What Is the Best Inventory Tracking System? 

If you’re in the business of selling products to customers, you’ll need an inventory tracking system. Selecting the right inventory tracking system can be a daunting task. If you choose the right software, the impact this could have on your business could be tremendous! If you choose the wrong software, it can cripple your business! 

Quicklook: Best Inventory Tracking System

• Best For Overall Inventory Management: Orderhive
• Best For Restaurants and the Food Industry: Upserve 
• Best For Ecommerce: NetSuite
• Best Free Option: Zoho Inventory
• Best For Manufacturing: Megaventory

The 5 Best Inventory Tracking System Options

Let’s dive into our favorite inventory tracking systems. 

Orderhive

Orderhive is the best overall inventory management system. Not only does Orderhive provide inventory management solutions, their software is a true dream to retailers. 

From purchase order management, inventory reconciliation and control, shipping management, and order fulfillment, Orderhive combines everything vital to a business under a single software roof. 

Best For: Overall Inventory Management 

Website: www.orderhive.com

Special Features: Orderhive is more than just an inventory tracking system. Features include:

• Orderhive will help your business manage purchase orders.
• The reporting and analytics Orderhive provides are second to none.
• Orderhive also helps simplify and manage the entire customer return process.
• This software can also help your distribution center optimize their picking and packing process. 

Benefits: 

• This software is all-encompassing. 
• There are various pricing tiers and options.
• Orderhive provides a 15-day free trial.
• Inventory insight is provided in real time.

Disadvantages: 

• You’ll need to spend $500 per month for the Enterprise option.
• A dedicated account manager is also only present at $500 per month.
• Support can be limited if you are using something from the lower pricing tier.
• There is a setup fee ranging from $100 to $1,500.

Pricing: Orderhive does not have a one size fits all approach to pricing. There are various pricing levels, which range from $95 per month to $500 per month. 

Upserve

If you’re in the restaurant or food service industry, you can’t look past Upserve. This user-friendly software is essential for restaurants that need help maintaining the right inventory levels at all times and maximizing profits. Not only does Upserve help a restaurant manage their inventory levels on a granular level, down to each specific ingredient used, but Upserve also provides a strong point-of-sale (POS) system. 

Best For: Restaurants and the Food Industry 

Website: www.upserve.com 

Special Features: When you partner with Upserve, you get more than an inventory management system. Features include the following: 

• The user interface is incredibly user friendly, clean, and organized.
• The point of sale system is easy to use.
• The inventory management system allows you to track everything with ease. 

Benefits: 

• There is 24/7 support.
• The subscription-based pricing tier can be as low as $59.
• Upserve has a great mobile app, allowing you to stay up-to-date on your restaurant when you are on-the-go.
• The inventory management system can track specific ingredients used in various recipes, which provides your business with complete insight into overall profitability. 
• Upserve provides a lot of resources and tips or tricks that can help you grow profits in your restaurant. 

Disadvantages: 

• To get all the benefits of Upserve, you need to spend $359.
• You will need to buy hardware to go with Upserve, which can be costly. 

Pricing: Upserve offers a tiered pricing approach, which ranges from $59 to $359. 

NetSuite

NetSuite, an Oracle company, is a well known and respected inventory tracking system. In particular, NetSuite is a top pick for plenty of ecommerce businesses, both large and small. NetSuite goes far beyond daily inventory management, as this cloud based software is often referred to as the all-in-one business solution.

Best For: Ecommerce 

Website: www.netsuite.com

Special Features: NetSuite has plenty of features. Some of the best features include:

• NetSuite can assist your company with product level forecasting
• NetSuite can manage inventory levels across numerous facilities or warehouses
• NetSuite integrates into 350+ platforms
• The supply chain management tools NetSuite provide help companies stay ontop of critical supply chain KPIs 

Benefits: 

• NetSuite is an all-in-one business solution
• NetSuite can work with small businesses or large businesses 
• Oracle is the partner company of NetSuite, and it’s nice to partner with such a known and respected software company
• NetSuite provides a lot of resources and insights into various business functions, including insights for investors or private equity owners 

Disadvantages: 

• NetSuite can be costly.
• Implementing NetSuite will require a complete ERP integration.
• NetSuite is a complex software.

Pricing: NetSuite isn’t as transparent on their pricing as other companies, but many users pay at least $1,000 per month. 

Zoho Inventory

If you are just starting out in the business world or you’re running a small business, consider Zoho Inventory as your inventory tracking system. Zoho Inventory is a free inventory management solution that can be a lifesaver for businesses in need of turning a profit. 

Best For: Free Option

Website: www.zoho.com

Special Features: Zoho Inventory has numerous features we appreciate!

• Offers a free option 
• Subscriptions with Zoho can evolve  
• Zoho offers 45+ applications:
  • HR
  • IT management
  • Marketing 

Benefits: 

• Zoho Inventory has a 14-day free trial. 
• The tiered pricing approach is fantastic, considering there is a free option. 
• The mobile app and desktop software are both user-friendly. 
• Zoho Inventory offers more than just an inventory tracking system. 

Disadvantages: 

• Customer service is available, but it is not ranked very highly.
• The software itself can be difficult to navigate. 
• The mobile app is not as powerful or as quick as it could be. 
• The features are not as robust as other options. 

Pricing: If you’re only planning to have about 50 orders per month, you can use Zoho’s free version. In addition to the free option offered, Zoho offers a tiered pricing structure as well.

Megaventory

Manufacturers have specific inventory needs. Partnering with an inventory tracking system specifically designed for manufacturers can help your manufacturing business unlock greater profits and stay up-to-date with customer demand. Megaventory is the answer to manufacturers who are looking to take more control of their inventory! 

Best For: Manufacturing 

Website: www.megaventory.com

Special Features: 

• You can create a bill of materials and packing slips with this software.
• This software keeps track of the shelf life of specific products.
• Megaventory has the option to integrate with barcode scanners.
• The software integrates with various other software options:
  • QuickBooks 
  • Shopify 

Benefits: 

• Megaventory offers a free trial.
• You can use this software across numerous facilities.
• The user interface is easy to use.
• There are no hidden fees. 

Disadvantages: 

• There are only two pricing options, and the minimal cost is $135 per month.
• This software is specific to the manufacturing industry.
• The accounting feature is minimal at best. 
• Software support is not highly ranked.

Pricing: At a minimum, you’ll have to spend $135 per month on this software. While Megaventory offers an enterprise option as well, the price of it is not public. 

What Is an Inventory Tracking System?

If you’re in the business of selling goods to customers, an inventory management system is essential. Without the right inventory management system, it’s impossible to keep track of what has been sold, the cost of the goods that were sold, and what your on-hand inventory levels are.

But what exactly is an inventory tracking system? Simply put, an inventory tracking system is a type of software that allows businesses to have visibility and insight into all of the goods being received into stock as well as all of the goods that have already been sold or shipped to your customers. 

How Does an Inventory Tracking System Work?

Inventory tracking systems are often complex. Some inventory tracking systems also suggest reordering targets and minimum or maximum levels for specific products as well. 

An inventory tracking system makes it possible to keep an accurate record of the number of units you have in stock for a specific item. They also help business owners keep an accurate record of the unit cost for every item that you have in stock. You should be able to adjust these levels in live time when products are received or sold via the inventory tracking system as well. 

What To Consider With Inventory Tracking Systems

Considering the importance of an inventory management system, selecting the right one is never easy. With that said, there are a number of common variables that you should take into consideration when making your selection. Here are some details worth keeping in mind with inventory tracking systems. 

Fees Involved

First and foremost, you’ll want to have a thorough understanding of the fees involved with the software that you’re thinking about buying. For example, there might be a set-up fee, a monthly fee, or even a yearly fee. 

Additionally, you may be required to pay for upgrades, or after hour technical support if you ever needed it. Be mindful of all the fees a software has before making your decision.

Free Trials

Many inventory management systems have free trials. This allows you to get familiar with the software and confirm it is exactly what your business needs. If you’re debating between two or more options, using a free trial to get familiar with the user interface and software is a great way to help you make the right decision. 

Customer Support

Inventory is the lifeblood to any company that sells goods to customers. Although no one ever wants to think of bugs or glitches with software, they do exist. 

In the event the software isn’t functioning properly, you’ll want to be able to quickly reach a helpful customer service team. Being sure the customer service is helpful and quick to reply is something you’ll definitely want to confirm before moving forward with any software. 

Devices 

You will also need to confirm your inventory tracking system works for the various devices your business uses. Some businesses operate on a windows platform, other businesses operate on Apple.

Although companies commonly create a windows version and a MacOS, that is not always the case. Confirm with the software company that the inventory tracking system works on the devices your businesses use, including any cell phones or tablets.  

Product Services Availability

Last but not least, you’ll want to make sure the inventory tracking system you select for your business is aligned with your industry. A company that sells T-shirts may need different software than a company that sells cars. An inventory tracking system for a small business may not be appropriate for a business that carries hundreds of millions of dollars of inventory. 

Inventory is the Lifeline 

Inventory is the lifeline to your business. Without inventory, you cannot generate revenue or satisfy your customers. 

To better manage your inventory and have an accurate understanding of everything related to your inventory, you need an inventory tracking system that supports your business and goals. Selecting the right inventory management system isn’t a decision that you should take lightly. Be sure to consider all the variables before making the right decision for your business. 

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