Additional light on the topic

Inventory management is the process of ordering, storing, using, and selling inventory which can be raw materials, components, or finished products. The process involves managing the flow of inventory from purchase to final sale, and watching for supply and demand trends. Inventory management aims to have the right stock, at the right levels, in the right place, at the right time, and at the right cost and price. Inventory management is used by businesses of various sizes and sectors to meet consumer demands and grow sales.

Tracking your stock on a regular basis saves from a lot of nightmares. Accuracy is what the businesses need first and foremost. Solid inventory management makes it possible. You can have the exact stock and order amount to meet customer demand.

The broadest definition of the term "inventory management software" would have to include ERP and MRP legacy software that records basic data on inventory. Advanced planning and scheduling (APS) helps manage the raw materials and components used in manufacturing, and warehouse management systems (WMS) have analogous features for warehouse inventory management.

Warehouse inventory management is the main purpose of a warehouse management system (WMS) as well as some more specialized tools. It controls and optimizes the movement, storage, and tracking of inventory in and around a warehouse. For example, this software can say when and where to pick put away and replenish goods. In contrast, inventory management software usually takes a broader view of inventory planning and optimization across many locations along the supply chain.

Typically, excess and obsolete stock stems from ineffective sales forecasting, planning or using a business model that fails to factor in product complexity and life cycles correctly. Inventory leaders establish processes to determine why excesses are being created and then develop a plan of action to sell it off.

The inventory management process involves tracking and controlling stock as it moves from your suppliers to your warehouse to your customers. There are five main stages Purchasing,Production,Holding stock,Sales and Reporting

  • Focus on your needs
  • Engage with suppliers
  • Utilise real-time data