According to an article by GlobeNewswire, the inventory management software market is expected to reach US$3.43 billion by 2030. With technological penetration in almost every industrial sector, the supply chain and warehousing market is not untouched. Over time, inventory management software has become more capable, refined, and systematic. Here are some companies in India that will help you with your SMEs.
What is inventory management software?
Inventory management software is a software application that can help businesses to manage their inventories and stocks, track stock levels, streamline supply chain activities, and plan and forecast sales, among other features. The software also helps you automate processes such as shipment tracking, report generation, etc. This can help businesses to improve efficiency and reduce errors. Inventory management software can be used by businesses across various sectors like manufacturing, retail, automotive, agriculture, hospitality, etc.
In this article, we will look at the five best inventory management software that Indian businesses can use for better management of inventory and stocks. We have chosen the software listed in this article based on the following factors. The complete methodology can be found at the bottom of the article:
- Have an overall rating of at least 4.5/5 stars by users in the last year
- Have at least 14 user reviews between April 2022 and April 2023
- Meet the market definition of inventory management software
- Are headquartered in India and listed in alphabetical order
1. GoFrugal
![Head offices manage the different warehouses where inventories are managed [Source: Capterra]](https://readwrite.com/wp-content/uploads/2023/06/Best_Inventory_Management_software_in_India-IN-CA-Gofrugal-300x178.png)
- Overall: 4.4/5
- Ease of Use: 4.4/5
- Customer Service: 4.0/5
- Features: 4.4/5
- Value for Money: 4.3/5
GoFrugal is a retail and inventory management software that allows businesses to manage their stocks, stock levels, stock movement, stock traceability, etc. Using this software; users can create inventory reports for insights into their inventories, including AI-based demand forecasting with its autonomous tool.
Moreover, businesses can check the stock levels by setting minimum and maximum stock levels and alerts when the stocks fall below a certain level. The tool supports barcode scanning, wherein users can scan the stock items and update the status in their database in real-time.
The software also comes with expiry management which can help businesses remove expired products from the inventory and track the products nearing expiry. Using GoFrugal, users can manage their inventories from different locations and warehouses. You can visit their website for more information on the pricing and additional features.
2. myBillBook
- Overall: 4.6/5
- Ease of Use: 4.8/5
- Customer Service: 4.6/5
- Features: 4.5/5
- Value for Money: 4.6/5
myBillBook offers inventory management services to businesses looking to manage their stocks, sales and orders. Companies can use the software to create inventory reports to monitor their inventory performance on the stock summary, item sales, stock levels, etc.
The tool also has a centralized dashboard wherein businesses can get an overview of the stock status. myBillBook also comes with real-time inventory tracking wherein companies can decide the inventory levels and make decisions about re-stocking. Using myBillBook, businesses can create purchase orders to help them manage their supply chain. Users can also add in bulk and make bulk edits by adding products from myBillBook’s in-built library of products.
The tool supports barcode scanning and generation to enable faster billing. Some additional features offered by the software include product categorization, alerts on stock levels, and automated stock updation. More information on their pricing and features can be found on their website.
3. ProfitBooks
- Overall: 4.4/5
- Ease of Use: 4.5/5
- Customer Service: 4.2/5
- Features: 4.3/5
- Value for Money: 4.5/5
ProfitBooks is an inventory management software that can help them track their inventory lifecycle. Using ProfitBooks, businesses can manage sales orders and complete order workflow. It also allows them to categorize orders basis the projects, which can help them to track the fulfillment status.
The software offers filterable reports and analytics to businesses to help them get insights on their inventories, sales, orders etc. ProfitBooks offers batch management wherein businesses can organize orders in batches, allot batch numbers, and mark expiry and manufacturing dates. It offers multi-user support, and users can be assigned permission to view various functions.
Users of the tool can manage workflows and allocate inventories to warehouses accordingly. Some other features offered by the software are multi-currency support, stock control and adjustments, inventory alerts, integration, and warehouse management. More information on additional features and pricing can be found on their website.
4. TallyPrime
- Overall: 4.3/5
- Ease of Use: 4.3/5
- Customer Service: 4.0/5
- Features: 4.3/5
- Value for Money: 4.3/5
TallyPrime is an accounting and inventory management solution. It offers stock management to allow businesses to track and manage their stock and monitor stock levels, pending orders, shipments, etc. It also lets businesses manage stock using batch numbers, track the movement of batches, and keep a tab of expiry dates.
The software offers reporting features using which companies can pull out reports related to inventories, profits, stocks, and trends, to name a few, to help them make more informed decisions. Users can manage their inventories from various locations as well. Using TallyPrime, users can categorize their stock based on multiple criteria like product type, supplier, etc.
Some other features offered by TallyPrime are purchase management to manage purchase orders and payments and sales management to give visibility of past and forecasted sales. More information on pricing and additional features can be found on their website.
5. TYASuite
- Overall: 4.2/5
- Ease of Use: 4.3/5
- Customer Service: 4.3/5
- Features: 4.0/5
- Value for Money: 4.0/5
TYASuite is an inventory management software that manages inventory workflow for companies and warehouses. The software offers an automated inventory management feature using which businesses can generate automatic purchase orders to avoid stockouts. Using TYASuite, companies can create reports and get insights on the stocks, orders, and other inventory items and markers.
Moreover, the software offers multi-warehouse support using which businesses can track inventory across various warehouses. The tool offers integration with other software for a seamless flow of data. Some other features provided by the software are search filters, catalog management, pricing management, inventory optimization, warehouse management, supplier management, etc. More information on their pricing and additional features can be found on their website.
Methodology
- To select the tools for this list, we identified the highest-rated inventory management software, which has its headquarters in India.
- The shortlisted products were then assessed against the market definition of inventory management software: inventory management software monitors inventory levels for optimal production and distribution of goods for wholesale or retail. These applications enable organizations to manage inventory and procurement efficiently and order fulfillment functions. Inventory management solutions ensure accurate real-time inventory reporting and the ability to distribute this essential data across multiple locations and throughout an enterprise.
- All the above software has the following core features: inventory management, inventory optimization, and product identification.
- Besides that, the tools were further checked against the following criteria: average overall ratings above 4.5/5 stars, minimum of 14 user reviews over the past year (April 2022 – April 2023), and tools having headquarters in India.
- Out of our resultant list, we selected the top five tools with the highest rating and listed them alphabetically.
This article may refer to products, programs, or services that are not available in your country or that may be restricted under the laws or regulations of your country. We suggest that you consult the software provider directly for information regarding product availability and compliance with local laws.
To know more, read the Capterra India blog here.
Featured Image Credit: Photo by Alexander Isreb; Pexels; Thank you!
