Inventory Management System
Inventory management software is a computer-based system for tracking inventory levels,
orders, sales and deliveries.
Inventory management software is a computer-based system for tracking inventory levels, orders, sales and deliveries. It can also be used in the manufacturing industry to create a work order, bill of materials and other production-related documents. Companies use inventory management software to avoid product overstock and outages.
It is a tool for organizing inventory data that before was generally stored in hard-copy form or in spreadsheets. It is often associated with and is similar to distribution software, as distributors that can compete with less cash tied up in inventories have a distinct advantage over their competitors.
Features
Inventory management software is made up of several key components, all working together
to create a cohesive inventory for many organizations’ systems.
Order management
This helps companies avoid running out of products or tying up too much capital in inventory.
Asset tracking
Nowadays, inventory management software often utilizes barcode and/or wireless tracking technology.
Service management
This way, they can attach prices to their services that reflect the total cost of performing them.
Product identification
Barcodes are often the means whereby data on products and orders is inputted into inventory management software.