In today's fast-paced business environment, managing inventory can be a challenging task. With so many products to keep track of, it's essential to have a reliable inventory management system in place. Inventory management software is designed to help businesses manage and track their stock levels, providing real-time visibility into stock levels, and enabling them to make informed decisions about purchasing, production, and sales. With the right inventory management software, businesses can maintain optimal stock levels, reduce costs, and improve overall efficiency. In this blog, we will be discussing the best inventory management software available on the market, their features, and how they can help improve your inventory management.
Best Inventory Management Software in 2023
This list covers the best inventory management software in India based on different user demands. Kindly note that the price range is subject to change over time. Please read to know more about each software:
TranZact
Price: ₹ 0/year (Free Forever)
TranZact is a cloud-based business automation platform for manufacturers that provides a digitized inventory management solution with barcode scanning tools for SMEs. It's the best inventory and invoicing software, that streamlines all business processes from customer inquiry through dispatch.
Features:
- TranZact enables real-time inventory tracking with barcoding for SMEs, making it incredibly simple to track goods and raw materials in stores with ease.
- It monitors excess stock and saves significant working capital, while also automating purchases and re-ordering processes to control wastage of key resources like stockroom space.
- TranZact includes additional features relating to automated document processing, from the creation of Goods Receipt Notes (GRN) to Requests for Quotations (RFQ) documents and more.
- The advanced Business Intelligence Dashboard provided by TranZact, makes it simple for users to keep tabs on all business activities easily. This streamlines a well-informed decision-making process for inventory-related objectives.
- By auto alerting consumers when stock levels are low, it minimizes manual work by users. Also, it aids in anticipating how many goods need to be replenished in the stock to fulfill a specific future demand.
Pros:
- TranZact offers a dedicated inventory tracking system with time-saving features such as auto stock adjustment, physical stock reconciliation and view of minimum or maximum stock levels at one glance.
- TranZact is a cloud-based software that can be accessed from any device, for real-time inventory insights.
- As a tool for inventory management it also offers active and dedicated customer support services for resolving issues that users may have, in the earliest time frame.
- TranZact is a zero-effort solution, which means it is very simple to use, making it ideal for SME manufacturing companies.
- It is designed specifically for Indian SME manufacturing businesses, understanding the needs and requirements of this sector. This makes it the best inventory management software for a small business.
- It is integrated with other functions of a manufacturing business such as production, sales and purchases.
Zoho Inventory
Price: Starting plan from ₹0.00 per month going up to ₹ 20,999 per month
Zoho Inventory is a software for inventory management that is ideal for e-commerce operators and small business retailers. It assists its users in tracking and managing their inventory levels.
Features:
- In order to support and assist e-commerce enterprises with their sales on digital marketing platforms like Amazon, eBay, Shopify, and Etsy, Zoho offers its users an advanced integration option.
- It provides options for setting up alerts for inventory levels when reaching a risk level.
- It offers an integration option with its own Zoho CRM to manage the business' customer relationship management activities.
Pros:
- It is suited for small retail businesses and e-commerce businesses.
- It helps e-commerce businesses to optimize their logistics and delivery process.
- The software assists in accounting activities related to an organization.
Cons:
- Zoho's inventory management system lacks in identifying inventories based on current and ongoing business processes in terms of production sense. That is one reason why it is not suitable for manufacturing businesses because they require this data on a real-time basis.
- It doesn't provide customization options which is essential for SMEs due to their unique business workflows.
- The paid plans include only inventory management solutions and do not offer production modules or any other tools.
Ordoro
Price: Starting plan from $59.00 per month.
Ordoro is an inventory management software for e-commerce businesses. Along with inventory, it offers order fulfillment and shipping facilities.
Features:
- Ordoro can undertake and manage dropshipping inventory activities, which are critical for e-commerce firms.
- It offers its users the option for open API Integration.
- It provides a vendor portal for auto management of supplier and shipping requirements.
Pros:
- It allows creation of return labels quickly, data storage, and email of labels to customers immediately.
- It helps establish a connection with e-commerce platforms like BigCommerce to inform clients of shipment and tracking updates.
- The software compares prices for several delivery services in one location while keeping track of various shipping alternatives.
Cons:
- It does not offer integration with other processes of a business.
- It is only suitable for e-commerce businesses.
Vyapar
Price: Starting from ₹ 599 per year for mobile app plans.
Vyapar is a billing and accounting software and a mobile app which provides inventory management solutions to small traders and retailers.
Features:
- Vyapar provides vendor management, and budgeting functionalities for small retailers and traders.
- It offers customers the ability to track their inventories and other business activities on a real-time basis.
- It helps users to record expenses and send payment reminders.
Pros:
- It offers an affordable pricing structure compared to its competitors in the same sector.
- It supports both online and offline billing.
Cons:
- The software is limited to small generic businesses and is not made especially for manufacturing businesses.
- Also, its inventory management features are limited.
Tally Prime
Price: Starting from ₹ 7,200 per year.
Tally Prime is an ERP software that includes capabilities such as accounting, payroll management, banking and inventory management.
Features:
- It offers different reporting options like stock summary and godown report to assist inventory management activities in an organization.
- The software offers accounting and tax management functionalities, essential for businesses.
- It offers tools for calculations of re-order levels and related ratios, to support decisions towards planning inventory management activities.
Pros:
- Tally Prime offers e-invoice and e-way bill functions.
- It is mainly suitable for traders and retailers, in the area of retail inventory management.
Cons:
- It's not a very cost-effective option present in the market for SME manufacturing businesses.
- Tally Prime caters to only a few inventory management needs of a business.
What Is Inventory Management Software?
Inventory management software is an automated system to assist enterprises in managing, recording, and tracking inventory on a day-to-day basis. The automation of inventory-related tasks, such as alerting about incoming and outgoing stock items and maintaining optimal stock levels greatly supports businesses in streamlining inventory processes for growth.
It supports business owners to monitor location and status of all stock items without manual efforts. This improves overall inventory effectiveness, order fulfillment capacity and reduces chances of missing orders.
With the best inventory management software for manufacturing, companies can easily manage orders, sales timelines, and deliveries. They can also handle issues like material overstocking, logistics, and customer delivery expectations.
When and Why Do You Need an Inventory Management Software?
Every business owner needs to be assured that there is an adequate amount of stock of goods on hand, at all times. SMEs may maintain this number and analytics manually, on a physical ledger at the beginning. However, this activity traps precious business time as the business grows, while also depriving the business owner of real-time insights.
As business operations become more complex and time-consuming, an SME requires an automated tool that can help to track and monitor inventory and manage all inventory-related processes. The best software for inventory management provides live notifications enabling the inventory team to oversee required inventory for production and idle inventory, and save working capital.
When it comes to SME manufacturers in specific, a cloud-based inventory management software is ideal for dynamic stock management needs. They can measurably benefit from digitized, data-driven analytics to manage inventory levels across stores, accelerate production cycles and fulfill customer orders faster. These factors play a critical role in empowering a small business owner.
Benefits of Inventory Management Software
Different types of software for inventory management in India offer unique benefits. Let's look at some key benefits of this software:
1. Minimized manual errors
With an inventory management tool in hand, businesses can reduce the possibility of manual errors happening while conducting stock related activities.
2. Cost-effective & profitable inventory control
By reducing human errors and dependency, an inventory management software reduces instances of incorrect order fulfillment, and delay in order delivery due lengthy tracking processes.
Businesses can identify inventory gaps by overseeing all inventory movements, and maximize profitability by focusing on holding high performing inventory compared to low selling items.
3. Enriched inventory turnover ratios
Streamlined inventory functions support SMEs to predict supply and demand curves, and adjust production and deliveries accordingly. This helps to improve inventory turnover ratios and to maintain them at the desired optimum levels, which is not too high or not too low.
4. Data-driven financial plans
Inventory is directly related to the financial status of a small manufacturing business. Accurate inventory data and reporting with inventory software can help you make well-informed financial plans which is crucial for the success of your business.
5. Improved inventory value
An inventory management tool automates repetitive tasks such as inventory costing and stock re-order to ensure smooth and productive inventory processes. In addition to this, automated stock tracking with barcode scanning features also provides value by saving time for the inventory team and enhancing end-to-end inventory workflow.
6. Accurate inventory audit
Inventory management software also plays a key role in maintaining clear inventory records without the risk of manual errors. This is very helpful for an SME when it comes to internal inventory audits and to detect unusual stock entries.
An inventory management software helps to analyze various stock data easily and through that, determine the right amount of inventory needed to support your daily orders and operations. When you're assured that your inventory processes are running smoothly, you can focus on expanding your business without any worry.
How Much Does Inventory Management Software Cost?
A majority of inventory software available today is complex and is available for an expensive monthly or yearly fee. This high fee for an inventory management software might not always be justified for small businesses. SME businesses need a more affordable pricing model for handling their inventory operations.
When it comes to pricing, inventory management tools usually charge for every additional feature that they offer, over their base plans. Therefore, their pricing depends primarily on customization requirements and business scope covered by the tool.
However, in TranZact, several base inventory management features are included in the base plan, which is free for life. In addition to these, if business owners feel the need for advanced features, they can upgrade only when they want to. The costing for these advanced features is also very affordable when compared to other competitors in the market for the SME manufacturing industry.
Moreover, TranZact was specifically created for the Indian SME manufacturing industry, and that's why small businesses in this industry can easily afford it and be assured of exceptional services customized especially for them.
How to Choose the Best Inventory Management Software for Your Business?
By investing a small fee on inventory management software, you can unlock significant value for your business. But making the choice of the best inventory management software for your business is a critical decision. To make this decision, you must ensure that the software you choose, auto tracks inventory and offers real-time accurate inventory visibility.
Automated inventory control is a key benefit that supports your inventory with the power of digitization, and ensures that your stock is moving in the right direction constantly. This enables you to combat price volatility risks due to overstocking and stockouts, and also combat goods damage risk due to unnecessary inventory lying in the warehouse.
To ensure you're choosing the most ideal inventory software, conduct a cost-benefit analysis that provides data on how much cost and time you can save with the software. Comparing this with the software fees will assure you that you are gaining adequate benefit from the tool in the long run.
Also business owners should carefully assess the nature and breadth of their operations, in order to ensure the inventory software they select meets all their business needs!
Why TranZact Is the Best Inventory Management Software?
If your inventory problems seem to be endless, now's the time to switch to an inventory management software. When you use the best inventory management software for your business, you will notice how organized your supplies are, and how easily you can manage demand and orders.
TranZact is a free inventory management software, offering several base features as part of its free forever package. You can upgrade to advanced inventory features only when you are fully ready to do so!It speeds up inventory tracking and updation with barcode scanning features, real-time insights and smart inventory analytics. It simplifies inventory management for SMEs by automating stock level optimization, negative stock restriction and easy control over multiple stores. These benefits enable business owners to achieve the lowest difference between physical and computerized stock reconciliations.
Leave behind your inventory problems. With TranZact's intuitive inventory solution, you can access fast and error-free inventory cycles in no time!
FAQs on Best Inventory Management Software
1. Which software is recommended for inventory management?
An inventory management software that offers overview of stock movement and stock status in real time is the most recommended inventory management tool. For SMEs manufacturing companies, TranZact is the most recommended solution for inventory management as it ensures complete control over all inventory operations, provides live stock insights and enables effective collaboration of inventory with all other business modules.
2. Which inventory system is best for small businesses?
Managing inventory processes in small manufacturing businesses is quite different from larger firms. The best inventory system for a small business is one that is integrated with the production, sales and purchase modules, and is designed to interlink material planning and production planning functions.
TranZact is designed especially for SME businesses in the manufacturing sector, and hence, it provides all inventory functionalities needed by SMEs. It is a modern business automation software, with the fastest implementation time which is only 7 days.
It addresses all concerns surrounding sales, purchase, inventory and production, along with offering smart business dashboards and advanced reporting tools. TranZact also offers Tally and Excel integrations for significant ease of business!
