When you work in a factory or as an operations manager, you understand how complex product management can be. While an inventory item's units, item number, and position must be recorded, you must also ensure that there is enough stock to satisfy customer orders.

Managing all of this manually is complex and error-prone. For example, if the inventory reports do not accurately represent the quantity of the product, you face stock outages. Inaccurate inventory reports can also result in fines and penalties during audits.

An inventory management solution streamlines the inventory control process and prevents human errors in product data recording. Furthermore, the inventory reports generated by the system save time and effort spent on manual counting during audits.

Inventory management is critical in many industries, especially manufacturing. Inventory reports are the most likely business field to be computerized, and any ERP and CRM system is designed around an inventory management feature.

A permanent inventory record is held in basic inventory management. Simply put, the machine acknowledges market transfer records (transactions) and keeps a running total of the amount on hand.

Inventory management tools will not only help you monitor and arrange your warehouse better, but they will also help you save money on hardware. Companies may use an app to handle issues such as inventory overstocking and outages, as well as easily manage shipments, purchases, and deliveries.

However, if you are still unsure if investing in an inventory management solution is the best option for you, you might begin by using a free inventory management system first. This will help you to evaluate the software's utility before purchasing a full-fledged product.

Here are some of the asset management solutions that can be utilized to give you the flexibility and exposure you need to help productive operations.

Bar Code Data Collection and Mobile

The perpetual inventory system is heavily reliant on reliable and prompt reporting.

Manual processing is prone to mistakes, inconsistencies, missed transactions, and an unnecessary workload on the workers to gather and enter data. Automated data collection, most commonly through barcode scans, alleviates much of the reporting burden while vastly enhancing transaction consistency and timeliness.

The advantages of using barcodes and mobile systems are convenience, speed, and accuracy. For example, using a barcode scanner to count inventory is simpler, faster, and more precise than counting inventory manually.

Odoo

Odoo is an open-source ERP system with modules for CRM, eCommerce, POS, cost control, supply chain, and inventory management.

Users will monitor supply orders, dropshipping demands, backorders, receptions, and swap requests for merchandise products using Odoo's inventory management module. This module serves a variety of shipping services, including FedEx, UPS, DHL, and local post offices, making it simple to manage shipping operations.

It also works with barcode scanners via Wi-Fi, Bluetooth, or USB connections. Since there is smooth connectivity with the other modules in the ERP environment, there is no need to manually update inventory and accounting records whenever a product is sold.

Odoo provides customer service through portal requests and phone calls.

Re-order Alerts

Reorder notifications, often known as low inventory alerts, will appear in the inventory management system to notify users that it is time to reorder a certain object. When the inventory level exceeds the predetermined reorder level, the warning will show. This helps the user know how much quantity of an item is required and if the total product level is poor.

The benefits of Reorder Alerts:

Furthermore, inventory tracking tools could be able to make the buying aspect of reordering items simpler and faster.

Square for Retail

Square is a cloud-based retail management and point-of-sale (POS) framework that assists companies in managing both online and offline retail operations. Website designer, inventory processing, order management, checkout and payment management, and monitoring are all important features.

Stock monitoring and counting are among the inventory management capabilities included with Square's free package. The free edition also features low stock warnings, which warn users when inventory levels fall below a critical order amount. This allows you to start replenishing supplies until supply outages disrupt daily operations.

Square offers phone, email, video chat, social media, and a self-service information base for customer help.

Zoho Inventory

Zoho Inventory is ranked as one of the best inventory tracking apps in the market. It has received mostly positive reviews by the users.

This app can be used to manage inventory as well as create purchase orders and invoices.

Traits:

Apart from these systems, there are a few other systems/tools of note:

NetSuite

The Inventory Tracking tool in NetSuite ERP enables a company to streamline its supply chain from beginning to end, as well as the related financial management activities. Oracle's cloud-based collaboration tool is a one-stop service that allows a company to stay on top of its inventory while providing real-time and comprehensive insight into inventory management.

This Inventory Management platform is rapidly growing and is widely used by many mid-sized and large-scale companies due to its user-friendly native tools and powerful functionalities.

Vend

Vend is a robust point-of-sale system intended to assist retailers with retail and inventory control. This cloud-based tool is popular for its simplicity and ease of use, and it was designed to run primarily on iPad.

This app is mostly aimed at small businesses, is simple to combine with current business processes, such as equipment and hardware such as barcode scanners, receipt printers, and so on.

The tech solution is known for customer satisfaction, eCommerce, and comprehensive equipment maintenance, and it operates for both online and in-store businesses.

ProfitBooks

ProfitBooks is a no-brainer if you're searching for the simplest and more cost-free inventory accounting program. The first thing you'll note about the program is how easy it is to use.

ProfitBooks is a template for companies that produce their goods and market them online across websites such as Shopify. It is ideal for suppliers and wholesalers.

Accounting is cleverly integrated with inventory tracking by the program. As a result, you do not only generate buying orders but also monitor day-to-day company expenses.

SAP’s Business One Professional Software

This software is flexible, affordable, and requires zero maintenance.

SAP's Business One Professional inventory management approach particularly operates well across supply, distribution, manufacturing, warehousing, etc. and is hence suitable for a wide range of businesses.

How to Choose the Perfect Inventory Control Tools for Your Organization?

The following methodology will assist you in identifying the best free inventory management method for your company:

Conclusion

To summarize, inventory control software will help you streamline your inventory and develop guidelines to ensure there are no mistakes. Most tools also allow you to optimize the inventory process so that it is tailored to your specific needs.

Furthermore, it aids in the real-time updating of records. As a result, if your company has an automation mechanism, it would be more effective.

Inventory management is critical for inventory control and it has a direct effect on the bottom line. The above tools can help not only with inventory management but also with business development.

Stock or inventory tracking programs have some indirect advantages to businesses because workers do not have to spend time searching for products, which improves efficiency. It also aids in the making of critical strategic decisions.

For better accuracy, the company could employ barcode and QR Code technologies for product monitoring. This monitoring system can provide inventory position in real-time.

Inventory tracking software also includes a plethora of dynamic features and tools that aid in inventory monitoring and management. The best thing is that inventory tracking software is inexpensive and cost-effective, allowing small and medium-sized companies to benefit from its capabilities. Small to medium-sized companies can now enjoy the rewards of a strong and dependable system.