Best Inventory Management Software for Enterprises in 2024

The health of your business is directly proportional to the health of your inventory. Both excess and depleting inventory can negatively impact your revenue.

No matter how familiar you may be with managing inventory manually or using multiple disparate systems, it’s not the most effective approach—especially when Artificial Intelligence (AI) and Machine Learning (ML) are already delivering phenomenal results across various other industries.

The best inventory management software, powered by these advanced technologies, can not only assist you with daily tasks but also support business-level strategic planning.

In this article, we’ll explore the top inventory management software with AI capabilities for enterprises in 2024.

What Is a Modern Inventory Management Software?

Gone are the days of inventory management systems that needed manual updates with limited integration capabilities. 

Today, with the rapid evolution of technology, modern inventory management software comes with advanced capabilities like real-time tracking, automated replenishment planning, alerts for stockouts, analytics and reporting, multi-channel management and so much more – the right combination of intelligence, automation and, experience.

Best Inventory Management Software for Enterprises in 2024 

1. ThroughPut AI: For Real-time Inventory Control & Operational Spend Management

Recognized as a Leading Vendor in the 2023 Gartner Market Guide for Analytics and Decision Intelligence in Supply Chain, ThroughPut AI is powered by its highly advanced patented algorithms, helping in end-to-end inventory management. 

The tool offers actionable recommendations alongside visibility, to facilitate optimized decision-making. Built to enable users across the supply chain with insights, ThroughPut AI inventory management software is used for making operational and business-critical decisions,  producing faster returns (ROI), and easing up the implementation process. 

Main features

• Demand-driven replenishment planning of each SKU: Optimize inventory by restocking each SKU based on real-time demand signals. This ensures that inventory levels align with actual consumption, minimizing both overstock and stockouts.

• Dynamic lead time management: Continuously adapt lead times based on changing supply chain conditions. This real-time adjustment ensures timely deliveries and enhances overall supply chain responsiveness.

• Predict order cancellation opportunities: Identify when there is sufficient inventory, allowing you to proactively decide if orders should be canceled to avoid overstock.

• Real-time buffer management: Continuously monitor and adjust safety stock levels based on current demand patterns and supply chain dynamics.

• Supplier risk management: Assess and monitor supplier performance and potential risks, enabling proactive mitigation strategies.

• Optimize operational capital spend: Analyze data across the supply chain to identify areas for cost reduction and efficiency improvements.

Main Benefits

• Works with stakeholder’s existing data: The biggest advantage of ThroughPut as the best inventory planning software is that it works with your current data systems seamlessly. No additional infrastructure or add-on is required, sitting comfortably on top of other existing systems, the tool becomes a part of your ecosystem with minimal disruptions. 
• ROI in 90 days: ThroughPut AI is designed to identify and recommend improvement potential with the fastest impact. The results are, therefore, visible within 90 days. 
• Granular visibility into the location, SKU, product portfolio, etc: The ThroughPut platform provides holistic visibility while delivering insights and actions down to every SKU, product portfolio, location, etc.
• Demonstrates business impact through financial view: ThroughPut AI’s net profit summary view lets you see the financial impact of every decision made in inventory.

2. Oracle Netsuite 

A cloud-based inventory planning software, Oracle Netsuite is effective for businesses of all sizes and scales. It is integrated effortlessly with existing Oracle systems, offering a scalable and flexible ecosystem to support a range of inventory management needs.

Main features

• Comprehensive reporting
• Cycle counting
• Multi-location fulfillment

Main benefits

• Scalability features support business expansion.
• Fully integrates with other Oracle applications like finance, CRM, and e-commerce

3. Kinaxis 

Another provider of cloud-based inventory management and supply chain solutions, Kinaxis, with its advanced analytics and real-time data integration helps businesses optimize their inventory levels. It helps make swift and informed decisions..

Main Features 

• Lead time management
• Safety stock recommendations
• Customized alerts for order processing and inventory replenishment

Main Benefits 

• Cross-functional collaboration
• An array of other tools in the Kinaxis ecosystem to choose from 

4. IBM 

IBM with a robust inventory visibility solution helps streamline and enhance the management of maintenance, repair, and operations (MRO) inventory. This solution is particularly beneficial for industries with complex supply chains and high-value inventory, such as manufacturing, aerospace, and utilities.

Main Features

• Scenario simulation
• AI-recommended changes
• Extensive reporting and analysis

Main Benefits 

• Easy integration within IBM environment
• Interactive visualizations and insights

5. Blue Yonder 

Blue Yonder is a comprehensive inventory optimization solution that aligns inventory planning, inventory strategy, and inventory execution with your strategic business goals for service, production, and distribution.

Main Features 

• Dynamic segmentation 
• Multi-echelon inventory optimization

Main Benefits 

• Real-time inventory visibility
• Scalability of the tool

6. GMDH Streamline

GMDH Streamline is a demand forecasting and inventory planning software designed to help businesses optimize their inventory levels and improve supply chain efficiency. Built particularly for ecommerce, retailers, manufacturers and distributors, Streamline offers timely forecasts to  drive better inventory management. 

Main Features 

• AI-powered demand forecasting
• Safety stock management
• Order management

Main Benefits 

• Pay-as-you-go subscription model
• 1-4 weeks implementation timeline

Why Is Decision Intelligence a Key Capability of Inventory Management Software?

Decisions are at the heart of inventory management. One wrong decision, whether at the operational or strategic level, can ripple across the entire supply chain and organization.

Inventory management software with decision support capabilities analyzes vast amounts of data that manual methods can’t handle, identifying patterns and trends to aid more accurate decision-making.

From determining when to order, what to order, and which SKUs to deprioritize, a decision intelligence system guides you in taking the right steps at every stage.

Take the case of ThroughPut AI. When inventory levels exceed recommended ranges, the tool alerts you, providing comprehensive visibility into future order requirements. Consequently, unnecessary orders can be canceled proactively until stock levels return to normal, aligned with optimal recommendations. This prevents overstocking, reduces inventory holding costs, and saves money while improving efficiency.

Decision intelligence bridges the gap between strategic decisions and operational processes. Predictive analytics and actionable recommendations are synchronized to achieve long-term plans and complete day-to-day activities. Thus, inventory management transforms from a static process into a responsive one, enabling businesses to operate more efficiently and profitably.

Key Features of Inventory Management Software for Enterprises

1. Dynamic Replenishment Planning

The best inventory planning software must be able to automatically adjust replenishment orders based on real-time data and demand forecasts, helping prevent stockouts and overstocking, improving efficiency, and reducing costs.

2. Supplier Risk Management

An enterprise-level inventory planning software should be able to monitor supplier performance and assess risks proactively. You should be able to identify potential issues and contribute towards making your supply chains more robust and reliable while ensuring that production and delivery schedules stay consistent.

3. Lead Time Management

The inventory management planning software should help you track and analyze the duration between placing the order to delivery. This way your procurement procedures are optimized with minimized delays and improve the efficiency of the supply chain, overall.

4. Operational Spend Management

Businesses must be able to track and control expenses of inventory procurement and storage. The software should provide intricate insights into spending patterns, helping you and your finance team with budget management and strategizing cost reduction.

5. Buffer Management

The best inventory planning software will have features that help you manage buffers helping maintain optimal safety stock levels. The feature also helps safeguard your inventory from demand variabilities and supply chain disruptions, like supply delays or unexpected demand spikers, ensuring smooth operations of your business.

6. Demand Sensing

This is one of the most helpful features of an inventory management software. It combines real-time data and predictive analytics to help in accurate demand forecasting. This allows businesses to respond swiftly to market changes, aligning inventory levels with actual customer demand.

What Are the Benefits of AI-powered Inventory Management Software Like ThroughPut AI? 

• Accuracy

The right software for inventory management minimizes human errors and augments human decision-making.

Thus, there are minimal discrepancies which, in turn, boosts product availability at the right time, right place, and at the right price, improving customer satisfaction levels. 

• Cost Savings

Excess stock levels and obsolete inventory that use up your valuable space in the warehouse result in wastage, incurring high costs. 

One of the biggest advantages that a business can derive from implementing the best inventory planning software is reducing carrying costs by optimizing stock levels. With better inventory and stock management, resource allocation and utilization improve, storage expenses are reduced. 

• Improved Operations 

Your day-to-day tasks are automated including jobs like order processing, inventory tracking, and stock replenishments. Inventory management software is made easy, by streamlining operations. This improves operational efficiency and reduces redundancy. 

• Better Demand Forecasting

Accurate demand prediction and forecasting can offer a key competitive advantage to businesses using the best inventory planning software. 

With the help of predictive analytics and historical data, long-term and near-term demand can be forecasted with almost 100% accuracy. The upfront benefit is that with effective demand forecasting, you can plan your inventory purchases realistically and more efficiently, minimizing risks associated with stockouts and excess inventory.

• Real-time Data Access

The benefit of inventory planning systems powered by advanced technologies is that they offer real-time visibility into data and updates across multiple locations helping make well-informed and prompt decisions. 

The software helps trace and locate SKUs in real time. 

This responsiveness makes businesses agile to market changes, empowering them to meet customer demands with minimal disruptions.

• Scalability and Flexibility

Lastly, the best inventory planning software helps grow your business and build the brand name. 

The scalable software accommodates increasing inventory volumes and the changing needs of the market. Thus, a one-time investment helps drive long-term efficiency, supporting the business during its expansion.

Best Practices: How to Implement an Inventory Management Software?

Ensure the tool gives a common operating view

The best inventory planning software should have a centralized dashboard for all stakeholders. Select one that offers unified visibility to all regarding real-time inventory and stocks, facilitating transparency and enhanced decision-making.

Granular view of inventory levels

Ensure that the software system you choose can track the items in your inventory in real-time allowing you to monitor stock levels as it is. This improves accuracy in managing your inventory and effectively prevents overstocking or stockout situations. 

Should be scalable

Select a solution that can be sized up as the business grows. Scalability means that increasing inventory sizes and volumes with changing business needs translates into business efficiency and cost-effectiveness.

Works with existing data to see faster ROI

Go in for a software solution that can be integrated with your current data systems without disrupting your operations. You need to deploy faster and connect seamlessly with the improved chances of achieving ROI faster by leveraging existing data.

Aligns with business KPIs

Select a system that supports your overall organizational goals and key performance indicators (KPIs). Alignment with the business goals is a must because it helps track and measure performance effectively, with better outcomes.

Ease of use

Lastly, focus on the user-friendliness of the software so that there’s minimal resistance to change and a quicker adoption rate amongst end users. The best inventory planning software will have an intuitive interface so that time user acceptability and productivity are enhanced.

FAQs

1. How is inventory planning software different from warehouse management software?

Inventory planning software is primarily used for optimizing stock levels, and replenishing inventory based on sales data, demand forecasts, and trends. 

Warehouse management software is a tool that helps manage the day-to-day operations within a warehouse, including inventory storage, picking, packing, and shipping. 

While the former ensures you have the right products, the latter ensures those products are efficiently handled and dispatched.

2. What are the advantages of using ThroughPut AI?

ThroughPut is an AI-based supply chain intelligence tool that offers holistic advantages in inventory planning and management. 

You start to see faster return on investment, within 90 days. 

The tool offers granular visibility into SKU levels, helping you with decision-making. 

The tool also offers clear business impact and financial clarity to all stakeholders in understanding value add-ons.

3. ThroughPut AI’s inventory management suitable for retail?

Yes, ThroughPut’s inventory management suite can be utilized in multiple industries and segments like retail, F&B, military, supermarkets, cement, and others.

4. What is the difference between an ERP and an inventory management software?

ERP or Enterprise Resource Planning software is a comprehensive system helping integrate and manage all core business processes including key gamuts of the organization like finance, HR, supply chain, etc. 

Inventory management software specifically helps you optimize inventory levels, ensuring that the stock levels are efficiently managed. 

The former helps you manage operations holistically while the latter helps with inventory-specific needs.