10 Best AI Tools for Inventory Management

Keeping track of inventory, or the number of things you have on hand, is crucial for a company. Thanks to artificial intelligence (AI), it’s now easier than ever.

We’ll discuss the top 10 AI tools for inventory management in this list that assist companies in improving inventory management. Free AI inventory management technologies employ cunning strategies, such as forecasting what clients will purchase and when to help businesses prevent stockouts and excess inventory. Businesses may save costs, increase customer satisfaction, and maintain an advantage in the competitive world of sales using these AI technologies.

Here is the list of AI tools for Inventory Management take a look:

SkuVault is an free AI inventory management systems that runs on the cloud and is intended to improve productivity. It is a flexible option for companies of all sizes because it provides an infinite number of SKUs, orders, and warehouses.

Features

• Product listing organization and management through catalog management.
• Streamlined purchasing procedures with purchase order and procedure management.
• Using channel management, you can oversee several sales channels.

Pros

• Accurate stock levels are provided by real-time inventory tracking.
• Enhanced operational efficiency is achieved through smooth interface with other software.

Cons:

• The process of onboarding can be long and necessitate substantial time commitment and training.
• Customer support responsiveness has been a source of complaints from certain users.

Pricing

• $449 per month

Link: https://www.skuvault.com/

An AI inventory management tool called Zoho Inventory looks to improve business efficiency and operations. It is free ai inventory management tool that provides a wide range of tools to manage orders, inventories, and shipments as part of the Zoho SAAS portfolio of finance apps.

Features

• Comprehensive inventory reports to help with decision-making in business.
• SKU creation for groupings of items to facilitate tracking and identification.
• To avoid stock-outs, reorder each item’s point of sale and set up automatic low stock alerts.

Pros

• Effective inventory and order management for more efficient operations.
• Automatic restocking guarantees availability and prevents early stock-outs.

Cons:

• Despite buying Zoho Books, there may be additional costs for Zoho Inventory, which may be concerning.
• May not have a user -friendly interface.

Pricing

• Standard plan : $29 per organization/month
• Professional Plan: $79 per organization/month
• Premium Plan: $129 per organization/month
• Enterprise Plan: $249 per organization/month

Link: https://www.zoho.com/in/inventory/

QuickBooks Commerce is an AI tool for inventory management designed specifically for e-commerce companies. It acts as an important focus for overseeing clients, orders, and inventories throughout all sales channels. Because of this, it’s ideal for e-commerce companies who want to focus on expansion and optimize their processes.

Features

• Has Order and inventory synchronization for increased business productivity.
• Ability to control product prices, which is essential for managing a firm.
• Provides a full digital platform for managing and operating a business from a central location.

Pros:

• A thorough understanding of business operations is provided by seamless integration with top e-commerce platforms.
• Having real-time stock level visibility facilitates efficient inventory management.

Cons:

• Because of its many capabilities, some users have found the software to be difficult to use at first.
• May not be beginner friendly.

Pricing

• $30 per month

Link: https://quickbooks.intuit.com/quickbooks-commerce/

Fishbowl is an AI tool for inventory management that can be resiliently extended to suit the inventory management needs of small and medium-sized business, in particular, the ones that work in distribution, manufacturing, and warehousing. The software solution brings every inventory management function into one platform with enhanced capabilities for business to work on autopilot not missing any of the details.

Features

• Inventory data may be accessed in real time while on the go using mobile inventory management.
• Processing payments to ensure quick order fulfillment and happy customers.
• Time tracking helps to maximize labor resources and keep an eye on employee productivity.

Pros

• Strong features for inventory management designed specifically for manufacturing and warehousing companies.
• Scalable solution that expands with your company and changes to meet evolving operational needs.

Cons:

• The Fishbowl staff may need to provide extra practical support during the data migration process.
• Few possibilities for software and reporting modification without a lot of technical knowledge.

Pricing

• 2-5 users: $4,395.00–$8,095.00
• 6-10 users: $9,595.00–$13,995.00
• 11-15 users: $15,095.00–$18,995.00
• 20 users: $23,495.00
• 25+ users: $1,280.51/user

Link: https://www.fishbowlinventory.com/

A comprehensive cloud-based AI tool for inventory management called DEAR Inventory seeks to automate and optimize inventory procedures. It introduces a number of functions for each industry like manufacturing, distribution and retail. Given that DEAR Inventory is one platform to manage sales, buying, manufacturing, accounting, and warehousing operations, it is very suitable for the small and medium-sized enterprises.

Features

• Enables tracking of batches and serial numbers, guaranteeing precise tracking of individual objects.
• Increases its adaptability by integrating with well-known eCommerce platforms and payment processors.
• Provides an easy-to-use dashboard with important data like outstanding purchases and historical purchase history shown.

Pros

• Outstanding integration skills, especially with Amazon, which improves its usefulness for e-commerce companies.
• Provides prompt and attentive customer service, guaranteeing that users may receive help when they need it.

Cons:

• New users may need to go through a learning curve with the software, especially when figuring out all of its functions.
• May not have a user-friendly interface.

Pricing

• $349 per month.

Link: https://dearsystems.com/

The cloud-based, Tier-1 Infor Warehouse Management System (WMS) is intended to optimize warehouse operations by providing enhanced labor management, 3D visualization, inventory control, and other features. With the unparalleled visibility it provides into inventory, orders, personnel, and equipment, this AI tool for inventory management helps companies boost product velocity and enhance customer service.

Features

• Simple connection with tiny parcel delivery networks.
• 3D visual analysis for more efficient inventory management and improved visibility.
• Integrated labor management to maximize staff productivity.

Pros

• System for managing warehouses that is unified and designed to be scalable.
• Complicated features like integrated labor management and 3D visualization.

Cons:

• Adopting the technology may include a learning curve for some users.
• May not have user friendly interface

Pricing

• Not available

Link: https://www.infor.com/solutions/scm/warehousing/warehouse-management-system

Atera is a SAAS management platform and AI tool for inventory management created as a comprehensive answer for IT teams and professionals’ daily tasks. It’s like being in a one-stop shop where all functionalities are basically integrated into one single, easy-to-use interface; i. e., helpdesk, professional services automation (PSA), and remote monitoring and management (RMM).

Features

• Offers automation based on policies for effective work management.
• Has an easy-to-use interface for maximum convenience.
• Connects to external services to improve functionality.

Pros

• Easy to use and makes IT management duties simpler.
• Extensive feature set that encompasses helpdesk, PSA, and RMM.

Cons:

• Even while it is easy to use, the UI might not be as smooth and straightforward as other more costly options.
• Requires the download of an applet in order to work fully, which some users may find objectionable.

Pricing

• $99 per month

Link: https://www.atera.com/

NetSuite’s is an AI tool for Inventory Management which is a key component of its ERP suite. It gives organizations a unified, real-time view of their inventory across all locations and sales channels, enabling them to maximize inventory levels, cut expenses associated with handling, and improve cash flow.

Features

• Integration with the order management, supply chain management, warehouse management, e-commerce, etc.
• Artificial Intelligence and machine learning technology to enable smart stock management through continuous demand monitoring.
• Cloud-based computing and data management infrastructure for inventories.

Pros:

• Fantastic search function that facilitates rapid and simple data access.
• Comprehensive modules for inventory and purchase management in a powerful ERP.

Cons:

• Over time, subscription rates may vary, sometimes resulting in unforeseen expenses.
• There are limits to basic service, and further support is paid for separately.

Pricing

• $11,988 for the platform plus $1,188 per user.

Link: https://www.netsuite.com/portal/home.html

Cin7 is a fully integrated artificial intelligence inventory management system that simplifies stock management for various distribution channels. It provides a comprehensive solution for companies trying to enhance their cost accounting, reporting, and inventory management and control.

Features

• Scan barcodes to simplify pick and pack processes.
• Order management and replenishment procedures that are automated.
• Integrated 3PL and EDI enabling native fulfillment and customized configuration.

Pros

• It has user-friendly UI that is intuitive.
• Reasonably priced cloud-based software with lots of customisation possibilities.

Cons:

• A few users have complained about problems with less popular integrations.
• Because of all of its features and possibilities, beginners users may find the site to be overwhelming.

Pricing

• $349 per month

Link: https://www.cin7.com/

Freshworks is a modern cloud-based AI tool for inventory management. It offers a one location for all assets, enabling companies to choose wisely when it comes to asset acquisition, use, and governance. With a unified solution for contract administration, procurement processes, and one-click inventory replenishment, Freshworks is made to simplify inventory management procedures.

Features

• Smooth interaction with the current asset inventory platforms.
• Thorough audit trails that record occurrences and updates related to the assets.
• Strong chatbots to assist end users.

Pros:

• Whole tool suite for asset management, including non-IT and IT.
• AI-powered features boost output and offer insightful data.

Cons:

• New users may need to go through a learning curve due to the software’s intricacy.
• Data and system integration can be a challenging procedure that might cause problems.

Pricing

• $35 per month

Link: https://www.freshworks.com/

The way that firms manage their inventory is being changed by AI tool for inventory management . Numerous advantages are provided by it, such as increased customer happiness, accuracy, and efficiency. It needs a large financial commitment and has its limitations, just like any other technology. Notwithstanding these difficulties, AI tool for inventory management is still a wise investment for any company looking to streamline its inventory management procedures because the advantages exceed the disadvantages by a wide margin.

What are the 4 types of inventory management system?

Four major inventory management methods include just-in-time management (JIT), materials requirement planning (MRP), economic order quantity (EOQ) , and days sales of inventory (DSI).

What are the three techniques used to improve inventory management?

The three most popular inventory management techniques are the push technique, the pull technique, and the just-in-time technique.

How can AI be used in inventory management?

One of the most significant applications of AI in inventory management is using machine learning algorithms for forecasting.