Inventory management systems help companies track all incoming and outgoing stock to better meet customer demands and avoid cost overruns or any kind of loss in business. The system affects all major business functions, including accounting, manufacturing, inventory management, purchasing, sales, and customer service.
Inventory management systems have features that help manage, control, track and plan inventory. Here's what you can expect from these features:
1) Inventory control: Inventory control processes products that are readily available and play a key role in supply chain management. Inventory control tools can categorize products by type, location, and item (or serial number), review data, generate real-time reports, and search, filter, and display products.
2) Inventory management: The inventory management function manages data from other parts of the system, such as inventory control.
Inventory management also deals with the business processes that occur before the stock arrives at the warehouse and how the inventory reaches other destinations. These features include tools for multi-site warehouse management and integration with other enterprise resource planning (ERP) software or platforms.
3) Inventory tracking: To implement inventory control, you need to track the condition of products and materials in the supply chain. Continuous inventory tracking capabilities help automate manual tasks. For example, the system automatically generates a tracking number when it creates a receipt or invoice.
4) Inventory barcoding: Barcode software helps prevent data entry errors and automates business functions that require communication with other parts of the system. Collecting, storing, and organizing digital inventory data makes inventory operations faster and more accurate.