecasting demand accurately, tracking usage patterns and establishing efficient reordering processes.

By implementing robust inventory systems and using data-driven insights, you can optimize MRO inventory levels, prevent stockouts and avoid overstocking.

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Types of Inventory Management Systems

The different types of inventory management systems are as diverse as the businesses they serve. Let’s delve into the four popular types:

Perpetual Inventory System

By seamlessly integrating with your POS systems, the perpetual inventory system provides real-time sales tracking, eliminating the need for time-consuming physical counts. It helps you stay informed with current data, reduces counting costs and empowers you to make informed decisions.

Periodic Inventory System

Ideal for small businesses with limited resources and lower sales volumes, this approach entails scheduled physical inventory counts. The periodic inventory system can be a practical and cost-effective alternative to costly perpetual inventory software for small companies or business with high-ticket, low-quantity products.

By periodically assessing your inventory, you can efficiently track stock levels without the need for constant updates.

RFID Inventory Management

Using smart tags and wireless transmissions, RFID inventory management offers a seamless way to track and identify items in real time. It helps reduce manual processes to achieve instant visibility and simplify stock counts.

Barcode Inventory System

Use hand-held mobile devices to enable swift product scanning that helps provide real-time updates on stock levels. With a barcode inventory system, you can enjoy seamless data synchronization and gain valuable insights into your inventory, ensuring control and efficiency.

FAQs

Here’s a list of questions to consider, if you’re in the market for an inventory management system:

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Next Steps

The way a business approaches inventory management makes all the difference to the health of its full supply chain. Whether the business in question is small and laid back or large and complex, you need a strategy to keep things moving efficiently and accurately.

If you’re in the market for a new inventory management system, consider using our free comparison report. It provides an in-depth look at leading vendors, so you can compare products side by side to find the best fit for your requirements.

How has implementing an inventory management system and strategy boosted the efficiency of your operations? Let us know with a comment below!