The IT Industry has marked a major growth in the last decade. The latest innovative technologies and IT support have contributed in bringing vast development and new possibilities in each and every sector. Today, not only business enterprises, but other working bodies like governments and non-profitable organizations depend on the IT support for their various day-to-day operational needs.

An Inventory Management Software is one such innovation, which is being used by business enterprises at every corner of the world. Here, we bring all you need to know about Inventory Management, the Top 5 Inventory Softwares, their features and a comparison to know which one is the best.

What is an Inventory Management Software?

In a few simple words, an Inventory management software is a tool which helps business enterprises to manage their stock. It is a one-stop solution, which addresses all your enterprises’ needs for recording and managing the inventory database. The primary goal of any inventory software is to efficiently manage a stock before it gets sold.

It doesn’t matter what type of business enterprise you are running, whether it is a manufacturing industry, a trading firm or a retail store, a well managed inventory database is must. It helps in taking quick sales/purchase decisions and framing new business strategies.

Using an inventory software, you can be assured that all product/item in your stock is well managed, and you would be having detailed information about each of them. There would be no chance of overstock and out-of-stock situation, which could harm your business enterprises’ profit reports. It saves your time and money as well.

History of Inventory Management Software

The first inventory management software with basic features, for computers was introduced in the early 1990s. And with the introduction of the bar code scanning feature of the inventory management software, it became popular in the US market. The grocery industry of the US market started opting for new advanced inventory management software for computers, which also served as a barcode scanner software.

This latest software helped them to save time. Now, they don’t need to record the inventories manually on papers. Everything went simple and easy. The database was updated automatically just by the bar code scanning process.

And in the 2000s, various innovative updates were brought in the inventory management software. The Cloud Support for the business inventory software is the most innovative feature till date, which has brought a new era for inventory management software & applications.

Source – Wikipedia

Benefits of using an advanced Inventory Management Software

• Quick & Efficient Stock Management
• Well Managed Inventory Database
• Tracking Real time inventory records
• No “stock out” or “over stock” situation
• Easy Generation of Sales, Stock and Profit/Loss reports
• No possibilities of error in accounting
• Inventory database stored on a secured Cloud
• Advanced Back-up Plans
• Bar Code Scanning
• Email Orders
• Mobile Accessibility (for tracking stock status, placing fresh orders, adding or deleting any record & more on the go)
• Record inventories for various business units at a single place

Top 5 Inventory Management Software of 2014

# 1
Goods Order Inventory System (GOIS Pro)

Goods Order Inventory System or GOIS Pro is the most advanced and top of the class inventory management software, designed and developed by MetaOption LLC. This inventory application packs all the latest tools and features, which can assist you while managing inventory records for your business enterprise.

GOIS Pro is being used by many renowned small and medium business enterprises all around the world. It is a highly sophisticated system software, which can be accessed on mobile devices as well. The users can download the GOIS Pro App on their Android Smartphone, tablets, Apple iPhone, iPad and iPod as well.

This Cloud based inventory application is helpful for all types of business enterprises. This software is built on a user friendly interface, so that the users don’t face any kind of trouble while accessing the advanced tools and features of this inventory software.

Pricing

The Free version of GOIS Pro App is available with lifetime validity. This version allows access to 1 user only, who can manage up to 15 products/items and store up to 10MBs of data.

For up to 3 users, managing up to 100 products and storing 50MB data, you can take Package 1 for $18 only. You can also customize all the offered packages as per your need & requirement. All the advanced tools & features of GOIS pro are available on each and every package, including the free one, which is very beneficial for the users.

# 2
inFlow Inventory

inFlow Inventory is an easy to use inventory software, which is developed by Archon Systems. This software as first released in 2007, and is updated at regular intervals. The inFlow inventory management software is being used by more than 210,000 users, coming from different sectors across the globe.

This inventory management software allows organizing of products with their pictures, prices and categories, and can handle up to 10,000+ products together seamlessly.

As it is an advanced inventory system software, it packs various beneficial tools and features, which helps the user to efficiently record complex inventory database. Some of the advanced features include barcode scanning, multiple location, accessibility, print or email invoices, email purchase order, multi-user mode and more.

inFlow Inventory boasts all the features, which can help all types of business enterprises to have a managed inventory database.

Pricing

The Regular edition of inflow Inventory, allowing unlimited products, customers, customized document and phone, email and forum support is available for $299 per license.

# 3
Inventoria Inventory Software

Inventoria is an advanced business inventory management and stock control software, which helps business enterprises to streamline their complex business enterprises and boost operations. Inventoria is built by the developers of NCH Software.

This inventory software store all the inventory database on a secured Cloud. Hence, the users can access the inventory records from any corner of the world. It also packs many other useful and beneficial features and inventory control tools.

Inventoria notifies the user with stock out warning and reports, so that your business enterprises never face “Out-Of-Stock” situations. This software runs on Windows & Mac platforms only.

The few features of the Inventoria Inventory Software include –

• Inventory Reporting
• Cloud Support
• Stock Out Warnings
• Item Control
• Manage users & locations
• Transfer stock
• Mobile Accessibility

Pricing

The Inventoria Corporate Edition is available for $79.99. The user can also add various other bundle softwares in this package at extra cost.

# 4
Fishbowl

Fishbowl Inventory is a private software development company based in Orem, Uttah. This company has been successful in delivering inventory management and other related softwares, which helps business enterprises to address their individual business inventory needs and requirements. The Fishbowl Inventory software integrates seamlessly with QuickBooks.

The developers have introduced various inventory mobile solutions and dedicated inventory tools, which has been helpful for all types of users. The Fishbowl Inventory management add-on to QuickBooks was very successful in 2003.

The various inventory solutions by FishBowl includes–

• Wholesale & Distribution
• Manufacturing
• QuickBook Inventory
• Order Management
• Service Management
• Asset Tracking
• Point Of Sale
• Bar Coding

The Fishbowl Inventory Solutions have been proven very helpful all types of manufacturing industries, warehouses and other business groups. It is also a asset tracking solution, which allows the user to generate bar codes, update data in real time and automatically record inventories by the barcode scanning process.

Pricing

The single user package of this inventory management software costs around $2000.

# 5
iMagic Inventory

iMagic Inventory Software is one of the most cost effective inventory & invoicing software system, which has been developed for Windows Platform only. This software has been developed by iMagic, which has been successful in developing softwares for more than  25 years now.

The easy to use iMagic Inventory Software is built on a simple and user friendly interface, which helps the user to access its advanced tools and features without any trouble. This inventory management software allows generation of new invoices just by few simple steps.

Few features of the iMagic Inventory Software are-

•  Invoices
• Creating Customer Database
• Track Inventory Database
• Barcode Support
• Easy Accessbility
• Barcode Support
• Interactive Reporting
• Automatic Reordering
• Multiple Users
• Secured Platform

Using the above mentioned features, the users can create a new invoice, track their history, record payment modes. Export invoices, check stock database, customize inventory fields, transfer stocks, generate reports, share them and do much more.

Pricing

The single user package of iMagic Inventory Software is available for $249.