What is inventory management system?

An inventory management system   is a combination of hardware and software technology that monitors and manages product inventory, product sales, stocked product and other production processes. This management system manages and maintains each inventory product a business owns and therefore the ones that are ready to be sent to end consumers or vendors. Inventory management systems are critical for keeping tabs because inventory usually consists of movable assets on current stock levels and understanding what products need to be moved which allows organizations to determine whether it’s time to reorder the products with greater accuracy.

Inventory systems combine software, hardware, and typical inventory management processes to keep track of inventories sometimes over several warehouse locations for efficiency. These management systems enable an organization to maintain a centralized record of costs for every asset and always have an accurate value of the products.

The motive of this management system includes:

• Improved income by ensuring that the pallet racking design   inventory items aren’t tying up an excessive amount of capital
• Reduction in storage costs by eliminating inventory holding costs
• Optimize stock levels by reducing dead stock, under stocking or overstocking of inventory
• Better organization reporting and forecasting capabilities
• Increased transparency

 10 Best Inventory Management Systems for 2022

No matter what kind of business you would like to possess a solid inventory management structure in place to help you properly track inventory meeting inventory management system requirements to run the business smoothly. It’s important to choose the correct systems for your business, here are 10 of the best inventory management system open source for 2022:

• Zoho Inventory: If you are looking for easy to use inventory management software, Zoho Inventory is your best bet for small ecommerce businesses. It offers everything you’d need for a great value for money at an affordable cost. Furthermore, it helps you manage all of your inventory-related operations efficiently from a single platform and the company offers stellar support for its excellent inventory system as well.
• Megaventory: Megaventory is a web-based user-friendly inventory management for mid-sized companies across multiple locations for order tracking, issuing invoicing and reporting including production and distribution. With megaventory you can track stock alerts, cost, supplier availability, inventory value over time and lead times.
• NetSuite: NetSuite is a robust cloud-based ERP inventory management designed to allow you to manage your entire inventory from a centralized system regardless of volume or location. It provides numerous customization options, safety stocks, a strong reporting module, and workflow automation in your warehouse.
• Cin7: Cin7 provides advanced enterprise resource planning (or ERP) feature modules such as demand forecasting, cross-channel syncing, bulk add update and multichannel support for every aspect of your business-like accounting, inventory, and shipping. This helps you achieve proper inventory management and makes sure that your system stays up to date with minimal effort.
• Odoo: If you’re looking for an affordable and budget conscious option for your warehouse inventory management then Odoo might be a good option with this inventory, you’ll get the foremost effective stocking method. Odoo improves the internal operations which can help warehouse managers to manage their warehouse efficiently as well as maximize the inventory by eliminating stock levels and avoiding stock-outs.
• inFlow: inFlow is remarkably easy to use yet powerful software, with many of its inventory tracking features automated. It’s robust reporting capabilities and a great mobile app that facilitates barcode scanning and keeps your sales agents and central inventory manager on the same level for stock inventory levels.
• Fishbowl: Fishbowl is the best inventory management software for multichannel inventory syncing, tracking growing brands and enterprise customers. Fishbowl is fully geared towards inventory automation with a centralized inventory database which enables users to create and share work orders, stock history reporting from various tasks.
• Sortly: Sortly is a solid tracking and web-based inventory management platform. It’s user-friendly, with excellent pricing points. It’s a great tool equipped with features such as QR scanning, inventory tracking, status and activity reports and barcode scanning to keep records under one roof as a digitized platform.
• Katana: Katana offers web-based production management software to help manage business operations with tracking of staple, stock support and production planning from one dashboard. You can make inventory adjustments, automate transactions and outsource manufacturing processes.
• Lightspeed: Lightspeed is a web-based inventory management tool created to satisfy e-commerce stores requirements such as tracking inventory levels, bulk change prices and automate discounts and SKUs over multiple locations. It helps sync your e-commerce and in-store inventory functionality and calculates COGS.