Tracking inventory!

The market for open-source inventory management is massive. Whether it is an e-commerce platform, a logistics service, or traditional brick and mortar shop, inventory management software is helpful for all business domains. 

Also, ineffective inventory management in enterprises can cause serious harm to its economic growth. Hence, the demand for a robust inventory management system can intensify consistently over the projected timeframe. As per Global Market Insights Inc., one of their reports states that by 2024, the inventory management software market will exceed USD 3 billion.

Business as an entity requires much attention as you can give to your newborn baby. Constant attention. And, one of the ways clever business managers can achieve this is through inventory tracking. Inventory in business may be either hardware or software products.

You need to know where your inventory comes from, how much your business has and most importantly how your business profits from the sale of its inventory.

Point to note is that the management of your inventory should be tied directly to the flow of business, from the ground up.

However, it is not always easy to effectively track a business’s inventory. There are many challenges, chief among them being:

• Sudden Rush Orders Create Chaos
• Regulatory Non-Compliance
• Inaccurate Forecasting
• Poor Inter-Departmental Communication

For effective business inventory management, you need to automate systems. You need a program that can aptly do that. A business will have to make a choice of inventory management software they need to use: whether free & open-source inventory management software.

Despite the market growing so well already in 2020 for inventory management systems, there are tons of companies who have come up with free or open-source inventory management software to help you handle your stock records. 

In this blog, we will dive into some of the best inventory management software that are available as open-source or completely free in the market. But firstly, let’s know precisely what is an inventory management software and how it works.

What is Inventory Management Software?

Inventory management software focuses on business frameworks that monitor, manage, and coordinate product transactions, purchases of products, and other processes in development.

An inventory management system records goods in the warehouse by processes of purchase, selling, or use; locates them through one or more warehouses, and prices the inventory to allow the business to know the value of goods in the stock for accounting and reporting purposes.

What features we need in an inventory management system?

Before choosing any paid or free stock management software, businesses must make sure that it offers all the essential features needed for effective inventory management operations.

Also, Read: 10 Best Maintenance Management Software for SMEs

Here is a quick overview of what to look out for in an inventory management software:

• Barcode scanning

Inventory management software must align with the barcode reader for instant product recognition and labeling to quickly recognize and monitor the items.

• Inventory optimization

This function is useful for businesses involved in commodities undergoing a seasonal fall and rising demand. It also helps maintain the appropriate amount of inventory for each merchandise as decided.

• Stock notifications 

With this functionality, businesses will receive alert notifications when over- or under-stocking exceeds a specified threshold.

• Multiple location management

This feature is useful for large companies with more than one warehouse. This feature aims to organize multiple warehouses and points of sale in a single inventory management system by integrating all warehouse locations.

• Material grouping

This feature provides the company with the quantities of product stock components and specifications and manages their inventory control schedules as appropriate.

Types of Inventory Management Systems

Depending upon the inventory control structure you have (i.e., operations such as shipping, receiving, warehouse storage, purchasing, turnover, tracking, etc.), there are many stocking systems that different companies use. Some of the types are:

• Barcode System: Barcode scanners and mobile scanners help locate and relocate stock assets
• Radio Frequency Identification System: An expensive automotive system to scan and update assets in the warehouse without any human intervention
• Periodic Inventory System: Data checking of inventory done on a cyclical time decided by the inventory team (mostly applied by small businesses)
• Perpetual Inventory System: Stock data is updated regularly and frequently by the inventory team (used mainly by large companies)

13 Open-source Inventory Management Systems

Below are the thirteen best free and open-source Inventory Management systems for the different areas of business

1. Inventoria

Inventoria is a free inventory management software that helps a business monitor and manage its inventory. It streamlines in-house operations and boosts business profits. This open-source inventory management software simplifies ordering and receiving, inventory reporting, item control, and management of users as well as their locations easily by placing all the above functions correctly and systematically.

Features

• Inventory Optimization
• Multi-Channel Management
• Product Identification
• Order Management
• Barcoding/RFID

Pros

• Compatible with both Windows and Mac OS
• No recurring payments, only one-time license fee
• Minimalistic and simplistic interface ensures ease of operations

Cons

• No dedicated mobile apps
• The interface can be more appealing

Upgrade for

Inventoria lifetime license is available at $139. Similarly, it also has $159 for the business edition. To purchase add-ons, you have to pay an extra price.

2. Stockpile

With Stockpile, businesses can save a significant amount of time and money. The free online inventory system has excellent features like recording and tracking for small businesses as well as home users.

The main features being the ability to add inventory, take returns, record sales and damaged goods, manage users via a good access model while also able to administer your physical locations. Since the software is online, it is always up-to-date. It adds more meaning, functionality, and enhancements to the business.

Features

• Alerts and Notifications
• Warehouse Management
• Reporting/Analytics
• Supplier Management
• Reorder Management

Pros

• Completely free of cost
• Supports unlimited users, items, locations, and customers
• Easy-to-use and responsive interface

Cons

• Suitable for small businesses only
• Do not expect excellent and dedicated support

Upgrade for

Companies do not need to pay a single penny for Stockpile. It is entirely free.

3. Skyware

Skyware is a cloud-based inventory management system for small and mid-size businesses. It makes a better alternative to other overpriced inventory software. Skyware includes receipts for inbound stuff, tickets for outbound stuff, and adjustments for lost stuff and transfers for moving stuff.

Features

• Custom reports
• Third-party integration
• Reservation history
• Accounts receivable module
• Document management

Pros

• Necessary features available at a nominal price
• The utterly web-based solution ensures blazing-fast performance
• Excellent support and training

Cons

• Suitable for small and medium-sized businesses only
• The range of features is limited

Upgrade for

Skyware inventory has a straightforward pricing mechanism. It is forever free for one user. For every additional user, you have to pay $10 per month.

4. Spice Works 

Spice Works creates inventory and generates reports with ease. Its outstanding features include the ability to automatically scan your software, easily track your software licenses, and hold the key to all your product keys. Besides, it helps in quickly generating inventory reports, tracking all IT services, and managing all business networks.

Features

• Team Management
• Ticket Collaboration
• Multi‐site Support
• IT Asset Management
• 150+ Add‐on Apps

Pros

• Spiceworks is entirely free to use
• An on-premise solution is completely customizable
• Seamless integration with help desk system

Cons

• The interface should be more organized and interactive
• Advertisements may ruin the user experience

Upgrade for

Spiceworks software inventory solution is available free of cost.

5. Invoice Expert

It comes laden with features such as system options, invoicing, quoting, inventory control, vendor management, invoice and quote designer, recurring invoices, customer management, purchase orders, and networking options above all. The customer management feature helps businesses earn repeat sales since Invoice Expert takes care of the customers.

Features

• Label Inventory Management
• Label Supplier and Purchase Order Management
• Label Recurring invoice
• Label Invoice Designer
• Vendor Management

Pros

• Invoicing, billing, inventory, and customer management – all in one pack
• Numerous features to simplify your tasks
• Pricing is relatively lesser than the other software

Cons

• The interface looks confusing and dull
• Minor tweaks left unaddressed

Upgrade for

Lite edition is available free of cost. However, its advanced version has a one-time fee of $69.95. They also have a provision for the 30-day money-back guarantee. 

6. SleekBill India

SleekBill India is a comprehensive inventory and invoicing software, exclusively designed for the Indian market. It keeps business inventory on track, manages GST-related tasks, deals with taxations, and prepares documents, print invoices, backup/restore data. SleekBill India offers numerous features to manage your inventory most efficiently.

Features

• Customizable Invoices
• Invoice Scheduling
• Customer Profiles
• Reverse/Void Invoices
• Tax Specifications

Pros

• Specially designed for Indian users
• GST-ready and compliant with other rules and regulations
• Works in both online and offline mode

Cons

• Suitable for small businesses only
• Compatible only with Windows systems

Upgrade for

A forever-free plan is available with limited features, but its paid plan starts at $27 per year. The premium version comes with a 15-day free trial. 

7. Nextar

More than 50,000 users worldwide trust Nextar for inventory management, POS, customer management, vendor management, invoicing, and quoting. Nextar is an overall solution for the business owner. It simplifies inventory management and ensures that your customers are happy.

Features

• Barcode scanning
• Commission management
• Returns management
• Loyalty program
• Electronic signature

Pros

• End-to-end inventory management
• Live chat support for instant resolution of queries
• The free version offers basic features

Cons

• Works only with Windows systems
• Interface looks dull

Upgrade for

It has a free version with limited features. Its premium version will cost $19/month, and with a 14-day free trial in it, you can check out all its features.

8. Odoo

Odoo is compatible with all operating systems and systems. It offers unmatched functionality due to its automated and intelligent features. The double-entry inventory feature improves performance and ensures seamless end-to-end inventory management.

Features

• Modern User Interface
• Calls Management
• Sales Integration
• Leads Nurturing
• Sells faster

Pros

• On-premise, cloud hosting, and dedicated cloud deployment options
• Supports dropshipping, multi-warehouse operations, and cross-docking
• Centralized dashboard and inventory forecasts for efficient inventory management

Cons

• Expensive if you purchase a set of Odoo apps
• The standalone app does not serve the purpose

Upgrade for

Odoo has a wide range of software solutions available. The cost per user is $8 per month, $6 for new customers. They also provide an inventory app that is available for $12 per month. A 15-day trial is also free for the software.

9. Sortly Pro

Sortly Pro is an inventory management system developed for all businesses irrespective of their size. Sortly Pro comes with a product tracking and cataloging interface that allows users to create product catalogs for each item with up to eight photos.

Features

• Customer and team access
• Track using QR labels and barcode
• Auto reminders and alerts
• Create custom QR labels
• Built-in items scanner
• Import/Export Management

Pros

• It helps in remotely tracking as well as managing inventory
• Excellent for reorders
• Its barcode and serial numbers help in keeping track of inventory movement

Cons

• Its list of records is complicated and hard to understand

Pricing

The basic plan is free. The advanced plan starts at $40 per month for three users.

10. ZhenHub

ZhenHub is an inventory management system for small and medium-sized companies. Its free version provides logistic management, warehouse control, inventory monitoring, and shipment tracking. The free version also supports up to 50 online orders and administers one warehouse every month.

Features

• Catalog Management
• Inventory Management
• Forecasting
• Demand Planning
• Import/Export Management

Pros

• It allows businesses to schedule, manage, and track orders
• Easily customizable product features

Cons 

• Lag in shipment tracking functionality

Pricing

Its basic plan is free, while one can pay $29 per month for the Starter plan.

11. Zoho Inventory

Zoho Inventory is an inventory and warehouse management solution for businesses of small and medium-size. It comes with a free version allowing the company to handle 20 online and offline orders. Zoho’s value proposition is its functionality for workflow management. 

Features

• Kitting
• Inventory Optimization
• Shipping Management
• Supplier Management
• Order entry and tracking

Pros

• Product’s sales order, purchase order, and expense tracking functionalities help automate inventory procurement.
• It tracks the location of inventory items more accurately as compared to other software. 

Cons

• Bad bill material functionality 
• Issues with synchronizing data
• Lags in managing e-commerce orders

Pricing 

$49 per month for the basic plan.

12. RightControl Lite

RightControl Lite is a perfect software framework for inventory tracking. It is ideal for professionals employed in the service sector who need a way to produce invoices and receipts for the work performed. RightControl Lite also has a comprehensive reporting system, which helps companies to evaluate their statistics.

Features

• Barcoding/RFID
• Check-in/Check-out
• Inventory Optimization
• Inventory Tracking
• Item Management

Pros

• High performing software
• Easy-to-use and clean interface
• Has good customer service

Cons

• No forecasting or cost-tracking features
• Might face errors while uploading files

Upgrade for

Rightcontrol pricing starts at $1.50 per month with a free version.

13. OpenBoxes

OpenBoxes is a web-based, open-source technology built by supply chain professionals who work in resource-scarce environments. Inventory monitoring, lot and expiry monitoring, stock movement and warehouse management, purchase orders, stock specifications, and delivery, as well as built-in and customizable reports, are accessible with OpenBoxes.

Features

• Backordering
• Inventory Optimization
• Multi-Channel Sales
• Category Customization
• Warehouse Management

Pros

• Great at stock tracking and offers plenty of customization

Cons

• Since it is open-source software, it requires some technical expertise to utilize the platform

Upgrade for

Its basic hosted plan is entirely free, while its custom plan can cost up to $250 per month.

Wrapping Up

What do you think about the open-source inventory management software listed in the blog? Which software do you think will be most helpful for your business? 

If your business is into e-commerce that requires a higher level of efficiency due to the sensitivity of your business operations then you can even manage your multichannel e-commerce with inventory management software with the help of these software.

Let us know your experience of any of these document management software in the comment section below.