Inventory Management Software

Inventory Management Software is often used by companies  to reduce their carrying costs.The 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.

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 shipping items from a warehouse.

Keeping track of product sales and inventory levels.

Cutting down on product obsolescence and spoilage.

Manufacturing uses/applications

Advantages

There are several advantages to using inventory management software in a business setting.

Cost savings

In many cases, a company’s inventory represents one of its largest investments, along with its workforce and locations.Inventory management software helps companies cut expenses by minimizing the amount of unnecessary parts and products in storage. It also helps companies keep lost sales to a minimum by having enough stock on hand to meet demand.

Warehouse organization

Inventory management software can help distributors, wholesalers, manufacturers and retailers optimize their warehouses. If certain products are often sold together or are more popular than others, those products can be grouped together or placed near the delivery area to speed up the process of picking, packing and shipping to customers.

Updated data

Up-to-date data on inventory conditions and levels is also an advantage inventory management software gives companies. Company executives can usually access the software through a mobile device, laptop or PC to check current inventory numbers.

Time savings

With the aid of restricted user rights, company managers can allow many employees to assist in inventory management. They can grant employees enough information access to receive products, make orders, transfer products and do other tasks without compromising company security. This can speed up the inventory-management process and save managers’ time.