10 Best Solar Asset Management Software & Tools (2023)

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The need for renewable energy is growing, and solar power is the preferred option. Small businesses and big enterprises now install solar systems to supply the electric power needed.

However, just installing a solar system is not enough. To enhance the efficiency and extend the lifespan of your solar assets, you need a management system.

There are many solar asset management software programs, but we will highlight only a few in this article. But before that, let’s briefly discuss what these solar asset management software and tools are and their importance for your business.

What is Solar Energy Asset Management Software?

Solar asset management involves maintaining physical equipment and components of a power generating site. It also entails the efficient generation and sale of solar energy.

In other words, solar asset management is the systematic direction of a site’s physical assets for optimal financial performance. Solar asset management software helps you do just that.

Why Do You Need Solar Energy Project Management Software?

Using software for managing your renewable energy assets is like automating the process. That comes with several advantages and benefits, including but not limited to the following:

  • Time-saving since all manual tasks are automated
  • Improving transparency of the project portfolio
  • Reducing the costs of asset management
  • Meeting all the compliance obligations
  • Minimizing risks since the error is eliminated

Top Solar Asset Management Software

Renewable energy asset management requires the right software to monitor the system’s performance and manage documents and finances.

Additional functions include processing bills, compliance management, production data processing, and reporting. But some do more than what we have stated.

After considering all the functions and features, we have prepared a list of software and tools for the comprehensive management of renewable energy projects.

Consider our top picks highlighted below:


10 Best Solar Asset Management Software & Tools (1)

PowerHub is designed for commercial asset management. The tool is customizable, flexible, and should be the best choice for professionals. It aids in technical and financial data collection. That is crucial in decision-making.

PowerHub solar asset management software enhances system efficiency and provides detailed insights. These features help businesses to grow faster. The tool centralizes all your energy data and project information. Even if you manage multiple renewable energy-generating sites, PowerHub is one technical asset management tool for all.

(Video) In-depth overview of our solar asset management tool

PowerHub is used by solar asset managers for performance monitoring. The software can be configured to meet the specific needs of your renewable energy project. It will make data collection straightforward.

PowerHub has automated workflows and reporting features to help improve your work efficiency. You will no longer waste time tracking your data and retrieving information when needed.

PowereHub is also a perfect choice for financial performance monitoring. You can use it for budgeting, managing cash flow, billing, and much more. With PowerHub, you get your financial reports with a single button click.

Feature Summary:

  • Automated Workflows and Reports
  • Automated Invoicing
  • Financial Management
  • Communications and Tracking
  • Contract and Compliance Management
  • Task and Event Management
  • Managing Documentation
  • Portfolio Management
  • Operational KPI Tracking

See Related: Solar Farm Income Per Acre


10 Best Solar Asset Management Software & Tools (2)

ACTIS is one of the first solar asset management software programs for asset managers. It is a highly reliable tool that helps in solar system performance monitoring and optimization.

ACTIS is an all-in-one tool for your solar PV plant. It does more than just manage renewable energy assets. These tools also ensure compliance and technical and financial data reporting.

With ACTIS, you can integrate all your charts and reports to save time. Report writers can now invest their time elsewhere to enhance the performance of solar PV plants.

You can integrate ACTIS with accounting software for gathering and analysis of financial data. That makes solar project management and financial performance evaluation easy.

Lastly, ACTIS provides a customizable design for real-time monitoring of all parameters on individual solar assets in a solar portfolio. It never matters where your renewable assets are located, ACTIS streamlines management.

Feature Summary:

  • Monitoring all assets in the solar system
  • Collecting data of vast parameters, including asset registry.
  • Monitoring the quality of the communication network
  • Monitoring the security system
  • Assessment through advanced data analytics
  • Dashboards with reflecting real-time information on asset performance and internal operations
  • Automated alert/notification feature for real-time reporting
  • Many customizable multidimensional charts to analyze technical and financial data

Drive by Power Factors

10 Best Solar Asset Management Software & Tools (3)

Drive is a cloud-based platform that connects critical areas such as operation, technology, and people. It was designed to provide asset managers with detailed insights into the operation and plant performance.

To an asset manager, this tool can help you manage various applications for more efficient operation and performance. It is a highly reputable software in the renewable space for solar power generation site maintenance and project planning.


Drive solar asset management software is a crucial tool in real-time operations and analysis. You can use it to troubleshoot problems or even prevent them before they cause downtime.

Drive is the best choice for remote technical asset management. Asset managers now don’t need to make countless trips to the site. That saves time and makes solar asset management an easy task.

With drive, you can set user-defined parameters that affect the operation of your renewable energy generating plant. Besides, you can save, edit, and catalog data as needed for notification, reporting, and problem diagnosis. It is easy to install KPI modules through a bus system.

Feature Summary:

  • Planning and scheduling
  • Storerooms, inventory management, and spare parts
  • Meeting contractual compliance
  • Dispatching work orders
  • Managing reports, KPIs, and dashboards

Solar-Log Software

10 Best Solar Asset Management Software & Tools (4)

Solar-Log is a device powered by technology to monitor PV systems and feed-in management. It is a compact solution that is easy to integrate into your existing energy management system.

Solar-Log provides innovative direct marketing solutions. The system can automatically transmit data to the marketing team, which saves the cost of hardware and installations.

Solar-Log project management software offers you flexibility. You can select different functions for various PV plants depending on the energy requirements. During peak hours, you can set your system to deliver full power.

Lastly, Solar-Log can optimize self-energy consumption. It smartly interacts with all solar assets and components in the system and manages energy usage. By consuming less of what you produce, you can maximize the returns on your investment.

Feature Summary:

  • Easy to Install
  • Innovative direct marketing solutions
  • Easy Modular Design
  • Smart Energy

3 Megawatt

10 Best Solar Asset Management Software & Tools (5)

3 Megawatt is one of the most reliable renewable energy asset management tools you can consider for your system. It covers solar, wind, biomass, and hydro assets.

3 Megawatt is a cloud-based platform that offers all-in-one solutions tailored to your specific needs. It has become the industry standard for renewable asset managers. With this software, you can save time, improve efficiency, and reduce portfolio risks.

3 Megawatt allows any asset manager to work smarter, faster, and simpler. That reduces portfolio risks. It is a centralized platform where you access all your project data. You can also integrate it with technical and financial data.

Make solar asset management a breeze by automating your routine tasks with 3 Megawatt. It streamlines every process, making compliance management and performance monitoring easy.

(Video) Etienne Lecompte, CEO of PowerHub | Asset Management Software for Renewables #94

Collect and store data from different solar power generating sites and store them in a central place. You can then access them as needed for project enhancement, portfolio, spare parts, contracts, etc.

3 Megawatt allows you to synchronize technical data from different sources and financial data from ERP solutions. This ensures that all your project data is constantly updated and easily accessible.

Feature Summary:

  • Collect your project information in one central repository
  • Connect your data feeds
  • Automate your tasks
  • Collaborate with your team and stakeholders
  • Streamlining of Reports
  • Contracts and Compliance
  • Centralized Performance Monitoring
  • Easy to scale the capacity of your team
  • Centralized Financial Management

See Related: Best Green Apps for Sustainable Living


10 Best Solar Asset Management Software & Tools (6)

Arbox is another renewable energy asset management software on this list that covers wind and solar systems. It is a cloud-based platform designed for operations, performance monitoring, financial management, and reporting.

Arbox solves all technical asset management problems that most solar and wind power plant operators face. If you are in the renewable energy space, choose Arbox. It features here because of its automation capabilities, central data storage, and portfolio intelligence.

Arbox makes it easier for your business to run more efficiently and effectively. This asset management software will boost your team and maximize performance.

Arbox provides a solar asset management software solution to the wind industry too. If you are looking for a tool for operational administration, financial management, performance monitoring, and report generation, choose Arbox.

Feature Summary:

  • Portfolio Administration
  • Compliance
  • Document Management
  • Task Tracking
  • Incident Handling
  • Work Orders
  • Automated Invoicing
  • Budgeting
  • Contract Management
  • Expense Tracking
  • Financial Modeling
  • Financial Statements: Profit and Loss, Cash Flow, and Balance Sheet


10 Best Solar Asset Management Software & Tools (7)

Chetu offers solar asset management software solutions to help you improve your solar energy operations. Chetu has experts to provide tailor-made solar software for your specific needs. By choosing Chetu, you will enhance the design, construction, and management of any type of solar system.

Solar developers at Chetu provide customized solar software to make solar assets maintenance, assessment, and monitoring easier. They program KPI modules that test system performance and enable integration with the utility grid.

You also access solar energy management software from Chetu to help you monitor your solar project from your office. This reduces travel time and expenses on on-site workers. Project information you can monitor remotely include energy loss trend, downtime, underperformance tracking details, etc.

Chetu also customizes management tools for multiple sites. You don’t need to buy separate packages to manage assets in different locations.

(Video) Best Solar CRM Software

Feature Summary:

  • Solar Asset Management Software Development
  • Photovoltaic Software
  • Solar Energy Management
  • Proposal Software
  • Solar Design
  • Sensor & Tracking Software
  • Billing Software

QBi Solutions

10 Best Solar Asset Management Software & Tools (8)

QBi is a renewable energy asset management software that transforms raw data into business insights to improve and secure the value of assets. It is an end-to-end business platform that centralizes all your assets’ information into one source.

QBi Solutions provides insights and KPIs you need to make data-driven decisions through advanced analysis of available data. It also helps you in performance monitoring and reporting.

QBi Solutions introduces a paperless and effective billing system to your business. You can use it to automate the generation and delivery of invoices to your customers. That is done according to the power purchase agreements.

You can tailor the platform to suit your specific needs. Use the add-on KPI modules to fit your business processes.

QBi Solutions allow your team to securely collaborate on any project. Use its multi-role permission feature to grant access to team members and stakeholders.

Feature Summary:

  • Data-Driven Strategy
  • Data Quality and Events management
  • Make the sources talk
  • Collaborative, Flexible, and Secure.
  • AD Hoc Reporting
  • Be in total control of your assets
  • Reporting and advanced analytics
  • Automated invoicing
  • Team collaboration
  • Tasks and compliance
  • Document management
  • Health and safety management

Milk The Sun

10 Best Solar Asset Management Software & Tools (9)

Milk The Sun is a free solar asset management software that helps plant operators and businesses maximize returns. It provides you with all features you need to manage different photovoltaic systems. You will access a digital clean energy asset management solution to care for your solar asset portfolio.

You no longer need Excel or other tools to manage your data. Milk The Sun offers you a centralized platform to access data and get insights into your business. Through that, you can make data-driven decisions in real-time for maximum returns.

Milk The Sun is an ideal choice for private investors, independent renewable energy producers, commercial portfolio managers, O&M service providers, etc.

Feature Summary:

  • Asset valuation
  • Performance and financial tracking
  • Document management system
  • Professional service access
  • Marketplace access
  • Benchmark and reduce expenses
  • Safe document storage and management
  • Asset or portfolio optimization

ENACT Systems

10 Best Solar Asset Management Software & Tools (10)

ENACT Systems is a single platform for managing solar projects. It can handle all tasks from design to finances and installation. ENACT Systems is best suited for large enterprises in all sectors that seek solar system deployment in their portfolio.

You can perform analysis on any commercial or residential solar plant site remotely. There is no need for site visits. When designing, you can use drone imaging systems.

(Video) I-Team: Hidden cameras reveal dark side of solar power

ENACT Systems also allows you to manage finances and portfolios. The software is reliable in calculating your investment and ROI before and after installations.

Feature Summary:

  • Installation Management
  • Finance Management
  • Portfolio Management
  • Advanced analytics
  • Feasibility Analysis

Related Resources

  • Best Carbon Emissions Management Software
  • Best Energy Management Software
  • Best Environmental Software


What is the best inventory management software for solar? ›

Scoop Solar and Inventory Management

Scoop is the software of choice for leading solar energy companies. The Project Tracker Live™ dashboard provides your team with a clear and accurate view of upcoming projects and their requirements.

What is the best asset management software to choose? ›

8 Things to Watch out for When Choosing the Right Asset Management Software for your Business
  1. Holistic asset tracking capabilities. A competent asset tracking software should incorporate real-time GPS tracking capabilities. ...
  2. Features. ...
  3. Security. ...
  4. Reporting. ...
  5. Mobile App. ...
  6. Cloud-enabled. ...
  7. Customization. ...
  8. Support.
Mar 15, 2022

What is asset management solar? ›

Solar asset management energy is the process of ensuring that solar photovoltaic (PV) systems are operated and maintained in a manner that maximizes their performance and financial returns.

Which software is used for solar system? ›

Solar Labs is a SaaS and AI cloud-based software for solar design and sales growth. It specializes in developing software for solar installers and government bodies to create preliminary sales quotations and optimize system designs. Solar Labs were founded in 2017 and are headquartered in New Delhi.

What is the most widely used property management software? ›

  • Our Top Picks.
  • Buildium.
  • TurboTenant.
  • AppFolio.
  • Propertyware.
  • SimplifyEm.
  • MRI Software.
  • Yardi Breeze.

What is the most commonly used inventory system? ›

What are the three most common inventory control models? Three of the most popular inventory control models are Economic Order Quantity (EOQ), Inventory Production Quantity, and ABC Analysis. Each inventory model has a different approach to help you know how much inventory you should have in stock.

What are the 3 main asset management types? ›

There are three main types of asset classes: stocks, fixed-income investments, and cash equivalents.
  • Stocks (also called equities) Stocks have historically earned the highest returns over the long term. ...
  • Fixed-income investments (also called bonds) ...
  • Cash equivalents.

Who are the big 3 asset managers? ›

The three largest index fund managers—BlackRock, Inc. (“BlackRock”); State Street Global Advisors, a division of State Street Corporation (“SSGA”); and the Vanguard Group (“Vanguard”)—collectively known as the “Big Three,” own an increasingly large proportion of American public companies.

What are 3 methods that are used to manage asset management? ›

The 3 methods most commonly used to manage asset management include 1) Manual organization with spreadsheets and process agreements 2) DAM (Digital Asset Management) Software purpose-built for managing your assets or 3) Asset management tools provided with centralized storage systems.

Is asset management same as hedge fund? ›

The only goal for asset management is to provide strong returns for the portfolio of assets as a whole. A hedge fund, while similar, is a collection of investment oversight that seeks greater returns through very risky types of investments.

Is asset management high paying? ›

As a post-MBA Analyst at a large mutual fund, total compensation might be on par with what post-MBA IB Associates earn: around $250K to $350K. At the Portfolio Manager level, earning potential is around $1.0 – $1.5 million per year.

How do you do asset management? ›

5 Steps to Building an Effective Asset Management Plan and Asset Planning
  1. Complete an asset inventory. You can't effectively manage your assets if you don't know what assets you have! ...
  2. Calculate life-cycle costs. ...
  3. Set levels of service. ...
  4. Apply cost-effective management. ...
  5. Execute long-term financial planning.

What are the 4 solar technologies? ›

Learn more about the following solar technologies:
  • Solar Photovoltaic Technology. Converts sunlight directly into electricity to power homes and businesses.
  • Passive Solar Technology. ...
  • Solar Water Heating. ...
  • Solar Process Heat. ...
  • Concentrating Solar Power.

What is the most common solar technology? ›

Monocrystalline solar panels are the most commonly used residential solar panel to date because of their power capacity and efficiency. Monocrystalline solar panels can reach efficiencies higher than 20%, making them the most efficient panel on the market.

How much is HelioScope software? ›

Starting on November 15, 2022, we will be raising the cost of our HelioScope basic plan from $95 per month to $159 per month ($1,620 annually).

What is the best management system? ›

#1) monday.com. monday.com offers an open platform to help organizations create the tools according to their needs. It is a Work Operating System for managing all the work from one workspace. It offers a lot of visual as well as customizable templates.

How do I choose a PM software? ›

Here are the most important points you should consider when choosing project management software.
  1. Size of your organization. A large enterprise has different needs from a small startup. ...
  2. Scalability. As your project management needs evolve, you need to know your chosen software can keep up. ...
  3. Pain points. ...
  4. Ease of use.
Feb 21, 2023

What property management system does Marriott use? ›

What PMS System Does Marriott Use? The property management system used by Marriott International is Micros Opera. All North American properties under Marriott use this PMS system, and subsequently, all Marriott brands worldwide.

What are the four 4 categories of inventory? ›

There are four different top-level inventory types: raw materials, work-in-progress (WIP), merchandise and supplies, and finished goods. These four main categories help businesses classify and track items that are in stock or that they might need in the future.

What are the 4 types of inventory management? ›

The four types of inventory management are just-in-time management (JIT), materials requirement planning (MRP), economic order quantity (EOQ) , and days sales of inventory (DSI). Each inventory management style works better for different businesses, and there are pros and cons to each type.

What are the 4 inventory models? ›

The four types of inventory most commonly used are Raw Materials, Work-In-Process (WIP), Finished Goods, and Maintenance, Repair, and Overhaul (MRO). You can practice better inventory control and smarter inventory management when you know the type of inventory you have.

What are the 7 types of assets? ›

Types of Assets
  • Cash and cash equivalents.
  • Accounts Receivable.
  • Inventory.
  • Investments.
  • PPE (Property, Plant, and Equipment)
  • Vehicles.
  • Furniture.
  • Patents (intangible asset)
Mar 4, 2023

What are the 5 major assets? ›

The five main asset classes are cash and cash equivalents, fixed-income securities, stocks and equities, funds, and alt investments.

What are the 6 classes of assets? ›

An asset class is a way to categorize different types of investments with similarities. Types of asset classes include: stocks, bonds, Cash equivalents or money market vehicles, real estate, commodities, and cryptocurrency.

Who is the largest asset manager in the US? ›


What does ESG stand for? ›

ESG stands for Environmental, Social, and Governance. Investors are increasingly applying these non-financial factors as part of their analysis process to identify material risks and growth opportunities.

What percentage do asset managers take? ›

Management Fees: This fee is calculated as a percentage of assets under management. Typically this equates to 2% but can range from 1% to 4% depending on the fund.

What are the four fundamentals of asset management? ›

Extending asset life • Optimizing maintenance and renewal • Developing accurate long-term funding strategies • Sustain long term performance!

What makes a good asset management system? ›

Your asset management system should be able to track your assets using GPS and RFID. Don't forget the vehicles your company owns and uses daily and the equipment inside of it, which are also assets that need tracking. So is IT equipment and software in addition to your office furniture.

Is Fidelity an asset management? ›

The company was established in 1946 and is one of the largest asset managers in the world with $4.5 trillion in assets under management, now as of December 2021 their assets under administration amounts to $11.8 trillion.

What is the biggest hedge fund in the world? ›

Bridgewater Associates

Is Portfolio Management same as asset management? ›

What is the difference between asset management and portfolio management? An asset manager is a portfolio manager. But they also manage everything else with monetary value, including cash, properties, and investments. In contrast, a portfolio manager solely handles a client's financial assets.

How many hours a week does an asset manager work? ›

Asset managers keep more reasonable hours. While a person's exact working hours vary based on their employer, 40-to-50-hour weeks are pretty standard in the industry, with occasional Saturday work required.

What company is the largest asset manager? ›

BlackRock is one of the leading investment solutions institutions around the globe and the number one asset manager with $10 trillion in assets as of January 2022. BlackRock is based in New York City and was founded in 1988.

Is asset management a stressful job? ›

Some feel that asset management offers less stress than a field like investment banking but still comes with a very competitive salary. The work is intellectually stimulating, especially for those who are passionate about the financial markets and enjoy analyzing companies.

What is the first step in asset management? ›

Planning is the first stage of the asset life cycle. This stage establishes and verifies asset requirements. Establishment of asset requirements is based on evaluation of the existing assets and their potential to meet service delivery needs.

Why do I need asset management software? ›

Asset management software helps companies manage and optimize the procurement, implementation, maintenance, use, and disposal of software programs. In 2019, many companies are still using manual methods such as Microsoft Excel to record and monitor their assets.

What skills do you need for asset management? ›

Asset Manager Qualifications/Skills:
  • Strong analytical skills.
  • Highly skilled in math and finance.
  • Excellent communication skills.
  • Strong time-management skills.
  • Detail oriented and highly organized.
  • Skilled in negotiation and project management.
  • Excellent critical thinking skills.

What is the newest solar technology? ›

MIT researchers have developed a scalable fabrication technique to produce ultrathin, lightweight solar cells that can be stuck onto any surface. Caption: The thin-film solar cells weigh about 100 times less than conventional solar cells while generating about 18 times more power-per-kilogram.

What are the 12 solar system? ›

The Latest. Our solar system consists of our star, the Sun, and everything bound to it by gravity – the planets Mercury, Venus, Earth, Mars, Jupiter, Saturn, Uranus, and Neptune; dwarf planets such as Pluto; dozens of moons; and millions of asteroids, comets, and meteoroids.

What is the newest solar system? ›

Astronomers have discovered an entirely new ring system within the solar system, and it's located at such a great distance from its dwarf planet parent that it should be impossible. The ring surrounds Quaoar, which is around half the size of Pluto and located beyond Neptune.

What American city is using the most solar energy? ›

Johanna Neumann
Total solar rankCityState
1Los AngelesCA
2San DiegoCA
3Las Vegas*NV
16 more rows

Is there anything better than solar? ›

The wind is a more efficient power source than solar. Wind turbines release less CO2 to the atmosphere. A wind turbine produces 4.64 grams of CO2/1kWh while the solar panel produces 70 grams of CO2/1kWh. Wind power consumes less energy and produces more energy compared to solar panels.

What is the most powerful solar system? ›

Monocrystalline Solar Panels

Monocrystalline (mono) panels offer the highest efficiency rates and power output. Although they have the highest price tag, their long-term benefits are worth the investment.

Who bought HelioScope? ›

Solar sales and design software company Aurora Solar acquired the other leading company in this space, Folsom Labs, developer of HelioScope.

Who uses PVsyst? ›

PVsyst is designed to be used by architects, engineers, and researchers. It is also a very useful educative tool. It includes a detailed contextual Help menu that explains the procedures and models that are used, and offers a user-friendly approach with a guide to develop a project.

What is PVsyst program? ›

PVsyst is a software tool designed for the solar energy industry. PVsyst creates, simulates, and analyzes solar energy systems of all types. PVsyst is famous for its accuracy and flexibility for two reasons: 1). PVsyst allows users to input specific data about their solar systems.

How do you keep track of solar production? ›

Some solar panel kits or set-ups will come with a monitor. Alternatively, you can track energy production through your solar inverter. Newer solar panels are likely to have been installed with solar system monitoring software. Your solar installer will have set this software up to operate through your inverter.

Which company has the best inventory management system? ›

There's a perfect company and software solution out there for every warehouse.
Top 8 Inventory Management Companies
  • Extensiv AKA Scout TopShelf. ...
  • Fishbowl. ...
  • Netsuite. ...
  • Lead Commerce. ...
  • Veeqo. ...
  • Infoplus. ...
  • Odoo. ...
  • Finale Inventory.

What is the best application to keep track of inventory? ›

NerdWallet's Best Inventory Management Software of March 2023
  • Cin7 Orderhive: Best for E-commerce businesses.
  • Brightpearl: Best for Comprehensive software suite.
  • Square for Retail: Best for Basic inventory needs.
  • Lightspeed Retail: Best for More complex inventory needs.
  • inFlow Inventory: Best for B2B companies.
Oct 25, 2022

What is the most effective management of inventory? ›

Inventory management techniques and best practices for small business
  • Fine-tune your forecasting. ...
  • Use the FIFO method (first in, first out). ...
  • Identify low-turn stock. ...
  • Audit your stock. ...
  • Use cloud-based inventory management software. ...
  • Track your stock levels at all times. ...
  • Reduce equipment repair times.
Jan 28, 2023

What is solar monitoring software? ›

Smart Solar Monitoring System is an online solar plant performance monitoring system. Smart Solar Monitoring System is a combination of Hardware and Software which provide the complete solution of the solar plant. Smart Solar Monitoring System comes with elements like data logger, sensors etc.

Is there an app to monitor my solar panels? ›

The SolarEdge monitoring application enables PV installers and system owners to perform remote monitoring on the go using their mobile Android device, thus maximizing solar energy harvesting. The application enables users to view the most updated data and be up to speed with their site's performance.

What is the best way to track the solar activity cycle? ›

Surveying sunspots is the most basic of ways we study how solar activity rises and falls over time, and it's the basis of how we track the solar cycle. Sunspots correspond with the Sun's natural 11-year cycle, in which the Sun shifts from relatively calm to stormy.

How much should an inventory management software cost? ›

Typically, inventory management software, on average, costs approximately $100 per month, though lower-cost solutions are available. The most expensive software can cost up to $3,000 per month or might come with a one-time licensing fee of a few thousand dollars.

Which inventory system is more advanced? ›

Periodic and perpetual inventory systems are two different inventory tracking methods that ecommerce businesses use to track and monitor stocked goods. The perpetual inventory system is more advanced and used more often than a periodic system.

What are the three types of inventory management systems? ›

Businesses can choose from either of the three inventory systems: manual, periodic, and perpetual. Let's take a look at each one of these systems and find out how they are different from one another.

Can Excel be used to track inventory? ›

Excel is an inexpensive way to keep track of inventory, although it does have limitations (and room for error) that inventory management software does not. A spreadsheet offers virtually endless columns for categorizing and sorting the data you need.

Is there a free app that keeps track of inventory? ›

Sortly is a super simple inventory tracking solution that enables businesses and teams to easily track what they have, where it is, and who has it. Anytime, anywhere, on any device.

What is the easiest way to track inventory? ›

The best way to keep track of inventory is with an easy-to-use, robust inventory management software system. With inventory management software, you can get real-time alerts, add meaningful pictures to your inventory list, and utilize barcodes and QR codes to automate otherwise tedious, error-prone processes.

What is the 80 20 inventory rule? ›

What Is the 80/20 Inventory Management Rule? The 80/20 rule states that 80% of results come from 20% of efforts, customers or another unit of measurement. When applied to inventory, the rule suggests that companies earn roughly 80% of their profits from 20% of their products.

What are the 4 types of inventory? ›

There are four main types of inventory: raw materials/components, WIP, finished goods and MRO.


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