7 Best Inventory Software for Small to Medium Businesses in 2024: The Ultimate Guide-

For any fast-growing small and medium manufacturing business, managing its inventory can become a recurring issue. It is here that inventory management software comes into the picture. The right inventory software can transform this challenge into an opportunity by streamlining and digitizing the entire inventory and its processes from end to end.

As the size of the manufacturing process grows, optimizing the overall inventory management process not only becomes tedious, but it also becomes a redundant process eating into profits like a termite.

Hence , here is an extensive guide, comparing for you the top 7 inventory management solutions available in the market today which are specifically targeted for small and medium businesses.

Quick Comparison table for Inventory Management Software:

The Top 7 Inventory Software Solutions in detail:

Procuzy

Best Overall Solution for Small to Mid Businesses

Procuzy easily comes first on our list as it offers comprehensive solution for small and medium manufacturing businesses.  Procuzy offers robust inventory management capabilities with features like real-time inventory tracking across multiple locations, automated stock alerts, intelligent dashboards, and customizable reports among many other things .

Key features: 

• Designed especially for manufacturers
• Dedicated Key Account Manager
• Multiple Integrations

Procuzy mobile accessibility feature owing to its integration with WhatsApp and email ensures that owners can manage their inventory from anywhere, at the click of a button.

The software’s comprehensive reporting provides deep insights into inventory performance, while also providing extensive data masking policies. The best thing about yet is that regular updates ensure the platform evolves with fast-changing business needs of its customers. The feature of the Dedicated Key Account Manager make the customer support system the best in the industry today .

While some advanced features are restricted to higher-tier plans, and new users may experience a learning curve, Procuzy’s scalable nature makes it an excellent choice for growing businesses. The platform particular ability  shines in its adaption to various business models while maintaining ease of use, which make it stand out among its peers. The same shows in its superior G2 ratings.

Pros :

• Procuzy leverages artificial intelligence to automate workflows, reducing manual effort in inventory management, production planning, and procurement. This enhances efficiency and minimizes human errors.

• The platform provides real-time data and AI-powered predictive analytics, helping manufacturers forecast demand, optimize supply chains, and reduce downtime with predictive maintenance.

• Procuzy is designed to scale with growing businesses and integrates seamlessly with existing systems like CRM, accounting software, and IoT devices, ensuring a smooth transition and minimal disruptions.

Cons :

• While AI makes processes more efficient in the long run, teams may need some time to get used to the new system and workflows.

• As a cloud-based platform, Procuzy relies on a stable internet connection, which could be a minor inconvenience in areas with connectivity issues.

• Smaller manufacturers might find that Procuzy includes advanced AI-driven features they don’t immediately need, making the system feel a bit overwhelming at first.

Procuzy’s G2 Rating : 4.8/5 

Starting Price : Custom

Tranzact

Tranzact offers inventory management software for small and medium businesses looking at fundamental features at attractive costs. This is a great option for small manufacturers looking to upgrade their Excel or accounting tools towards solutions focused on manufacturing operations. Manufacturers can consider options such as Tranzact to track and visualize their operations. For more advanced planning or customizations, one can consider other solutions in this list.

Pros : 

• Attractive pricing options
• Fundamental modules relevant for tracking inventory, purchase, and production
• Scalable options for additional locations and users

Cons : 

• Lack of modules to aid with sales, production, and purchase planning
• Limited customization options
• The quality control module is not extensive enough to cater to chemicals, food & beverages, and pharmaceutical manufacturing

G2 Rating: Unrated

Ideal for: Industrial machines, automobiles, and engineering works

Busy

Small and medium businesses looking for a detailed and complete accounting solution can consider options such as Busy. Busy also provides a simple-to-use inventory management software with modules for costing and tracking inventory, sales, and procurement. Busy provides a solution that can scale easily across small and medium-sized businesses, with more basic modules for production-oriented teams. For more detailed production software, manufacturers can consider other options in this list.

Pros : 

• Attractive pricing options
• Detailed accounting module
• Best suited for accounting and finance teams
• Simple modules tracking inventory, purchase, and sales

Cons : 

• The production module is not detailed
• Lack of end-to-end planning for factories
• Not suitable for manufacturers wanting to track detailed inventory

G2 Rating: 4.4

Ideal for: Accounting

Odoo

Odoo is an open-source business management software suite that provides a comprehensive set of integrated applications to help organizations manage various business operations.

Pros:

• Enterprise Resource Planning (ERP)
• Customer Relationship Management (CRM)
• Inventory management, Project management,
• Accounting and invoicing

Cons: 

• Complex setup and configuration process, especially for self-hosted installations
• Steep learning curve for administrators and users
• Enterprise edition pricing increases with each user, making it expensive for larger teams
• Hidden costs for implementation, training, and maintenance
• Official support only available for Enterprise edition
• Community support can be inconsistent

G2 Rating: 4.2

Ideal for: Industrial Machines, automobile, and engineering works

Zoho Books

Zoho Books is a cloud-based accounting software that’s part of the larger Zoho suite of business applications.

Pros: 

• Affordability – generally less expensive than competitors like QuickBooks
• Strong integration with other Zoho products
• Good mobile apps for iOS and Android
• Automated workflows for recurring transactions
• Client portal for customer collaboration

Cons:

• Limited third-party integrations compared to competitors
• Integration with non-Zoho apps can be complicated
• Advanced inventory management features are basic
• Fixed asset management is limited
• Interface can feel cluttered and overwhelming
• Navigation isn’t always intuitive

G2 Rating: 4.4

Ideal for: Traders and Distributors

Tally

Tally is an ideal inventory management system for small and medium businesses that are also looking for a complete accounting solution. Tally provides small and medium business owners with basic transparency over their inventory, purchase, production, and sales operations. Their inventory management software also provides flexibility for businesses looking for either online or offline based systems.

Pros:

• Flexible pricing options across small and medium enterprises
• Industry-standard accounting solution
• Syncs with other detailed production software like Procuzy

Cons:

• Tally does not provide a detailed solution for the procurement and production teams
• Lack of modules to assist factories with planning
• The user interface is built for accountants and less for factory professionals

G2 Rating: 4.4

Ideal for: Traders, distributors, accounting

Marg

MARG ERP is an Indian business management software solution, particularly popular among small and medium-sized businesses in India. Marg also provides some unique features for compliance management, making it a very attractive option.

Pros: 

• Built specifically for the Indian market and tax system
• Comprehensive GST compliance
• Affordable compared to international ERP solutions
• Good offline capabilities
• Regional language support

Cons:

• Lack of detailed modules around production planning and management
• A narrow set of modules that may not cater to wider industries

G2 Rating: 4.4

Ideal for: Pharmaceuticals, compliance management

Key Features to look for in  Inventory Management Software for Small to Mid Business

Real-Time Tracking Capabilities

The modern requirements of inventory management systems for small and medium businesses demand real-time visibility into stock levels across locations. The right inventory management software for your small and medium business must provide automated stock updates, reflecting all changes instantly across procurement, production, and sales operations. Solutions like Procuzy can help you with a centralized view of inventory levels and transactions in real time, ensuring you can make the right decisions quickly.

Integration Options

A good inventory management software for your small and medium business will seamlessly integrate with your existing systems, allowing you to improve your factory efficiency. Robust connectivity with popular e-commerce platforms, accounting systems, dispatch systems, and analytical systems will allow you to gain complete end-to-end visibility without making major changes to your processes.

Data Accuracy

Real-time sync with accounting software can help your small and medium business pick the best software for your factory while using another for your financial purposes, ensuring the data is streamlined. To ensure the financial integrity of your factory, the inventory management system needs to maintain and track accurate data across your factory.

Reporting and Analytics

Data-driven decision-making is a key feature of inventory management software for your small and medium business to maximize factory productivity. Comprehensive reporting tools should provide inventory insights across all your locations and departments. Industry-first solutions such as Procuzy can also help your factory make strategic decisions in real time.

How to Choose the Right Inventory Management Software for your business

Your Business Size and Type

Your choice of inventory software should align perfectly with kind of business and  manufacturing industry requirements. Take , for example, that your factory does batch manufacturing, then a inventory management software that has the feature of batch tracking (like Procuzy) along with ability to make Bill of Materials (BOM) aligns best for your business.

Budget and ROI Analysis

For small and medium but fast growing businesses, any software that provides good multiple on your investment  in terms of ROI serves as the best launchpad to improve efficiency and generate profits.

Hence , while evaluating inventory management software,  one should look beyond the initial price tag. The real ROI should be calculated  by factoring in  the time savings, reduced errors, improved inventory accuracy plus the ease of use. Many businesses have found out the hard way  that the right software pays for itself through reduced carrying costs and prevented stockouts. One needs to learn for this insight and make an intelligent investment decision.

Technical Requirements and Implementation

A successful implementation requires careful consideration of your technical infrastructure by the software implementation team. It also should be quick , preferably in weeks, thereby not using up the important time of the users and eating up into the productive working hours.

Thus, considering  the training requirements for your team and ensuring the vendor provides adequate  post sales support during and after the transition period, would fit best for your business. Cloud-based solutions often offer advantages in terms of accessibility and maintenance. This should remain an important consideration , while one is taking its call for a software.

Conclusion

This  blog summarizes a list of the best inventory management systems for small and medium businesses. Small and medium businesses can also follow the above framework to pick the right inventory management software, best suited for their industry, factory operations, and unique business requirements.  Business owners can use these points above  as guide and  blueprint to make an informed choice for their business.

Why Procuzy is the best inventory management software?

Procuzy, out of the above , with end-to-end management modules, this software helps you transform the entire way you look at the way you manage your manufacturing business.

Learn more about our inventory management software:  https://www.procuzy.com/features/inventory-management

Book a demo today to learn more about how Procuzy can help solve your inventory challenges:

https://calendly.com/procuzy-demo/demo