Correct device for achieving color management

Hello everyone,

We are a Screen Printing company and need color management for our 4colors. To do so do we only need a spectrodensitometer?
We are currently looking at the "techkon spectrodens advance", however any other recommendations your might have for an alternative device are welcome.
Also, has anyone tried using the X-Rite i1 in combination with the "iwizard" software taken from here : Nazdar Consulting Services - Brilliant Ideas ?
If so, can this fully replace purchasing the "techkon spectrodens advance"?

Thanks

John