Business cannot exist without inventory management. This may lead to financial mismanagement and bad liquidity for a company when goods are either understocked or overstocked. The importance of optimized inventory is that it makes stocks more reliable and available, as well as mitigates business risks. A good Inventory Management Software system is therefore necessary for this purpose. This software helps in automating and integrating inventories with other systems to have total control of the whole process. Modern businesses can reap big from real-time inventory management methods.
What is an Inventory Management System?
All companies and rеgardlеss of thеir sizе and own invеntory that includеs uncookеd matеrials and substancеs and products in thе mannеr of bеing synthеtic and opеrational gadgеts and complеtеd goods. Invеntory may be as small as a nееdlе or as complicatеd as a planе mееting. Howеvеr and mismanagеmеnt of stock or insufficiеnt еvaluation of stock еfficiеncy can causе hugе monеtary lossеs and еnsuing in both invеntory surplus or shortagе. For a commеrcial еntеrprisе and this intеrprеts to dеcrеasеd productivity and lost incomе.
What are the Types of Inventory Management Software?
Thеrе is a widе rangе of invеntory managеmеnt softwarе availablе. which catеrs to diffеrеnt nееds an’ budgеts. Thеsе systеms not only vary in tеrms of cost but also in tеrms of fеaturеs an’ dеploymеnt mеthods and providin’ businеssеs with various options.
The three main deployment methods for inventory management systems are:
- On-premise inventory management systems: These are installed and run on the company’s computers and servers.
- Software-as-a-Service (SaaS) inventory management systems: This amazing technology is stored in the cloud and is easily accessible through a web browser.
- Cloud-hosted inventory management systems: These are similar to SaaS systems but may offer more customization and control over data management.
There are several best free and open source inventory management software options available, each with its strengths and weaknesses.
- Saving Money: Eliminate costly licensing fees and gain greater control over your stock levels, reducing overstocking and stockouts.
- Boosting Efficiency: Spend less time tracking inventory and more time focusing on growing your business. Automate tasks, generate reports, and streamline your operations.
- Gaining Insights: Make data-driven decisions with real-time inventory data and insightful reports. Understand what’s selling, identify trends, and optimize your ordering process.
Benefits of using open source inventory management software:
Open source inventory management system offers unique benefits:
- Customization: Tailor the software to your specific needs. Developers can modify the code to create functionalities that perfectly match your workflow.
- Security & Transparency: Open source code allows for community scrutiny, potentially leading to a more secure product.
- Vibrant Community: Benefit from a community of users and developers who can provide support, answer questions, and contribute to ongoing development.
Have a look at the specific situation points with the inventory management system
- Automatically track and monitor orders, sales, and deliveries
- Maintain well-planned inventory levels to avoid overstocking or understocking
- Ensure efficient stock maintenance
- Establish clear supply accountability
- Improve customer satisfaction
- Implement cost-efficient operations
- Reduce miscalculated inventory investments
- Enhance demand forecast accuracy
- Achieve accurate order performance
- Optimize order cycle time
- Improve accuracy in order picking, packing, and delivery
- Maintain stable costs
- Facilitate long-term planning
- Ensure business growth
What problems can arise from not having an inventory management system in your business?
- Excessive inventory
- Inventory shortages
- Inaccurate numbers
- Lengthy sales closing times
- Poor customer satisfaction
- Discrepancies in sales reports
- Challenges in production planning, sales planning, operations planning, and materials requirement planning
Consider these factors when choosing your software:
- Business Size & Complexity: Small businesses may need simpler options, while larger ones might require advanced features.
- Features Needed: Identify the functionalities most crucial for your operation (e.g., barcode scanning, multi-location management).
- Technical Expertise: Some software requires more technical knowledge for setup and maintenance.
Take Charge of Your Inventory Today!
Free and open source inventory management software empowers you to gain control over your stock, optimize operations, and free up valuable time and resources. Explore the options, find the perfect fit, and watch your business thrive!
Here’s a list of the best free and open source inventory management software solutions, including their key features and website URLs:
1. Odoo (Free Version)
Odoo is an open source inventory management software with a free version and paid options with additional features. It offers real-time visibility into your inventory levels across multiple locations. This allows you to make informed decisions about ordering, stocking, and fulfillment.
- Features: Comprehensive – includes inventory management, sales, CRM, accounting, project management, and more.
- Pros: Web-based interface, mobile apps, user-friendly.
- Cons: Free version limited to 5 users and 10 apps.
Website: https://www.odoo.com/
2. InvenTree
InvenTree is a web-based inventory management system that is built on Python and Django. It offers a wide range of features, including inventory tracking, purchase order management, and bill of materials (BOM) management. InvenTree is also extensible, so you can add custom features to meet your specific needs.
- Features: Simple and easy-to-use inventory management with tracking levels, reports, and barcode scanning.
- Pros: Beginner-friendly, good for basic needs.
- Cons: Feature set might be limited for complex inventory management.
Website: https://inventree.org/
3. PartKeepr
PartKeepr is a self-hosted inventory management system that is released under the GPL license. It is the best option for small and medium-sized businesses that need a simple and easy-to-use inventory management solution. PartKeepr offers features such as inventory tracking, barcode scanning, and reporting.
- Features: Inventory management specifically designed for IT assets, tracks hardware, software, and other IT components.
- Pros: Ideal for IT asset management with barcode scanning and reporting.
- Cons: Not suitable for general inventory management beyond IT assets.
Website:https://demo.partkeepr.org/
4. OpenCart
OpenCart is an open source eCommerce platform available that comes with some inventory management features. However, these features may not be sufficient for businesses that have complex inventory needs. With this platform, you can add and modify products, monitor stock levels, and set alerts for low stock. To enhance your inventory management capabilities, you can explore the OpenCart Marketplace which offers a range of extensions.
- Features:
- Multi-warehouse management
- Barcode scanning
- Purchase order management
- Integration with accounting software
- Pros: Familiar for those in the eCommerce space, good customizability.
- Cons: Requires some technical knowledge to set up and manage.
Website: https://www.opencart.com/
5. Dolibarr
Dolibarr is open source software with two primary functions – it works as an Enterprise Resource Planning (ERP) system and a Customer Relationship Management (CRM) system. It is beneficial for small and medium-sized businesses, foundations, and freelancers. One of the main features of Dolibarr is inventory management.
You can manage your inventory across multiple warehouses and track your inventory levels based on product, location, and even lot or serial numbers (if applicable). Dolibarr can also keep track of inventory adjustments based on sales, purchases, and transfers, and you can make manual adjustments as well. Additionally, the software suggests reordering points to help you maintain optimal stock levels and avoid stockouts. You can use either the weighted average cost or standard cost calculation methods for inventory valuation with Dolibarr.
- Features: ERP software with inventory management, CRM, invoicing, and project management functionalities.
- Pros: Web-based with mobile apps, good for small and medium businesses (SMBs).
- Cons: The feature set might be broader than some need for just inventory management.
Website:https://www.dolibarr.org/
6. OpenBoxes
OpenBoxes is a free and open source inventory management software, particularly designed for healthcare facilities. It is developed by supply chain professionals, keeping in mind the resource-scarce settings that prevail in such facilities. OpenBoxes helps manage stock movement and provides real-time visibility into inventory levels and their locations within healthcare facilities such as warehouses, wards, and dispensaries. By providing accurate data on stock levels, it assists in making informed choices regarding stock rotation, demand forecasting, and minimizing stockouts or overstocking. However, it is important to note that OpenBoxes is not designed for patient-level medication tracking or managing durable medical equipment, though it can manage stock at dispensaries.
- Features: Web-based and user-friendly inventory management with tracking levels, reports, and barcode scanning.
- Pros: Easy to use, good for basic inventory needs.
- Cons: Feature set might be limited for complex inventory management.
Website:https://openboxes.com/
7. Stockpile
Stockpile is a web-based, free-of-cost inventory management system designed specifically for small businesses and individual users. The system comes with zero limitations on the number of users, locations, or items. It offers a user-friendly interface that enables easy management of inventory. The system tracks all inventory-related transactions, including additions, sales, returns, and damaged goods. It also provides the feature of managing users with tiered access control. Additionally, it provides detailed reports that offer valuable insights into inventory turnover.
- Features: Web-based and user-friendly inventory management with tracking levels, reports, and barcode scanning.
- Pros: Easy to use, good for basic inventory needs.
- Cons: Feature set might be limited for complex inventory management.
Website:https://stoqpile.com/
8. Vtiger (Free Version)
Vtiger is an open source CRM (Customer Relationship Management) software that provides inventory management functionalities as a supplementary feature. It’s important to note that Vtiger’s core strength lies in CRM. However, you can create and manage product details such as descriptions, prices, SKUs (Stock Keeping Units), and vendor information. You can track stock levels and receive alerts when inventory falls below a certain threshold. The system can generate sales orders, track order fulfillment, and automatically deduct inventory upon order completion. Vtiger also provides basic inventory reports that help you analyze stock trends and identify potential stockouts.
- Features: Free version of CRM software with basic inventory management functionalities like tracking levels and reports.
- Pros: Good option if you already use Vtiger CRM and need basic inventory features.
- Cons: Inventory management might be limited compared to dedicated software.
Website:https://www.vtiger.com/
9. Web2Py
- Features: A web application framework that allows the building of custom inventory management software.
- Pros: Highly customizable for specific needs.
- Cons: Requires programming knowledge, not ideal for non-technical users.
Website:http://www.web2py.com/
10. Tryton
Tryton is an open source ERP system that offers comprehensive and scalable inventory management features. It is a powerful and versatile solution suitable for businesses of all sizes. Whether you want to use the inventory management module alone or integrate it with other functionalities like accounting, sales, and purchasing within the Tryton framework, the software can meet your needs.
With Tryton, you can track inventory levels across multiple warehouses and locations. Manage stock adjustments based on purchases, sales, internal transfers, and manual adjustments. You can also choose from various inventory valuation methods like FIFO (First-In, First-Out) or weighted average cost to ensure accurate inventory valuation. Additionally, you can generate reports to gain insights into inventory trends, identify potential stockouts, and optimize stock levels.
Overall, Tryton is a strong choice for businesses seeking a reliable, feature-rich, and open source ERP system with robust inventory management capabilities.
- Features: ERP software with inventory management, CRM, accounting, and project management functionalities.
- Pros: Comprehensive solution, good for businesses needing a full ERP system.
- Cons: Requires technical knowledge to set up and manage.
Website:https://www.tryton.org/
Additional Considerations:
- Industry-Specific Needs: Some options might cater better to specific industries, like Part Keepr for IT assets.
- Technical Expertise: Consider your team’s technical skills when choosing software with varying setup complexities.
- Scalability: If you anticipate future growth, choose software that can scale with your inventory needs.
Remember, the best choice depends on your specific requirements and resources. Research each option further to see which best suits your needs.
These are just a few of the many free and open source inventory management software options available. The best option for you will depend on your specific needs and requirements and helpful for supply chain & logistics management.
Here are some additional factors to consider when choosing an inventory management software:
- The size of your business Some inventory management software solutions are designed for small businesses, while others are designed for larger businesses.
- The complexity of your inventory If you have a complex inventory with a lot of different items, you will need a software solution that can handle it.
- Your budget Free and open source software is a great option for businesses that are on a tight budget. However, there are also several paid inventory management software solutions available that offer more features and support.
Top 5 Inventory Management Software in the USA
While there’s no one-size-fits-all answer, here are five of the top inventory management software options in the USA, each catering to different business needs:
- QuickBooks Commerce (formerly TradeGecko): QuickBooks Commerce offers inventory management, order management, and multichannel selling features. It allows businesses to manage sales orders, track inventory across multiple warehouses, and sync data with various e-commerce platforms.
- Zoho Inventory: Zoho Inventory is a cloud-based inventory management solution that helps businesses streamline their operations. It offers features such as inventory tracking, order management, and integration with various e-commerce platforms and accounting software.
- Fishbowl Inventory: Fishbowl Inventory is a popular inventory management solution for small to midsize businesses. It integrates with QuickBooks and offers features such as inventory tracking, order management, and manufacturing capabilities.
- Cin7: Cin7 shines with its robust features that can handle complex inventory across multiple sales channels. It’s a great option for businesses that require strong inventory management alongside features like eCommerce, accounting, and warehouse management.
- inFlow Inventory: inFlow Inventory caters especially well to B2B businesses with features like purchase order management, advanced pricing rules, and back-ordering. It simplifies complex B2B workflows and automates tasks like order processing and generating invoices.
Top 5 Inventory Management Software in India
These are just a few options, and the best choice depends on the specific requirements and budget of your business. It’s essential to research and evaluate multiple options before making a decision. Here are the top 5 inventory management software options in India, catering to a range of business needs:
- Marg ERP 9+: Marg ERP 9+ is a comprehensive inventory management software widely used in India. It offers features such as inventory tracking, order management, invoicing, and accounting. Marg ERP is popular among small to medium-sized businesses across various industries.
- ZOHO Inventory: ZOHO Inventory is a cloud-based inventory management solution that is gaining popularity in India. It offers features such as inventory tracking, order management, warehouse management, and integration with e-commerce platforms. ZOHO Inventory is suitable for small to medium-sized businesses looking for a scalable solution.
- ProfitBooks: ProfitBooks is an inventory management and accounting software designed specifically for Indian businesses. It offers features such as inventory tracking, stock management, invoicing, and financial reporting. ProfitBooks is known for its affordability and ease of use, making it suitable for small businesses and startups.
- Arka Inventory: Another cloud-based inventory management software, Arka Inventory is a good option for businesses of all sizes. It offers features like inventory management, order processing, barcode scanning, and reporting.
- Vyapar Inventory Software: Simple and affordable, Vyapar inventory management software is a great option for small businesses. It offers features like inventory management, billing, accounting, and GST compliance.
Choosing the right inventory management software for your Indian business depends on your specific needs and budget. Consider factors like the size and complexity of your business, along with the desired functionalities before making your decision.
Top 5 Inventory Management Software in the UK
Choosing the right inventory management software for your UK business depends on your specific needs and budget. Consider factors like the size and complexity of your business, along with the desired functionalities before making your decision.
Here are the top 5 inventory management software options in the UK, catering to a range of business needs:
- DEAR Inventory: DEAR Inventory is a cloud-based inventory management solution that offers features such as inventory tracking, order management, purchasing, and warehouse management. It integrates with various e-commerce platforms and accounting software.
- Brightpearl: Brightpearl is an omnichannel retail management platform that includes inventory management as one of its core features. It offers real-time inventory tracking, order management, multichannel selling capabilities, and integration with accounting software.
- OrderWise: OrderWise is an ERP and inventory management software solution that provides comprehensive inventory control, order processing, warehouse management, and reporting capabilities. It is suitable for retail, wholesale, manufacturing, and distribution businesses.
- SOS Inventory: SOS Inventory caters well to businesses that require inventory management, order fulfillment, and manufacturing functionalities. It offers features like barcode scanning, work order management, and real-time inventory visibility, making it suitable for businesses with production or assembly needs.
- TRADOGRAM: TRADOGRAM is a cloud-based inventory management software emphasizing ease of use and affordability. It’s a good option for smaller businesses or those new to inventory management software. TRADOGRAM offers core features like inventory tracking, purchase orders, and sales order management.
List of the Top Inventory Software Commonly Used
Zoho Inventory
Zoho Inventory is a top inventory management software designed for small and large businesses. It offers strong inventory tracking, warehouse management, order management, and e-invoicing capabilities. Additionally, it provides seamless integrations with Razorpay, G Suite, Shopify, Salesforce, and other organizational tools. Zoho Inventory is available in both free and premium versions and offers a 14-day free trial. You can also check out reviews of Zoho products to learn more about their features.
Fishbowl Inventory
Fishbowl Inventory is a leading inventory management and tracking software that allows users to manage the inventory of multiple locations from a single dashboard in real time. It offers the ability to track inventory parts based on quantity and weight, and control margins by matching the FIFO, LIFO, and average costing structure with the inventory used. Fishbowl provides solutions for inventory, warehousing, and manufacturing software, offering real-time traceability, efficient barcode scanning, automated inventory control, asset management, quick integration with popular business tools, and detailed reporting capabilities for effective management of complete warehouse operations. The tool is available in two pricing packages, Fishbowl Drive (Cloud) and Fishbowl Advanced (On-premises), starting at $329 monthly.
NetSuite ERP
NetSuite ERP is a comprehensive business management tool with advanced inventory management features. Companies of all sizes utilize NetSuite to streamline their financial processes, enhance visibility into inventory, optimize the supply chain, efficiently manage orders, and improve warehouse operations. It provides a unified, real-time view of inventory across all locations and sales channels, reducing stockouts and inventory expenses. NetSuite ERP seamlessly integrates with other NetSuite modules such as accounting, CRM, and supply chain, enabling smooth workflows between departments. Be sure to check out the reviews of NetSuite ERP.
Sortly
Sortly is a widely popular inventory management system that helps businesses of all sizes and industries organize their assets, inventory, and orders. It is considered one of the best tools for streamlining daily inventory operations and simplifying auditing, forecasting, and budgeting. Additionally, it generates real-time inventory reports, provides access to relevant personnel only, and tracks supplies and consumables. Sortly offers multi-device access, custom low-stock alerts, and an in-app barcode and QR code scanner. It also provides a 14-day free trial, a free version for personal use, and premium packages starting from $29/month billed yearly.
Cin7
Cin7 provides two inventory management software solutions: Cin7 Core and Cin7 Omni. Its Core is designed for small businesses, offering streamlined inventory tracking, sales management, and customer engagement. It integrates with popular sales channels and automates workflows to ensure smooth operations. For companies with complex inventory needs, Cin7 Omni offers a scalable and customizable solution with advanced features such as production and warehouse management, sales forecasting, automated workflows, and integration with over 700 applications. When you implement Cin7, your business can experience improved inventory accuracy, increased efficiency through automation, data-driven decision-making, and enhanced customer service as a result of accurate stock levels. If you’re thinking about using inventory management software to drive your business growth, Cin7 is a strong option. Make sure to compare it with other choices to find the best fit for your specific needs.
Conclusion
Inventory Management Software Market size crossed $3.07 billion in 2022, showing huge demand. Remember that inventory management software is essential for more than just tracking inventory. It is now viewed as a way to gain a competitive edge in organizations driven by consumer demand. Buyer schedules can be unpredictable, but a well-designed inventory management software system can assist in predicting and planning your actions. The software options available today can aid in managing inventory, optimizing costs, handling service-level operations, and forecasting for single and multi-product settings.
