Inventory tracking system: 3 tools to improve your inventory management
Are you looking for an inventory tracking system to manage your warehouse? But don’t know what it involves or where to start?
Today, the inventory management system is more than simply knowing what’s inside of a warehouse.
Modern effective inventory tracking systems have to track warehouse inventory, a product's shelf life, and even your customers' experience.
Throughout this article, Appvizer provides you with everything you need to know about inventory tracking systems and a list of the best free and paid software to manage your inventory!
Inventory tracking systems for small businesses 101
Definition
With an inventory tracking system, you can control your stock levels digitally or through a cloud-based system. This will improve :
- visibility - you can know at any time if a product is still in stock and in what quantity
- time - you are alerted when there are low stock levels and notified when an order needs to be placed
- quality of service - forget about shortages and unsatisfied customers!
From inventory tracking to item registration, inventory tracking systems help businesses manage complex supply chains and minimize operational expenses.
Why should you use an inventory tracking system?
The benefits of an inventory tracking system include:
- anticipate orders
- prevent shortages and overstocking
- manage costs related to inventory management,
- follow the evolution of stocks more quickly and easily,
- plan promotions according to available stocks,
- control supply chain lead times,
- define alert levels below which an order is automatically placed with the supplier, etc.
Inventory Management Free Open Source Software
Dolibarr, a simple and complete ERP
Dolibarr is a simple open-source software suite for small, medium or large enterprises, independent, self-employed or associations.
With Dolibarr, you will have a 360 view on your entire inventory:
- management of customers / suppliers / contacts
- product catalogs
- quotes and proposals
- orders
- invoices
- stock control
- events
- mass emailing
Dolibarr ERP CRM
Inflow Inventory, a powerful inventory control software
inFlow Inventory is a stock management software that helps small and medium-sized businesses achieve effective inventory management.
inFlow Inventory can be used in a wide range of businesses and industries. And today, its main users include wholesalers, retailers, manufacturers, healthcare professionals, e-commerce websites, and governments. inFlow's list of features include:
- inventory forecasting
- traceability
- supplier management
- inventory optimization
- purchase order management
- customizable pricing models
Like Dolibarr, it is a modular tool: you build the ERP that suits your needs. Add the features you need for your activity, but be careful, some additional features are not free.
See this softwareDisadvantages of an open-source inventory tracking system
1. Hidden costs
Open-source software is never really free. Even if you don't pay for a license or a subscription, there are still some expenses: hosting, upgrades, paid options, maintenance, etc.
2. Fewer features
Features may be less powerful in open source solutions, which are also free, than in paid professional tools.
3. Limited choices
There are very few free open-source inventory tracking systems. Therefore, you are less likely to find the software that is exactly right for you. For example, you may be missing some key features.
4. No support
Support is a paying option for this type of tool. You have access to the user forum, but answers are limited to the experience and knowledge of the users of the product, increasing the possibility of human error, leading towards needing to resolve possible problems that may take time and additional costs.
Top 3 Inventory Tracking Systems
HighJump WMS, a complete Warehouse Management System
HighJump WMS is a warehouse management software designed to help businesses manage complex supply chain management and minimize operational expenses.
HighJump's list of features include:
- warehouse automation
- labor management
- omnichannel fulfilment
- inventory management
- 3PL support
Inventory Cloud, a user-friendly and affordable inventory tracking system
InventoryCloud is an inventory management solution for mid-sized to larger retail businesses.
If you are looking for a flexible and dynamic solution to track and manage physical inventory located in one or more warehouses, InventoryCloud is the perfect solution for you!
InventoryCloud's list of features include:
- warehouse management
- stock-room management
- manufacturing process management
- retail inventory
- consumables tracking
- lot & date code tracking
Erplain, inventory and order management for small businesses
Erplain is an easy-to-use online inventory management solution for small businesses. This state-of-art software automates the creation of orders, invoices and purchases.
erplain updates your stock levels in real-time across your distribution channels in multiple stock locations.
erplain is the trusted co-pilot for business owners:
- save time, drive efficiencies: By automated inventory management - everything from sales orders and invoices to purchases
- improve customer satisfaction: avoid stockouts and pricing mistakes when invoicing
- enable team collaboration: get your team working with the same data to increase productivity and efficiency
Inventory tracking system or ERP software to manage your stocks?
If you're starting your business, open-source software can be a good way to manage your inventory without incurring too many costs.
However, in the long run, you will soon encounter the limits of these solutions as your business continues to grow. The needs and associated costs could quickly overwhelm you!
Before choosing your inventory tracking system, anticipate all of your needs and look at the benefits of paid software. They may require a higher initial investment, but the long-term benefits for effective stock control are incomparable.