Inventory Management Software

Inventory management software is a computer-based system for tracking inventory levels, orders, sales and deliveries

Companies often use inventory management software to reduce their carrying costs. This software is used to track products and parts as they are transported from a vendor to a warehouse, between warehouses, and finally to a retail location or directly to a customer.

The product is equipped with modules, which helps its users to manage stocks at their warehouses, keep track of their inventory, monitor and regulate stock movement. Transactions to receive and move stock are modelled in a way that creating purchase orders, tracking inbound stocks, transferring stocks or sending them to your customers,etc made very easy.

Inventory management software is used for a variety of purposes, including:

  • Maintaining a balance between too much and too little inventory.
  • Tracking inventory as it is transported between locations.
  • Receiving items into a warehouse or other location.
  • Picking, packing and items from a warehouse.
  • Keeping track of product sales and inventory levels.
  • Cutting down on product and spoilage.
  • Integrated inventory management enables service fulfillment scenarios and quick time to activate services.
  • Comprehensive number management facilitates end-to-end lifecycle management.
  • User management - you can assign privilege to the users of the application, which means more customisation in providing access to your employees.

Inventory management software is made up of several key components, all working together to create a cohesive inventory for many organizations' systems. These features include:

Order Management

Should inventory reach a certain threshold, a company's inventory management system can be programmed to tell managers to reorder that product. This helps companies avoid running out of products or tying up too much capital in inventory.

Asset Tracking

When a product is in a warehouse or store, it can be tracked via its barcode and/or other tracking criteria, such as serial number, lot number or revision number. Nowadays, inventory management software often utilizes barcode, radio-frequency identification (RFID), and/or wireless tracking technology.

Service Management

Companies that are primarily service-oriented rather than product-oriented can use inventory management software to track the cost of the materials they use to provide services, such as cleaning supplies. 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. A barcode reader is used to read barcodes and look up information on the products they represent. Radio-frequency identification (RFID) tags and wireless methods of product identification are also growing in popularity.