Introduction
Inventory management is one of the most difficult functions of any company. When it comes to inventory, too much is too risky, and too little is not enough. While inventory management used to be a nightmare for the logistics team, that has now changed because of inventory management software. Gone are the days when you need to manage inventory manually or with spreadsheets. Now, you can have software systems do that job for you.
According to a report by Technavio, the worldwide inventory management software market is predicted to grow by USD 1.41 billion between 2021-2025 at a CAGR of over 5%. With so many new platforms emerging, it is difficult to pick one that is perfect for your company.
Worry not! We have curated a detailed list of the top 8 inventory management platforms in India. This guide will help you compare the best software against each other and make the right decision for your company.
8 Best inventory management software – Comparative table
Software | TOP Features | Pricing | Free Trial |
Spruce |
| Contact for pricing | NA |
Zoho Inventory |
| ₹0-₹89999 per year | Yes |
Unleashed |
| $349-$999 per month | NA |
Oracle Fusion Cloud SCM |
| Contact for pricing | Demo available on request |
Xero |
| $13- $70 per month | Yes |
Retail Express |
| Contact for pricing | Demo available |
MYOB Advanced Business |
| About $68 per month | Yes |
Datapel WMS |
| About 120 AUD per month | Yes |
8 Best inventory management software – A detailed analysis
1. Spruce
About
Spruce is an end-to-end business management software tailored for businesses in the home and building supply industry. It offers a wide range of of tools for managing inventory, orders, customers, vendors, and more.
TOP features
- Inventory management
- Order management
- Customer management
- Vendor management
- Reporting and analytics
Benefits
- Comprehensive features: Spruce offers many features that can help you manage all aspects of your company, from inventory to orders to customers and vendors.
- User-friendly interface: Spruce’s interface is intuitive, making it accessible for all levels of technical expertise users.
- Customizable: Spruce you to customize the software to your specific business needs, including custom fields, inventory reports, and workflows. Custom reports also allow for forecasting functionalities.
- Customer support: Spruce offers excellent customer support, with a dedicated support team and a knowledge base of helpful articles and tutorials.
Pricing
Spruce has not made their pricing information publicly available. Please contact the Spruce team to know about their pricing.
Quick Read: Best Vendor Payment Management Software
2. Zoho Inventory
About
Zoho Inventory is a inventory management software solution designed specifically for Indian businesses. It offers a range of features to manage orders, track inventory, handle GST billing, and oversee warehouses, all in one place. From low stock wholesalers and small MSMEs to large-scale corporations, Zoho Inventory supports businesses of all sizes.
Whether you’re looking to streamline your functions, reduce the risk of stockouts, or improve your decision-making with real-time data and analytics, Zoho Inventory provides a scalable solution to meet your needs. With its user-friendly interface and robust feature set, Zoho Inventory is a reliable tool to manage all your inventory operations efficiently.
TOP features
- Inventory control
- Barcode scanning
- Batch tracking modules
- E-invoicing
- Zoho inventory API
- Mobile app
Benefits
- GST configuration: Saves you from time-consuming processes by keeping a central record of GSTINs for registered businesses. Automatically adds GSTINs to documents like invoices, bills, and orders
- E-invoicing: Enables e-invoicing to stay compliant with GST e-invoicing laws
- Compatibility: Compatible with different types of barcode scanners for easy setup and SKU, serial, and batch number tracking
- Integrations: Offers a wide range of integrations with platforms like Shopify, Etsy, Zoho CRM, and Zoho Books
- Batch tracking ease: Provides serial and batch tracking for spare parts, saleable items, and expiry dates.
Pricing
Free version | Standard | Professional | Premium | Elite | Ultimate |
| ₹0 per year | ₹14999 per year | ₹26999 per year | ₹40999 per year | ₹72999 per year | ₹89999 per year |
| 50 orders per month 50 shipping labels per month | 1500 orders per month 1500 shipping labels per month | 7500 orders per month 7500 shipping labels per month | 15000 orders per month 15000 shipping labels per month | 52000 orders per month 25000 shipping labels per month | 25000 orders per month 25000 shipping labels per month |
| 1 Warehouse
| 2 Warehouse | 5 Warehouse | 7 Warehouse | 15 Warehous | + includes everything in Elite |
| 2 users | 3 users | 5 users | 10 users | 15 users |
|
Visit the Zoho website for a detailed pricing plan.
Quick Read: 6 Best E Invoicing Software
3. Unleashed
About
Unleashed is a robust inventory management software that provides businesses with complete control over their products and all aspects of buying, selling, making, and moving inventory. It enables businesses to manage their inventory in real time, ensuring that they always have the right products available to meet customer demand. With Unleashed, businesses can track inventory across multiple locations and manage stock levels to prevent overstocking or stockouts.
TOP features
- Inventory management tools
- Order management
- Purchase order management or pos management
- Production management
- All-in-one inventory management solution
- Mobile device availability
- Asset tracking
Benefits
- Easy set up: Batch numbers can be easily set up for products during initial setup in Unleashed.
- Traceability throughout: Products can be tracked end-to-end, from raw materials to finished products, ensuring complete traceability.
- Visibility at a quick glance: Unleashed Dashboard provides a quick summary of batches that are due to expire, enabling timely action.
- Reduce costs: Unleashed helps reduce wastage and save costs by providing complete visibility over the conditions of products, allowing informed decisions for efficient use or sale.
Pricing
Emerging business | Scaling business | Mid-size business |
| $999 per month | $649 per month | $349 per month |
|
|
|
Visit the Unleashed website for a more detailed pricing plan.
Quick Read: TOP 10 Procurement Software Solutions
4. Oracle Fusion Cloud SCM
About
Oracle Fusion Cloud SCM is an integrated supply chain management software solution designed for businesses of all sizes. The cloud-based software offers many features for managing procurement, inventory, logistics, manufacturing, and more. Oracle Fusion Cloud SCM is a cloud-based solution that can be accessed from anywhere.
TOP features
- Procurement
- Inventory items management
- Logistics management
- Analytics and reporting
Benefits
- Scalable: Oracle Fusion Cloud SCM is scalable, which is why it is perfect for businesses of all sizes.
- Cloud-based: It is a cloud-based solution, which means that it has universal accessibility.
- Integrated: It integrates with other Oracle software solutions, as well as with third-party software tools.
Pricing
Oracle Fusion SCM services’ pricing will likely depend on the number of users and services opted. Contact the service providers to know more about their pricing details.
Quick Read: 12 Best Invoicing Software
5. Xero
About
Xero is a cloud-based accounting and inventory management software that caters to small and medium-sized businesses. It has various features for managing inventory, such as tracking stock levels, setting reorder points, and creating purchase orders. Xero integrates with other business software solutions, such as Shopify, Squarespace, and Stripe.
TOP features
- Real-time inventory management
- Sales orders and invoicing
- Purchase orders
- Reporting and analytics
- Integrations
Benefits
- Cost-effective: Xero is an affordable inventory management software option, particularly for SMBs with limited budgets.
- User-friendly: Xero’s interface is intuitive and easy to use, making it accessible for users with varying levels of technical expertise.
- Integrations: Xero integrates with various other business software solutions, which can help streamline workflows and improve efficiency.
Pricing
Early Stage | Growing Stage | Established Stage |
| $13 per month | $37 per month | $70 per month |
|
|
|
Quick Read: 11 Best Billing Software for Businesses
6. Retail Express
About
Retail Express is a cloud-based retail management software solution for retailers of all sizes. It offers a range of features for managing inventory, such as tracking stock levels, generating purchase orders, and managing sales orders. Retail Express also provides tools for managing customer relationships, point-of-sale transactions, and marketing campaigns.
TOP features
- Inventory management
- Point-of-sale optimization
- Customer relationship management
- Reporting and analytics
- Integrations
- Multi-channel retail management
Benefits
- Scalability: Retail Express is scalable, making it suitable for businesses of all sizes.
- Cloud-readiness: Retail Express is a cloud-based solution which means your data will always be secure.
- Enterprise-level integrations: Retail Express integrates with a range of other business software solutions, which can help streamline workflows and improve efficiency.
- Customer support: Retail Express provides dedicated customer support to help users get the most out of the software.
Pricing
The pricing of Retail Express inventory management software depends on the services you opt for. Speak to the Retail Express team to know their pricing details.
Quick Read: 10 Best POS Billing Software
7. MYOB Advanced Business
About
MYOB Advanced Business is a cloud-ready enterprise resource planning (ERP) software solution that works for medium to large businesses. It offers a range of features for managing inventory, such as tracking stock levels, generating purchase orders for pos systems, and managing sales orders. MYOB Advanced Business also provides tools for managing financials, customer relationships, and business operations.
Key features
- Inventory management features
- Financial management
- Customer relationship management
- Business operations management
- Reporting and analytics
Benefits
- Value-tracking: It allows you to track the value of every item in the inventory.
- Customizability: MYOB Advanced Business offers a range of customization options to meet the unique needs of each business.
- Customer support: MYOB Advanced Business provides dedicated customer support to help users get the most out of the software.
Pricing
The AccountRight Plus plan of MYOB business offers a robust inventory management and costs $68 per month.
Quick Read: 10 Best ERP Software
8. Datapel WMS
About
Datapel WMS is a cloud-based warehouse management software solution designed for growing businesses. It features for managing all warehouse operations, such as inventory tracking, order management, and shipping management. Datapel WMS also provides tools for managing customer relationships and analytics for performance tracking.
TOP features
- Inventory system management
- Order management
- Shipping management
- Customer relationship management
- Analytics and reporting
- Omni sales channels management
Benefits
- Increased accuracy: Datapel gives you increased order fulfillment accuracy
- Increased efficiency: With tools for order management, shipping management, and customer relationship management, Datapel WMS can help businesses streamline their operations, reducing the time and resources required to manage these processes.
- Enhanced customer experience: By providing tools for customer relationship management, Datapel WMS can help businesses build stronger relationships with customers, resulting in improved customer satisfaction and loyalty.
- Better decision-making and enhanced profitability: With analytics and reporting tools, Datapel WMS can help businesses make more informed decisions based on real-time data and insights.
Pricing
According to Datapel WMS’ website, it costs 120 AUD per user per month to avail its services.
Quick Read: 10 Best Expense Management Software
Features to consider in inventory management software
Managing inventory can be extremely challenging. But with the right software, things can be a whole lot easier.
Here is what you should consider while looking for an inventory management software.
1. Inventory needs
First off, you’ll want to make sure the software can handle your inventory needs. This means you need to consider things like tracking stock levels, managing orders, and handling multiple locations. If the software can’t do these basic things, then what’s the point?
2. Features that help ensure accuracy
Next, you’ll want features that can help you save time and reduce errors. Barcode scanning, for example, can be a real lifesaver when it comes to inputting data quickly and accurately.
3. Reporting and analytics
And finally, don’t forget about reporting and analytics. Being able to see real-time data on your inventory can help you make better decisions and spot trends before they become problems. Plus, you can impress your boss with all those fancy graphs and charts.
4. Integration with other systems
Your inventory management software should integrate seamlessly with other platforms, such as accounting sytems and e-commerce platforms. This will ensure your inventory data is accurate and up-to-date across all platforms.
Suggested Read: Procurement Process: Types, Steps, Flowchart & Software
Benefits of inventory management software
Inventory management software is a game-changer for business owners who are looking to streamline their company’s operations.
Here are some of the key benefits of using inventory management software.
- Improved Efficiency: With inventory management software, businesses can automate many of their inventory-related tasks, reducing the time and effort required to manage their inventory.
- Increased Accuracy: Inventory management software can help eliminate human error, resulting in more accurate inventory data and reducing the risk of stockouts or overstocking.
- Better Inventory Tracking: Inventory management software provides real-time visibility into inventory item levels, making it easier for businesses to keep track of their inventory and make informed decisions.
- Improved Customer Service: With inventory management software, businesses can quickly identify when products are out of stock and take steps to restock them, improving customer satisfaction.
Pros and Cons of inventory management software
Like any tool, inventory management software has its pros and cons.
Here are some of the key pros and cons to consider.
Pros
- Increased Efficiency: Inventory management software can automate many of the inventory-related tasks, reducing the time and effort required to manage inventory.
- Better Inventory Tracking: Inventory management software provides real-time visibility into inventory levels, making it easier for businesses to keep track of their inventory and make informed decisions.
- Improved Accuracy: Inventory management software can help eliminate human error, resulting in more accurate inventory data and reducing the risk of stockouts or overstocking.
Cons
- Cost: Inventory management software can be expensive, particularly for small businesses with limited budgets.
- Complexity: Inventory management software can be complex to set up and use, requiring significant time and effort to get up and running.
- Technical Issues: Like any software, inventory management software can be prone to technical issues that can impact its performance.
Quick Read: Procurement KPIs Guide
Challenges of using inventory management software
- Technical issues: As with any software, there is always the potential for technical issues to arise. This can include bugs, glitches, or compatibility problems with other software or hardware.
- Data accuracy: The accuracy of the data entered into the inventory management system is critical to its effectiveness. If data is entered incorrectly or not updated in a timely manner, it can lead to inaccurate inventory levels and incorrect ordering.
- Integration with other systems: If the inventory management software is not integrated with other systems, such as accounting or ordering software, it can create inefficiencies and duplications of effort.
- Training and learning curve: Depending on the complexity of the inventory management software, there may be a learning curve for users to become proficient in using it. This can take time and resources to train staff properly.
Who uses inventory management software?
Here are some of the business types that can benefit from using inventory management software.
1. Retail
Retail businesses that deal with physical products, such as clothing stores or electronics shops, can use inventory management software to track their stock levels and sales in real time. This helps to prevent stockouts and overstocking, resulting in cost savings and increased customer satisfaction.
2. Manufacturing
Manufacturing businesses use inventory management software to track raw materials, work in progress, and finished goods. This helps to ensure that they have the right materials available to produce goods on time while also avoiding excess inventory that can lead to waste and higher costs.
3. E-commerce
Online businesses that sell products through marketplaces like Amazon or their own websites use inventory management software to keep track of their stock levels and sales across different channels. This helps ensure they can fulfill orders on time, avoid overselling, and manage returns and refunds effectively.
4. Food and Beverage
Food and beverage businesses use inventory management software to manage perishable goods, track expiry dates, and ensure they have enough stock to meet demand. This helps to prevent food waste, maintain quality, and minimize stockouts.
5. Healthcare
Healthcare businesses use inventory management software to track medical supplies, equipment, and drugs, which helps to ensure that they have enough stock on hand to meet patient needs. This also helps to minimize the risk of expired or unusable products, which can be costly and pose a health risk.
How to choose the right inventory management software?
To choose the right inventory management software, take the following steps.
1. Consider your budget
No one wants to break the bank on inventory management software. Look for options that fit within your budget, but don’t sacrifice important features just to save a few bucks. It’s like buying a cheap pair of shoes – they may seem like a good deal at first, but they’ll likely fall apart quickly and cost you more money in the long run.
2. Prioritize scalability
You don’t want to outgrow your inventory management software in a few months or years. So, consider software that can grow with your business and adapt to changes in your inventory needs.
3. Consider industry-specific needs
Different industries have different inventory management needs. For example, a restaurant may need inventory management software that can track perishable food items with expiry dates, while a manufacturing company may require software that can track raw materials and production processes. So, consider software that caters to your specific industry needs.
Must Read: How to Form a Successful Procurement Plan?
How much does inventory management software cost?
The cost of inventory management software can vary depending on several factors, including the specific features and functionality required, the size of the business, and the vendor or provider offering the software.
There are generally two common pricing models for inventory management software:
- Subscription-based pricing: Many inventory management software providers offer subscription plans based on the number of users, the level of functionality needed, or the volume of inventory being managed.
- Enterprise pricing: Some software vendors offer enterprise pricing for larger businesses with complex inventory management needs or specific customization requirements.
It’s important to note that additional costs may be associated with inventory management software, such as implementation and training fees, hardware requirements (such as barcode scanners or mobile devices), and integration with other systems.
Conclusion
Inventory management software has revolutionized the way businesses handle their inventory and streamline their operations. This powerful tool offers numerous benefits and has become an essential component for organizations of all sizes and industries.
FAQs
The cost of Inventory Management Software can vary depending on the features, functionality, and size of your business. Some software may have a one-time fee, while others may charge a monthly or yearly subscription fee.
Additionally, some software may offer different pricing tiers with varying features and support levels.
It’s important to keep in mind that the cost of the software is not the only factor to consider. Hidden costs such as implementation, training, and support should also be taken into account.
The four types of inventory management are periodic inventory management, perpetual inventory management, ABC analysis, and Just-In-Time (JIT) inventory management. Each type has its own unique approach and benefits, and businesses may choose to use one or a combination of these methods to effectively manage their inventory.
The best inventory management system depends on the specific needs and requirements of a business. Different inventory management systems have different strengths and capabilities, and businesses should consider factors such as their industry, size, and budget when choosing a system. It’s important to thoroughly research and evaluate different options to find the one that best suits your business.
ERP (Enterprise Resource Planning) inventory system is an integrated inventory management system that allows businesses to manage their inventory, as well as other business processes such as accounting, human resources, and customer relationship management.
An ERP system provides a centralized database and real-time visibility into inventory levels, allowing businesses to streamline their operations and make more informed decisions.
Kitting is a process in inventory management where individual items or components are grouped together and sold as a single unit or kit. It involves taking different items and packaging them together as one product to be sold to customers.
Discussion about this post