Inventory management software refers to a computer program designed for managing inventory systems. In common use, the term software system refers to a set of programs or tools that are intended to improve management of a company's inventory. The main function of such a system would be to allow users to input data regarding stock levels, identify relationships between stock levels and variable costs, maintain accurate inventories, and so on. The barcode inventory system can be used to automate the process of recording stock levels, as well as being a useful tool for overseeing and monitoring the organization's inventory policies and procedures. Also called an inventory management computer software, it can also help in eliminating human errors associated with the inventory management process.
What is inventory management software? In simple terms, inventory management software is an electronic tool that assists in managing the entire supply chain of inventory and allows for in-house managers to easily track inventory levels as they occur throughout the enterprise. It is sometimes referred to as "infurnishings software," because it functions primarily as an in-house tool rather than a primary resource for decision support or inventory management. It tracks both on-hand and in-stock inventory and is compatible with a wide range of Microsoft Windows operating systems.
Inventory management software can either be onsite at the organization's location or it can be remotely hosted off-site through various Internet back-end applications, which allow users to access information from any remote location. One of the primary benefits of remote inventory software is its capability to integrate with advanced reporting tools, such as the Microsoft Dynamics GP, PeopleSoft, and IBM Lotus Notes. Other important features of this kind of software include real-time order processing (ROP), inventory tracking, multi-stage demand forecasting, trend analysis, and facility locating. Many inventory software packages also have connection capabilities with popular ERP applications, like Oracle, MS CRM, and Sybase.
The ability to track the number of units in inventory and the location of inventory points is essential to supply chain performance. With the use of onsite inventory management software, a manager can determine the location of storage loads, for example, to avoid the risk of storing excess inventory near shipping areas. It is also possible to track inventories on an ongoing basis using remote service and integrated with advanced reporting tools, including those provided by MS excel.
A large portion of a manufacturer's expenses are consumed in its supply chain, and this section alone constitutes about 15 percent of the manufacturer's total expenses. To effectively manage inventory, it is necessary to monitor both on-hand inventories and finished supplies. To achieve efficient on-hand control, it is necessary to implement an accurate and complete supply chain tracking system. Many manufacturers use sophisticated computer applications to manage inventory optimization data. Some examples of these applications include software packages like Manufacturing Organizations, ASAP System, Ship Channel Management and Warehouse Management. See page and find a simple inventory management software for you business.
MS ERP software can be installed in just about any manufacturing environment, greatly reducing training and staff time required for routine operations. If your company is still using manual systems to track inventories, consider taking advantage of on-site or remote service providers to help you monitor inventory costs. While on paper methods have been proven to be more effective than doing it electronically, there is no real substitute for real-time monitoring. No matter what type of information you need, an ERP package can handle it, whether it is historical information real-time reports, or simple transaction logs. This way, you will not only know what is going on in your production process but how you can optimize your inventory cost base as well. Check out this post for more information about inventory control software: https://en.wikipedia.org/wiki/Inventory_management_software.
