Inventory is a key value for any company. Both excessive and surplus inventory can cripple an organization's financial flow and can pose a big threat to its liquidity position. Inventory Optimization is critical to ensure your stocks’ reliability and availability. It can reduce business risk. A good Inventory Management Software system can help you gain better control over the inventory management process of your company.
Inventory Management System
All organizations, small or big have inventory that includes its raw materials, supplies, products in process, items in operations, and all finished goods. Inventory can be as small an item as a needle or can be some complex assemblies of an aircraft. Either way, mishandling of inventory or ignorance towards evaluating your inventory efficiently can cause significant financial issues and can result in either inventory surplus or inventory shortage. For a business, this means a missed productivity and lost sales.
Automating the entire Inventory management process can reduce the possibilities of deadstock, spillage and unwanted storage costs.
Let us take a simple scenario:
In a typical business set up, customers order products from you and you keep control of the orders, raw materials etc to meet your customers’ demand. Things go out of proportion many a time due to lack of proper coordination between suppliers, manufacturers, customers and salespeople. Without understanding the actual situations, each team start controlling the inventory requirements. Inaccurate forecasting leads to the Bullwhip effect.
Your situation could be like this;
To reduce the Bullwhip effect, you need an Inventory management software solution that can automate many of the processes in real-time.
Have a look at the benefits;
Utilize the technology, centralize information, track and control inventory easily. Take advantage of Inventory Management Software.
What are the Types of Inventory Management Software?
There are different types of inventory management software, ranging from free to expensive ones. Inventory management systems vary not only in terms of cost but in terms of features, deployment methods etc.
Three main deployments methods include;
- On-premise inventory management systems
- Software-as-a-service (SaaS) inventory management systems
- Cloud-hosted inventory management systems
Is Inventory Management Software System a strategic tool?
Yes, it is. The foremost aim of any company today is to meet the inventory need of their customers. Some of the best free and open source Inventory Management Software systems available today in the market can help you accomplish the business inventory demands and automate the process.
Inventory management software enables you to track the worth of your products, items, or assets; get hold of all your storage needs; manage the number of your finished products. This way you save time and cost.
A good Inventory management software system must be able to tie together your company’s strategic goals, sales, production and materials requirement planning. It should be able to automate purchase based on the forecast of your sales order.
Below are the 8 best free and open source Inventory Management Software systems that promise to offer maximum inventory efficiency. Use the one that fits your need and go ahead with your order, pick, pack and delivery without any friction.
8 Best Free and Open Source Inventory Management Software Systems
Have a look at this comparison chart before we take you through each inventory management software systems;
Odoo open source inventory management software is a cut-down version of an enterprise level ERP system. The software comes with a free downloadable version.
(Image Source: Odoo )
- Odoo’s modern interface allows you to control and monitor your incoming orders, manufacturing orders, scrap products, pack products, receipts and much more easily and quickly without any complications
- Odoo Inventory is fully integrated with manufacturing, purchase and sales and thus keeps every function on the same page
- The software automatically schedules all your orders based on your sales order request
- Automatic inventory tracking in real-time
- The unique Odoo double entry inventory management allows full traceability from the supplier to the customer. Shift orders at no loss.
- Odoo’s easy and intuitive mobile dashboard allows you to control, update and track your orders anywhere and everywhere
- The system allows you to activate only those features that matter to your business and easily manage either single inventory or a multi-warehouse activity
- Its advanced routing facility allows users to deliver products directly to customers straight from the suppliers. This avoids storage, unnecessary loading and unloading of goods etc. Picking, packing and shipping are smooth and clear without any friction. Transfer of materials between warehouses and locations are completely automated with Odoo
- Its smart scheduler triggers all inventory operational activities automatically.
- Its customer portal is designed to give complete visibility of each order and its delivery status
- Its custom barcode, custom alerts, custom route definition, real-time inventory valuation, advanced reporting engine and inventory forecasts are other enhanced features that make this software more functional and usable
- The software integrates well with all leading shipping carriers
Developed with usability as its first priority, PartKeepr is a free and open source inventory management software system designed to work for all types of inventories from small to large.
(Image Source: PartKeepr)
- The software allows users to control as many inventories, as many manufacturers and distributors as possible
- The search functionality is very powerful enabling users to search for as many fields in seconds. Right from your stock levels till manufacturers, distributors, orders etc are easy to search from a single dashboard.
- The software is absolutely free
- Gives complete control of data
- Order management is so simple and easy with this software
- PartKeepr is integrated with Octopart to find part data and check the availability
- The software works well for electronics components
- The key advantage of this software is its parametric search
RightControl is one of the top Inventory Management Software systems that offer a versatile approach to inventory management with unlimited features across the range. The software caters to every business, right from start-ups to established multi-level operators.
(Image Source: RightControl)
- Manage your customer and supplier contacts easily
- Record each of your sales orders automatically
- Easily create a picking list of your inventory products
- Raise invoices instantly
- Enable secure network access for your entire team
- Gain access to inventory at various stages of the inventory control process via different forms
- The stock allocation system lets users allocate stock and check allocated levels.
- Automatically update stock levels when purchases are checked-in
- The barcode number tab allows you to set the barcode
- Centrally manage your stock with RightControl Inventory Management Software a system that comes with the flexibility to expand your business through its business-centric features.
- The Lite version is affordable, user-friendly and flexible.
inFlow Inventory (Freemium Inventory Management Software)
inFlow is an intuitive inventory management software that will surprise you with its capacity to let you master the inventory operations automatically. Built and backed by the experts, this powerful inventory software has till date received 98.7% customer satisfaction.
(Image Source: inFlow)
- The inFlow Inventory management software is available as on-premise and cloud version
- inFlow is available as a Windows App, a web app and companion apps for both iPhone and Android users
- Users can view their inventory from any browser with the inFlow web app
- Users can use their own phone as a barcode scanner, add or edit products from where ever they are
- The software allows its users to strike a perfect balance with structured workflows
- You can track the entire sales process right from ordering to payment right within the software
- Intuitive dashboard reports and customization options make the process work the way you want
- Manage inventory, track sales and purchases to keep the workflow moving, and generate reports easily to plan ahead, all within the software.
- The tabs in inFlow make it really easy and quick to switch gears
- inFlow invoices sync with QuickBooks online, so everyone gets live updates
- Thorough reporting and intuitive dashboard
- The software also offers paid packages (Essentials, Advanced and Enterprise) which enable added advantages in terms of the number of products/clients, storage, reports, data etc.
Track order, manage inventory easily, save time and cost with inFlow Inventory Management Software
ABC Inventory management software is free inventory software for unlimited records and unlimited workstations. The software is designed to handle every aspect of Inventory management.
(Image Source: ABC)
- Track every stage in the inventory lifecycle automatically
- Get access to information right from the stage where you create a purchase order to the stage of shipment to your customer
- ABC Inventory is a Barcode capable application
- The software comes with Warehouse/location movement logs
- Users can adjust Inventory directly
- Multiple screen formats and views
- Facility to track inventory issues automatically as per the location, serial number, remarks etc
- Quick and easy access to Inventory Cost Quotation
- Instant Unit of Measure conversions
- In Stock, On Hold, Committed, and On Order totals and details
- Thorough reporting
- Users can customize the dashboard
Stockpile Inventory is a free online inventory management system ideal for small business and individual users. It is simple and yet makes online inventory management simple, easy and quick. The software is a big time-saver. Users, locations, and managed products are not limited.
(Image Source: Stockpile)
- Easy to use interfaces
- Add stock to an existing inventory easily
- Manage returned and damaged stocks in real-time
- Access, administer and edit your existing inventory, manufacturer, location, transaction, customer preference easily in just seconds
- Access to current stock levels and get reports instantly
- Unlimited users, locations, products, storage, Inventory
- Tiered access model to manage multiple locations at the same time
- Excellent technical support
Skyware Inventory is a free, easy to use application ideal for small and medium-sized businesses.
(Image Source: Skyware)
- Well placed application tabs allow users to access items, transactions, files and profiles
- Sub-tabs help in easy and quick access of the existing and open transactions
- Facility to export inventory data to create a customized report or spreadsheet program
- Access the history of transaction of each item easily and quickly
- Each item can be filtered as per date, location and transaction types
- Monitor the movement from one single dashboard
- Gain access to reports anytime
- Manage users, categories, locations
Delivrd is a free, cloud solution ideal for everyone right from small online retailers to large E-commerce business.
(Image Source: Delivrd)
- Delivrd allows users to track and control both regular and damaged inventories
- Whenever you create a new customer order in Delivrd, a check is performed to ensure that you have enough available stock to fulfil your customer order
- The dashboard makes it easier for the users to view order quantity, total required quantity for each product, and the available quantity in real-time
- Item returns to the supplier and returns to the customers are easily bifurcated and updated in the inventory list
- The serial number management facility enables smooth control of the inventory
- Another unique feature of Delivrd Inventory management system is that it allows one to control even the packaging materials
- The Indication of safety stock quantity
- Product history vector and much more
Nothing but the Best
Inventory Management Software Market size is likely to cross USD 3 billion by 2024. The demand is huge. The role of inventory management software is not merely restricted to accountability. It is now seen as a source of competitive advantage in demand-driven organizations.
Buyer schedules are uncertain. But, a good Inventory management software system will help you predict and decide your actions prior. The software available in the market today will help you with inventory, including cost optimization, service-level operations, and forecasting both in single and multiproduct settings.
Orderhive, one of the top rated Order and Inventory management software solutions; Multiorders, the software that makes shipping very easy; Jazva, the sotware that automates multi-channel selling process are other Inventory management software tools that you can consider.
If you’re looking for even more inventory management software, check out GoodFirms’ list of Inventory Management Software.
Sophia Jayden is a senior writer and a content marketing specialist. She has 10+ years’ experience in content writing and marketing. Currently, she is a staff writer at GoodFirms, a pioneering B2B research, review and rating platform. For more information about her work, you can reach out and start a conversation with her at [email protected]
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