Management
Inventory management refers to the process of ordering, storing, using, and selling a company’s inventory. In business terms, inventory management means the right stock, at the right levels, in the right place, at the right time, and at the right cost as well as price. Possessing a high amount of inventory for a long time is usually not a good idea for a business.
The primary purpose of inventory management is to ensure there is enough goods or materials to meet demand without creating overstock, or excess inventory.
Organizations from small to large businesses.
Reduce the costs of carrying excess inventory while maximizing sales.
Helps companies identify which and how much stock to order at what time
➢ Manual Inventory System
➢ Periodic Inventory System
➢ Perpetual Inventory System
➢ Benefit of inventory management
➢ Automated inventory management.
➢ Improving supply chain operations.
➢ Add new Selling Channels easily.
Advantages
- Saves Time.
- Improves Business Planning.
- Improves Customer Service.
Features
- Cost-effective order routing and inventory location.
- Inventory Tracking & Forecasting.