Inventory management software is a computer-based system for tracking inventory levels, orders, sales and deliveries. It can also be used in the manufacturing industry to create a work order, bill of materials and other production-related documents. Companies use inventory management software to avoid product overstock and outages. It is a tool for organizing inventory data that before was generally stored in hard-copy form or in spreadsheets.
WHAT IS INVENTORY MANAGEMENT SOFTWARE?
INVENTORY MANAGEMENT SOFTWARE CONSISTS OF BUSINESS APPLICATIONS THAT TRACK, MANAGE AND ORGANIZE PRODUCT SALES, MATERIAL PURCHASES AND OTHER PRODUCTION PROCESSES.
Inventory management software consists of business applications that track, manage and organize product sales, material purchases and other production processes. Gone are the days of tracking inventory with pencil and paper. Businesses can now use systems based on barcodes or radio-frequency identification (RFID) to see when shipments come in, where raw materials are located, and when their products have shipped. By using inventory management software, businesses reduce the time and efforts previously put into basic tracking, and instead focus on analyzing, finding and reducing inefficiencies in their model.
Inventory is the materials, work-in-progress goods and final product that businesses sell in order to generate revenue. Without inventory going out, there is no money coming in.
Technocrat Software inventory mangement Software are following features:
- Inventory Management helps you figure out exactly how much inventory you need. This makes it easier to prevent product shortages and keep just enough inventories on hand without having too much.
- You need to keep a high inventory turnover ratio to ensure your products aren’t spoiling, becoming obsolete or sucking up your working capital. Calculate how many times your inventory sells in a year and see where you can make better use of your resources.
- IMS leads to what every business owner wants – repeat customers. You want your hard-earned customers to keep coming back to your business to meet their needs. One way to do this is to make sure you have what they’re looking for every time they come.
- You can empower your employees to help you manage inventory. Training employees to use barcode scanners, inventory management software and other tools helps them make better use of their time, and it helps your business make better use of its resources, both human and technological.
- If you have multiple locations, then inventory management becomes even more important because you need to coordinate your supplies at each location depending on differences in demand and other factors.
- IMS is a great time-saving tool. By keeping track of all the products you have on hand & on order, you can save yourself the hassle of doing inventory recounts to make sure your records are accurate.