Order Management Software can help businesses improve demand forecasting by analyzing data trends from well-performing stocks. Know the best ones here!

Inventory is the most valuable asset – both on the balance sheet and in terms of its central role in keeping the business ticking. Managing Inventory well is a complex task, but it is also the one that can help your business be more profitable and deliver more for your customers. There can be many benefits of subscribing to a cloud-based inventory management platform.

Features and Advantages of Inventory Management Software

• Easy and quick to use point of sale (POS)
• Managing inventory in one place
• Empowers customers to get back into your store
• It makes a lot easier for the employees to perform daily business tasks with a mobile device on-the-go such as inventory checking, pick lists, inventory transfers and proof of delivery.
• This helps in the quick and easy sale transaction.
• Scan items to build up sales transactions quickly
• Electronic Signature Capture
• Take Payments via Cash or card at the point of sale tills
• Warehouse
• Customer Service
• Inventory Management
• KPI Reporting
• Delivery and Logistics

The Need for Inventory Management Software

Open-Source Order Management System is meant to monitor the inventory levels for optimal production and distribution of goods for wholesale or retail. More factors that necessitate the need to have inventory management software are:

• Centralized Inventory – Used to synchronize and update the inventory on different platforms from one place, reporting about inventory across all different warehouses, transferring items from one warehouse to another.
• Order Fulfilment – Handling orders from different sales channels. It as well includes ordering the missing items and shipping them to the customers.
• Scanning the Barcode – it enables you to generate standard bar codes (EAN, UPC, EAN – 13) etc.
• Composite Items are used for tracking quantity according to variations, colour, size etc.
• Tracking Serial and Lot Numbers – It may support different barcode types, automatic generation of # based on predefined patterns and LOT and serial quality check.
• Powerful reporting – It helps to filter, group sort and render charts in one second. It as well exports cube data for detail reporting.
• Multiple warehouses and Label Printing – It involves attaching serial and lot numbers, supporting different barcode types, automatic & generation based on predefined patterns and lot and serial quantity check.

Open-Source Inventory Management System Examples

Some examples of prevalent Simple Inventory Software free include Open source inventory management PHP, Open source inventory management web-based, Free inventory management software in excel, Free inventory software for mac (in no particular order)

• CIN 7 – Best overall
• Ordoro – Most versatile
• Fishbowl – Best for QuickBook users
• Veeqo – Most user-friendly inventory software
• Unleashed – Best for businesses with multiple locations
• InFlow – also to be noted

Best Inventory Management Software Solutions

Each inventory management software comes with its own set of features, the ones listed below are worth giving a try:

ERPAG

It is a Cloud Inventory Management Software to help you upgrade, optimize and connect your business. Particularly designed for small to mid-size companies, it features reordering, order fulfilment, cloud labelling, inventory tracking (with barcode, serial and lot), multiple UOM’s, multiple warehouses, multiple currencies, multiple language interfaces, composite products, variable items, integrated invoicing and user-level management etc.

Ordorite

This offers a software solution for furniture and related retailers. This system manages point of sale, inventory control, warehouse management, delivery and logistics, mobile and marketing solutions, customer service, business analytics, omnichannel support etc.

Sumtracker

Sumtracker is a free inventory management software that can be used by manufacturers and distributors for inventory and operations management. This track inventory accurately and makes the team happier and productive.

Ant My ERP

Ant My ERP is free inventory software to manage the entire business process from sales, service, operations, HR, assets, inventory and invoicing. This can be advantageous for B2B businesses.

EZOfficeInventory

This free warehouse management software enables you to manage inventory and assets like tracking vendors, moving inventory across locations, and customizing low stock threshold alerts for optimized inventory management. It also involves scanning barcodes, QR Codes and RFID tags to perform mass actions.

EZRentOut

EZRentOut’s cloud-based warehouse management software enables businesses to track rental items with ease. It helps in maximizing a businesses’ ROI and enhancing efficiency and productivity. The mobile application is quick and helps carry out the faster barcode and QR Code scans for seamless order creation.

Primaseller

Primaseller open-source software for inventory management can be used both online as well as offline retailers. Right from order synchronization to providing inventory between all online as well as offline sales channels, it has all built-in features like POS, B2B e-commerce portal, purchase planning, shipper management, Quickbooks integration, discounted USPs, Amazon, eBay, discounted USP’s and shipper management etc.

Almyta Systems

It offers everything from asset management to multi-location storage. It comes with a one-time fee with a lifetime of updates.

DEAR Systems

This is Open source store inventory management software that is integrated with small to medium businesses to cover the entire business cycle in inventory management. It has features that a business needs to manage costs and maximize profitability.

PartKeepr

It is great for manufacturers with its Octopart integration. It keeps track of all parts and levels of inventory.

Orderhive

Orderhive is multi-channel small business inventory management software to track inventory levels at all times, in real-time. It can be used to manage different storefront and marketplaces from a centralized platform, having integrations with leading accounting & payment software & shipping providers.

NetSuite

NetSuite ERP helps in managing all back-office operations and financial business processes on a single platform in the cloud.

TYA Suite

A cloud-based enterprise resource planning (ERP) tool called TYASuite was created to assist companies in managing inventories, projects, vendors, and sales orders from a single location. Stakeholders may optimize the procurement lifecycle by using it to streamline anything from processing invoices and payments to optimizing purchase requisitions (PRs) based on lead times, safety stocks, or available stock.

Dr ERP

Dr ERP is a top open source inventory management software that can handle finances, inventory, sales, procurement, assets, and more. It provides cutting-edge security features to safeguard data and guarantee adherence to industry norms. Additionally, Dr. ERP gives users the ability to combine the system with already-existing solutions and offers a platform for better inventory management.

QuickBooks Desktop Enterprise

QuickBooks Desktop Enterprise offers capabilities for creating reports, keeping track of sales, managing inventory, and processing payroll. Additionally, the tool offers contractor, retail, manufacturing and wholesale, and nonprofit organizations solutions tailored to their respective industries. QuickBooks’ Advanced Inventory capabilities facilitate the tracking and management of inventory.

Inventory Management In-Progress

Priority planning determines what materials are needed and when they are needed to meet customers’ demands. Materials flow from suppliers, through a manufacturing organization, to the customers. Out of several factors that are responsible for inventory management safety Stock, Lot-size Inventory, De-coupling Stock, Pipeline Inventory, Transportation Inventory, Anticipation Inventory, Hedge Inventory are some that can be handled by having efficient inventory management software. These help in managing inventory and orders for growing businesses. Get to know about the best ones available here.

Top FAQs – Free Inventory Management Tool

What is inventory management software?

Inventory management software helps manufacturing and other related businesses monitor their inventory level, manage order fulfillment operations, and help them streamline their production levels. The tool can be used in goods tracking, labeling, product categorization, inventory monitoring, and purchase order management.

What are the top benefits of using inventory management software?

Some of the top benefits of using inventory management software include –

• Eliminates Inventory Inaccuracy
• Increase Manufacturing Efficiency
• Prevents Out of Stock
• Prevents Excess Stocking
• Improves Business Performance
• Easy Inventory Forecasting & Traceability
• Provides Data Driven Insights

What are the common features included in inventory management software?

Inventory management software helps businesses boost their production efficiency and has the following features –+

• Inventory Auditing
• Easy Forecasting
• POM (Purchase Order Management)
• Product Identification & Tracing

The post Best Inventory Management Software Systems appeared first on Top ITFirms - Result of In-depth Research & Analysis.