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Top 15 Inventory Management Applications for Improved Business Efficiency in 2024

vijay

Vijay Kumar

Senior Specialist - Marketing @ Shiprocket

January 11, 2024

8 min read

Effective inventory management is the backbone of any business and is critical for seamless operations. The worldwide inventory management software market size was estimated by Fortune Business Insights to be worth USD 1.98 billion in 2022. Throughout the forecast period, it is expected to increase at a compound annual growth rate (CAGR) of 9.6%, from USD 2.13 billion in 2023 to USD 4.05 billion by 2030.

Choosing the right software for your company becomes challenging with numerous emerging platforms. This article aims to assist in finding the top inventory management software tailored to diverse business needs. Whether you are a drop shipper eCommerce seller or operate in other industries, quality inventory management ensures a robust value chain. This enables to reduce the costly issues and provides essential support through automation, simplified accounting, and market insights. 

Inventory Management Applications

Here we will discuss the top 15 inventory management applications for improved business efficiency in 2024.

Top 15 Inventory Management Applications

By exploring these diverse and specialised solutions, you can find the ideal software to enhance your business operations, whether focused on financial management, eCommerce, inventory control, or supply chain optimisation.

QuickBooks Online:

QuickBooks Online stands out as a versatile and efficient cloud-based financial management software in business management. Geared towards simplifying the complexities of daily business operations, QuickBooks Online offers an array of features. From streamlining inventory tracking and project profitability to facilitating cloud-based accessibility, this software is a comprehensive tool to enhance your financial management processes. Notably, the advantage of its cloud solution lies in its accessibility, eliminating the need for software installation. This allows you to seamlessly access the application from any computer or internet-ready device. It thereby adds a layer of convenience to your business management endeavours.

Cin7:

Enhancing your workflow and adaptability, Cin7 emerges as a powerhouse in the inventory management domain. Seamlessly connecting with over 200 eCommerce platforms, Cin7 is tailored to businesses of various sizes, offering a versatile solution for efficient sales and distribution. The software optimises financial tracking, making it particularly beneficial for online shops by connecting inventory to widely used eCommerce applications. Furthermore, the cloud inventory features consolidate information across different dashboards. This provides a comprehensive and streamlined sales system, thus contributing to the overall efficiency of your business operations.

Ordoro:

Stepping into eCommerce inventory management, Ordoro offers a robust suite of tools for sellers. Beyond the conventional offerings, Ordoro goes the extra mile with its shipping management capabilities, handling dropshipping inventory efficiently. The software’s open API and advanced analytics make it a compelling choice for those seeking a competitive edge. Notably, the absence of setup fees and monthly subscriptions, coupled with a free 30-day onboarding session, positions Ordoro as a cost-effective solution for those venturing into eCommerce management.

Spruce:

In the world of comprehensive inventory management solutions, Spruce takes center stage with its multifaceted approach. Covering inventory management, order processing, customer and vendor management, reporting and analytics, Spruce provides an integrated platform for businesses. To delve into the pricing specifics, direct contact with Spruce is encouraged, ensuring a tailored solution that aligns with the unique needs of your business.

Zoho Inventory:

Simplifying inventory management is at the core of Zoho Inventory’s offerings. With features such as barcode scanning, batch tracking, and e-invoicing, Zoho Inventory provides a user-friendly solution that caters to businesses of varying scales. The transparent pricing structure, ranging from ₹0-₹89999 per year, positions Zoho Inventory as a cost-effective and accessible choice for businesses seeking effective inventory management.

Unleashed:

Unleashed positions itself as an all-encompassing inventory management solution covering order, purchase, and production management. The software’s integrated approach streamlines operations, providing businesses with a cohesive inventory management experience. The emphasis on a unified platform for various inventory-related processes contributes to business operations’ overall efficiency and effectiveness.

Oracle Fusion Cloud SCM:

Delving into the comprehensive supply chain management arena, Oracle Fusion Cloud SCM offers an integrated solution. It covers procurement, inventory management, logistics management, analytics, and reporting. With modules designed to cater to various aspects of the supply chain, Oracle Fusion Cloud SCM provides businesses with end-to-end visibility, a crucial factor in achieving enhanced control over the supply chain.

Magaya Supply Chain:

Targeting logistics and supply chain management, Magaya Supply Chain emerges as a comprehensive solution tailored for freight forwarders, 3PLs, and logistics companies. Beyond mere logistics, the software offers end-to-end solutions, from warehouse management to freight forwarding. With seamless integration and customisable options, Magaya Supply Chain ensures a tailored approach to streamline operations across the logistics and supply chain spectrum.

Epicor Prophet 21:

Tailored to distributors in manufacturing, construction, and wholesale industries, Epicor Prophet 21 positions itself as a robust ERP solution. With tools dedicated to inventory management, order processing, purchasing, and more, Epicor Prophet 21 stands out for its scalability and seamless integration. These features make it an adaptable choice for businesses of varying sizes aiming for operational excellence in their respective industries.

Acctivate:

Acctivate is positioned as an inventory management and business software for small and medium-sized businesses. It integrates inventory control, purchasing, order fulfillment, and business intelligence functionalities into a single platform. The software boasts an intuitive interface and allows for customisation and integration with other business systems. Its adaptability makes it a suitable choice for growing businesses with diverse needs.

SellerCloud:

With a primary focus on eCommerce system enhancements, SellerCloud offers automation, simplification, and synchronisation tools for online retailers. Covering various aspects such as warehouse and inventory management, publishing listings, order processing and shipping, accounting integration, and more, SellerCloud provides a holistic approach to managing multi-channel selling operations. The software’s innovative features, including Web Service API, reports, and multi-channel support, position it as a comprehensive solution for online retailers seeking efficiency in their operations.

TallyPrime:

Catering to the needs of small- and medium-sized businesses, TallyPrime is a business management software encompassing inventory, banking, accounting, taxation, and more. Offering assistance in critical business processes such as cash and credit management, payroll, costing, and invoicing, TallyPrime enhances business efficiency. Its ability to generate hundreds of insightful and customisable business reports and provide access to these on any device contributes to its position as a valuable tool for business control.

Sellbrite:

Distinguished for its focus on enabling online retailers to list and sell products effortlessly across multiple channels, Sellbrite stands out in the eCommerce system arena. Offering a simple interface for tasks such as syncing inventory, managing listings, and fulfilling and managing orders, Sellbrite integrates deeply with popular shopping carts and online marketplaces. The software’s unique features simplify complex eCommerce operations, including one-click integration, synced multi-channel inventory, and support for multiple warehouse management.

Netstock:

Positioned as a cloud-based supply chain planning software, Netstock enables businesses to remain responsive, agile, and profitable. Integrating seamlessly with leading ERP system solutions, Netstock unlocks ERP data and enhanced analytics for quick supply and demand response. Its features encompass inventory planning, forecasting capabilities, sales and operations planning, and procurement and production alignment, contributing to increased visibility and improved team alignment.

GoCodes Asset Management:

GoCodes Asset Management tracks and oversees inventory records across various retail and warehouse locations as a browser-based asset management solution. Utilising cloud-based technologies, QR code labelling and scanning, and smartphone compatibility, GoCodes Asset Management offers a patented inventory and asset-tracking solution. Features such as low-quantity alerts, overdue reminders, automated field service requests, and customisable fields ensure efficient asset management for small- to medium-sized companies.

Shiprocket Fulfillment – Your Tech-Powered Partner for Seamless B2B and B2C Operations


Shiprocket Fulfillment is a tech-driven solution, tailored for retail and eCommerce brands, streamlining B2B and B2C operations to deliver superior customer experiences. The range of services includes D2C and B2B fulfillment, marketplace fulfillment, and returns management. With 42+ fulfillment centers strategically positioned, nationwide inventory distribution becomes seamless, eliminating the need for extensive warehouse investments. This comprehensive solution offers same/next-day delivery, unified management systems, 12+ channel integrations, and coverage across 24,000+ pin codes, providing you with the tools to scale efficiently. The all-in-one tech stack, designed for scalability, optimises your supply chains, making eCommerce fulfillment a strategic asset for your business.

Conclusion

Picking the right inventory management system means finding a mix of features that fit your needs. Look for one that’s easy to grow with, connects smoothly, and is user-friendly with good support. Your choice should match how your business grows, making things run smoothly. Choose a solution that can adapt as your business changes, giving you efficiency and the ability to handle future needs. When you have the right system, managing your inventory becomes easy, making work more accessible, helping you make better decisions, and, in the end, boosting your profits.

Can I track inventory across multiple locations using these applications?

Yes, many advanced inventory management applications support multi-location tracking. This mainly benefits businesses with warehouses or multiple retail outlets, enabling centralised control and visibility over inventory levels across various locations.

Can inventory management applications integrate with other business software?

Many inventory management applications offer integration capabilities with business software such as accounting systems, eCommerce platforms, and point-of-sale (P.O.S.) systems. This integration ensures seamless communication between different aspects of your business.

How can an inventory management application benefit my business?

An inventory management application can lead to increased efficiency, cost savings, and improved stock management accuracy. It helps prevent stockouts and overstock situations and reduces the likelihood of errors, ultimately enhancing overall business performance.

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