Inventory management software
This is a computer based software for tracking inventory levels, orders , sales and deliveries. Companies use inventory management software to avoid product overstock and outages It’s made up of several key components all working together to create a cohesive inventory for many organizations systems. These features include
1.Order management. A company’s inventory management system can be programmed to tell the manager to reorder a product, should that product reach a specific threshold. This helps the company avoid running out of products, or trying up too much in inventory.
2.Asset tracking. Inventory management software often utilizes barcode ,radio frequency identification(RFID) and/or wireless tracking technology in tracking a product movement in a warehouse or a store
3.Service management. Companies that are service oriented can use inventory management software to track the cost of raw materials they use, such as cleaning supplies. This way, they can attach prices to their services that reflect the total costs of performing them.
4.Inventory optimization. A fully automated demand and forecasting and inventory systems to attain key inventory optimization metrics such as I.Reorder point: II.Order quantity: III.Lead demand: IV.Stock cover: V.Accuracy
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