10 Best Inventory Optimization Software to Use in 2024

Managing inventory is a critical task for any business, but here’s a surprising fact: the average small retailer in the US achieves only 63% inventory accuracy. 

The culprit? Often, it’s human error, leading to costly issues like overstocking or missed sales.

If you still rely on spreadsheets for inventory management, you might be setting yourself up for these problems.

But there’s good news! Modern inventory optimization software platforms can turn this situation around. These tools come packed with features to make your supply chain processes more efficient—from barcode scanners to Electronic Data Interchange (EDI) integration.

Investing in the right software can drastically reduce inventory costs, enhance efficiency, and save time. Over the past year, my team and I at ClickUp have tested and compiled a list of the 10 best inventory optimization software solutions for 2024, highlighting who they’re best suited for, their pricing, and key features.

But first, let’s find out what you should look for in inventory optimization software!

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What Should You Look for in Inventory Optimization Software?

A reliable inventory optimization software must prioritize accuracy. Here’s what you should look for to ensure it meets your business needs effectively:

• Real-time tracking: Ensure the software provides up-to-date inventory levels and movements to prevent stockouts and overstocking
• Barcode scanning: Choose systems that support barcode scanning for efficient product identification and tracking
• Integration capabilities: Check whether the software integrates with your POS, supply chain, and accounting systems for smooth data flow
• Automated alerts: Look for automation capabilities so you can get automated notifications for low stock, expiry dates, and reorder points to prevent inventory issues
• Multi-channel support: Select software that can manage inventory across various sales channels to keep them synchronized
• Mobile accessibility: Make sure the inventory systems are compatible with various devices to enhance flexibility and on-the-go management
• Scalability: Look for tools that can grow with your business, handling increased data and inventory complexities as you expand
• User-friendly interface: Opt for an intuitive platform that reduces training time and boosts team efficiency

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The 10 Best Inventory Optimization Software to Use in 2024

In the list below, I’m diving into the best inventory optimization software tools of 2024. I’ll also provide a brief overview of each tool so you can easily compare your options.

1. ClickUp (Best for inventory planning, management, and optimization)

If you’re searching for a tool that excels in inventory planning and optimization, ClickUp might be just what you need. 

ClickUp is an operations management tool for businesses of all sizes, from small startups to large enterprises. It’s great for handling eCommerce operations, managing product inventories, and setting targets.

With ClickUp’s Project Management solution, you can simplify your processes with customizable dashboards that show real-time metrics, track inventory with organized lists, and automate workflows to keep tasks running smoothly.

ClickUp’s Dashboards are incredibly versatile, offering a 360° view of your product information. 

You can tweak the interface to fit your needs, with options for customized statuses, tables, and reporting tools. Plus, Dashboard Widgets let you easily pull up crucial data like tracked time and charts, boosting your inventory efficiency.

If you’re more into structured layouts, ClickUp’s Table View might catch your eye. 

It allows you to organize budgets, inventories, and client details in a neat row-and-column format. Create ClickUp Custom Fields to record virtually anything—task progress, file attachments, star ratings, and 15+ field types.

If you want to track stock movement and availability, ClickUp’s pre-built templates are incredibly efficient. For instance, the ClickUp Inventory Management Template simplifies handling large or complex inventories. It helps you track inventory levels, stock movements, and cost changes and organize product information in a user-friendly database.

Download This Template

This template also helps you:

• Monitor inventory levels, stock availability, movements, and cost fluctuations
• Organize product details, including pricing and images, in a user-friendly database
• Analyze inventory trends to make informed restocking decisions

ClickUp’s Inventory Report Template further enhances accuracy in tracking product levels, offers insights into the supply chain, and streamlines your ordering process. This template also allows you to set inventory targets, anticipate demand, ensuring you stay ahead of potential shortages.

Download This Template

This template allows you to:

• Quickly visualize stock levels at a glance
• Easily update data with no-code entry
• Organize products into categories for effortless navigation

ClickUp Automations is another feature that can significantly enhance inventory management by streamlining repetitive tasks and reducing manual errors. With automations, you can set up triggers to update stock levels automatically when items are added or removed, ensuring real-time accuracy. 

Notifications can be configured to alert you when the stock reaches a critical level, prompting timely decision-making and restocking. Additionally, you can use customer automation to categorize and organize inventory data, making it easier to track and analyze trends. This not only saves time but also helps you make informed decisions, ultimately improving efficiency and productivity in managing your inventory.

ClickUp best features

• Handle product restocks and deliveries with ClickUp’s Calendar View. View order delivery schedules and tasks in real time through collaborative timelines and resource calendars
• Set reminders for restocking with ClickUp Recurring Tasks
• ClickUp Integrations with eCommerce platforms ensure accurate inventory data synchronization to optimize business operations and make informed decisions
• Track product sales and manage capacity with practical planning tools, including ready-made and vendor list templates 

ClickUp limitations

• New users may experience a learning curve around the high degree of customization

ClickUp pricing

• Free Forever
• Unlimited: $7/user per month
• Business: $12/user per month
• Enterprise: Contact for pricing
• ClickUp Brain: Add to any paid plan for $7 per Workspace per member per month

ClickUp ratings & reviews

• G2: 4.7/5 (9,500+ reviews)
• Capterra: 4.6/5 (4,000+ reviews)

2. Zoho Inventory (Best for small to medium-sized businesses)

Zoho provides an all-in-one software suite that includes various applications, such as Zoho CRM, a helpdesk system, and Zoho Inventory.

Zoho Inventory offers features like inventory tracking, order management, and warehouse management, making it ideal for small—to midsize businesses.

Zoho integrates with popular eCommerce platforms like Shopify, Amazon, Etsy, eBay, and ZohoCommerce. While its integration options are somewhat limited, Zoho remains competitively priced compared to other eCommerce inventory management solutions.

Zoho Inventory’s best features

• Efficiently manage inventory using barcode and Radio Frequency Identification (RFID) technology
• Ensure timely product rotation for perishable goods
• Provides real-time shipping rates from major global carriers

Zoho Inventory limitations

• Limited integration with eCommerce platforms and marketplaces
• Pricing is based on monthly order volume, requiring a plan upgrade as your business grows

Zoho Inventory pricing

• Free plan (50 orders and one user only)
• Standard: $39/month per organization (with 500 monthly orders and two users)
• Professional: $99/ month per organization (with 3000 monthly orders and two users)
• Premium: $159/ month per organization (with 7500 monthly orders and two users)
• Enterprise: $299/ month per organization (with 15000 monthly orders and seven users)

Zoho Inventory ratings & reviews

• G2: 4.4/5 (90+ reviews)
• Capterra: 4.5/5 (380+ reviews)

3. Fishbowl Inventory (Best cloud-based inventory management software)

A highly regarded inventory and supply chain management software, Fishbowl integrates seamlessly with QuickBooks to streamline inventory processes. It enhances accuracy with barcode scanning, ensuring precise tracking of items throughout the supply chain, and supports real-time stock monitoring across multiple locations—ideal for large-scale operations.

The software’s part tracking feature allows you to monitor inventory using serial numbers, lot numbers, or expiration dates, which boosts traceability and compliance, especially in industries with strict regulations. 

Fishbowl Inventory’s best features

• Well-suited for large-scale shipping businesses and manufacturers
• Automates the creation of purchase orders based on sales trends and inventory requirements with Fishbowl’s order management system
• Access and manage inventory on the go with the mobile app

Fishbowl Inventory limitations

• Can be costly for companies with many users
• Additional features come with extra costs

Fishbowl Inventory pricing

• Fishbowl Drive: $349/month for two users
• Fishbowl Advanced: $399/month for two users

Fishbowl Inventory ratings & reviews

• G2: 4/5 (200+ reviews)
• Capterra: 4.2/5 (900+ reviews)

4. Cin7 (Best for omnichannel retailers)

Cin7 is a cloud-based inventory management tool available for free to Shopify eCommerce stores. It boasts a range of features and platform integrations. 

This web-based system uses the Kanban method to facilitate stock replenishment and reordering and includes accounting functionalities like the FIFO (First In, First Out) method. 

Cin7 sets itself apart with its cost-effective pricing for businesses of any size and the ability to handle an unlimited number of stock-keeping units (SKUs).

Cin7 best features

• Seamlessly transfer stock between warehouses
• Generate purchase orders rapidly with its automated features
• Access POS systems and barcode scanning across all plans

Cin7 limitations

• The basic plan lacks features like EDI connections and 3PL configurations
• There are no free plans or trial options available

Cin7 pricing

• Cin7 Core Standard: Starting at $349/month 
• Cin7 Core Pro: Starting at $599/month
• Cin7 Core Advanced: Starting at $999/month

Cin7 (Core) ratings & reviews

• G2: 4.2/5 (200+ reviews)
• Capterra: 4.3 /5 (700+ reviews)

5. Ordoro (Best for shipping and fulfillment)

Ordoro offers features that allow you to manage shipping, handle inventory dropshipping, open API access, and advanced analytics. The platform enables seamless integration of various sales channels to enhance fulfillment processes. 

Whether you manage 100 inventory items or 500,000 orders a month, Ordoro’s comprehensive export data structure and accounting system can simplify your inventory management.

Ordoro best features

• Offers modern purchasing automation for streamlined operations
• Allows centralized management for businesses with multiple warehouses
• Connect with popular eCommerce platforms like Shopify, Magento, and WooCommerce

Ordoro limitations

• Lacks a mobile version, unlike many other inventory software options
• Pricing can be high for small businesses

Ordoro pricing

• Shipping: Free
• Inventory: $349/month
• Dropshipping: $299/month

Ordoro ratings & reviews

• G2: Not enough reviews
• Capterra: 4.8/5 (70+ reviews)

6. QuickBooks E-commerce (Best for growing e-commerce businesses)

Known for its user-friendly interface and robust features, QuickBooks Commerce (formerly TradeGecko) helps businesses efficiently manage stock, automate workflows, and analyze performance. 

The tool’s automation capabilities allow businesses to streamline repetitive tasks and reduce manual errors. By automating processes like order fulfillment, purchase order generation, and inventory adjustments, the tool streamlines operations and helps you save time.

QuickBooks E-commerce best features

• Connects effortlessly with Xero for streamlined accounting
• Monitor stock levels across multiple locations and channels
• Optimize warehouse operations with features like bin location management and picking lists

QuickBooks E-commerce limitations

• Some users report a steep learning curve when first using the software
• Limited customization options for specific business needs

QuickBooks E-commerce pricing

• Simple Start: $35/month
• Essentials: $65/month
• Plus: $99/month
• Advanced: $235/month

TradeGecko (QuickBooks E-commerce) ratings & reviews

• G2: Not enough reviews
• Capterra: N/A

7. DEAR Systems (Best for manufacturing and wholesale)

Being a cloud-based ERP solution, DEAR Systems eliminates the need for costly IT infrastructure such as servers and switches. 

With this tool, you can efficiently manage everything from raw materials to finished goods, ensuring your supply chain runs smoothly from start to finish. One standout feature is its demand forecasting capabilities, which allow you to predict inventory needs accurately, minimizing overstock and stockouts. 

The platform’s procurement module enhances your purchasing decisions with accuracy and efficiency. It features a supplier information page and financial reporting tools.

For businesses still relying on manual demand planning methods, DEAR Systems offers tools that can replace outdated capacity planning in Excel with more efficient, automated processes. This ensures that your production runs align perfectly with demand, maximizing efficiency and minimizing waste.

DEAR Systems’ best features

• Identify and improve each step of your supply chain with value chain analysis
• Get notifications to prompt replenishment orders when stock runs low with reorder point alerts
• Access over 300 standard reports for detailed insights

DEAR Systems limitations

• It’s high cost might be a barrier for small businesses

DEAR Systems pricing

• Starts at $249/month for 5 users

DEAR Systems ratings & reviews

• G2: Not available 
• Capterra: Not available

8. NetSuite ERP (Best for enterprise-level inventory management)

NetSuite ERP offers a comprehensive suite of tools that cover everything from financial management to inventory control, making it a one-stop shop for businesses looking to enhance efficiency and drive growth.

The system’s real-time dashboards give you a complete overview of your inventory management processes, helping you make data-driven decisions with confidence.

NetSuite ERP provides real-time visibility into stock levels, demand forecasting, and order management, ensuring that the right products are in the right place at the right time. This helps reduce carrying costs and minimizes the risk of stockouts, ultimately improving customer satisfaction.

The platform integrates seamlessly with logistics software, providing end-to-end visibility and control over your operations.

NetSuite ERP’s best features

• Manage multiple subsidiaries, business units, and legal entities with ease, supporting multiple languages and currencies
• Optimize real-time scheduling and manage inventory effectively using calendars and Gantt charts
• Gain global visibility with vendor location management, distribution requirement planning, and multi-location planning tools

NetSuite ERP limitations

• Steep learning curve, especially when customizing the ERP platform
• There are restrictions on document types you can export, and not all of the information transfers correctly

NetSuite ERP pricing

• Custom pricing

NetSuite ERP ratings & reviews

• G2: 4/5 (3,000+ reviews)
• Capterra: 4.2/5 (1,500+ reviews)

9. SAP IBP (Best for inventory optimization in complex supply chains)

Using machine learning algorithms and real-time data, SAP IBP accurately predicts future demand, allowing businesses to align their inventory levels with market needs. 

Another critical feature is multi-echelon inventory optimization (MEIO). SAP IBP allows businesses to optimize inventory across multiple locations and tiers within the supply chain. This feature considers the interdependencies between different stock levels, enabling more efficient distribution and reducing excess inventory while maintaining high service levels. 

It also supports scenario planning, enabling businesses to evaluate the potential outcomes of various decisions, such as changes in supplier lead times or shifts in customer demand, and select the most effective strategy.

SAP IBP’s best features

• Achieve comprehensive visibility, alerting, and analytics to measure performance, predict disruptions, and stay ahead of issues
• Conduct real-time simulations for various business scenarios to meet growing business demands
• Support seamless integration with other SAP systems and third-party applications for enhanced functionality

SAP IBP limitations

• Learning curve due to its complexity and extensive features
• The tool uses RDP technology for some processes, which isn’t the latest technology available

SAP IBP pricing

• Custom pricing

SAP IBP ratings & reviews

• G2: 4.3/5 (200+ reviews)
• Capterra: Not enough reviews

10. inFlow Inventory (Best for user-friendly inventory management)

inFlow Inventory is tailored to simplify stock control for businesses of any size. It centralizes inventory and order data, providing real-time visibility into stock levels and movements at your distribution centers.

Some of its key features include barcoding, multi-location warehouse management, and detailed analytics, enabling efficient tracking, reordering, and optimization of inventory.

inFlow Inventory best features

• Integrate seamlessly with various eCommerce sales platforms, including online marketplaces, websites, and physical stores, to manage inventory from a single interface
• Enhance accuracy and efficiency in receiving, picking, and managing inventory with Barcode Scanning and RFID (Radio-Frequency Identification)
• Create, process, and track orders, and design purchase order templates for future procurement cycles

inFlow Inventory limitations

• Scalability issues for large or rapidly growing eCommerce businesses

inFlow Inventory pricing

• Entrepreneur: $110/month 
• Small Business: $279/month 
• Mid-size: $549/month
• Enterprise: $1319/month

inFlow Inventory ratings & reviews

• G2: 4.1/5 (30+ reviews)
• Capterra: 4.6/5 (450+ reviews)

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Choosing the Best Inventory Optimization Software for Your Business

As businesses grow, manual inventory tracking becomes increasingly difficult, leading to errors, misplaced items, and delays in order fulfillment—issues that can negatively impact your operations. 

Switching to a cloud-based inventory optimization system can be transformative. It simplifies inventory monitoring, making it easier to manage stock levels, reduce errors, and streamline order processing.

If you’re an inventory manager or a business owner, ClickUp offers a powerful solution for optimizing inventory management. It features real-time tracking, automated workflows, and customizable dashboards, ensuring your inventory processes are as smooth and effective as possible.

Sign up to ClickUp for free today and see the difference for yourself!