Inventory Management Software – This Will Ensure You Are Never In A Out-Of-Stock Situation Again!

Inventory management software is a computerized system created for the monitoring of delivery, sales, ordering and product levels of various businesses. It is used throughout the manufacturing industry as well as the retail industry. Its primary purposes is to ensure manufacturer and retailers are not in out-of-stock or over stock situations.

A solid and well-performing management system helps reduce a company’s carry-costs, which in another sense of the words is how much is your inventory costing you. Inventory management software monitors the flow of items as they are purchased from the vendor and then: 1. Shipped to one or one of many distribution centers; the item will then be shipped from the distribution center (DC) to store, or 2. Shipped directly from the vendor to the store. Some companies use hybrid systems where items are sourced from vendor-to-store and vendor-to-DC-to-store.

Inventory management software will ensure and monitor that there is a correct quantity of items in store or plant; it monitors the movement of inventory from vendor-to-store or vendor-DC-store; receiving and shipping at store and DC level; the flow of inventory from DC to store (this includes the receiving of goods; the picking of goods or order fulfillment; the packing of goods; and the shipping of goods to the correct location); it will monitor sales-to-inventory measures; and it will decrease the amount of product spoiling (this pertains to any factory or retail location that deals with living material or materials that have a form of expiration, such as food or plants or even some bath materials and candles).

There are peripheral aspects of inventory management software that should be commented on. Most industry and retailers will have all or most of these. They may be all tied into the exact same system, but most often they will be separate systems interconnected with various interfaces.

Retail inventory software will deal specifically with products in a commercial sales location. It will provide all the various aspects of inventory control at store level and it may be the same software program used in other parts of supply chain (the department of a company dealing with inventory management) within the company. It will keep track of various things including the date a product was received at store level; current on hand; sales history; title and/or description.

Warehouse inventory management software is almost the same as retail management software. It will provide all the various aspects of inventory control in a company warehouse location and, again, maybe the same software program used in supply chain throughout the rest of the company. It will keep track of date goods received into the warehouse/DC; current on hands; location in warehouse; how often the product is received and shipped at warehouse level; and title and/or description.

Inventory tracking software is almost synonymous with warehouse inventory management software and retail inventory software. Inventory tracking software will be the unique program concerned with the flow of inventory, such as on hands, shipping/receiving history, sales history. More often then not it will be integrated as the same software program used by supply chain throughout the company.

Asset management software can pertain to different items within the company. The assets can simply be the inventory throughout the company and this tracking info by be used for very specific purposes such as sales budgeting and budget forecasting. It may also deal with technology and other assets the company owns and the dollar value, life cycle, real estate. It may be part of a larger accounting tool.

Inventory management software is used to control and monitor the flow and levels of goods within a company, manufacturing and retail. It is a computerized process in the large field of supply chain and key in a company’s profit.