Top Inventory Management Software

Top Inventory Management Software

Inventory management software is a software system for tracking inventory levels:-

orders, sales, and deliveries.

Top Inventory Management Software

Top Inventory Management Software – 2019 Reviews & Pricing

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.

Inventory management software is made up

of several key components working together to

create a cohesive inventory of many organization’s systems.

These features include:

Reorder Point :-

Should inventory reach a specific threshold, a company’s inventory management system can be

programmed to tell managers to reorder that product.

This helps companies avoid running out of products or tying up too much capital in inventory.

Asset tracking :-

When a product is in a warehouse or store,

it can be tracked via its barcode and

other tracking criteria,

such as serial number, lot number or revision number.

Systems. for Business, Encyclopedia of Business, 2nd ed.

Nowadays, inventory management software often utilizes barcode, radio-frequency identification (RFID),

and/or wireless tracking technology.

Service management :-

Companies that are primarily service-oriented

rather than product-

oriented can use inventory

management software to track the cost of the materials they use to provide services,

such as cleaning supplies.

This way, they can attach prices to their services that reflect the total cost of performing them.

Product identification :-

Barcodes are often the means whereby data on products

and orders are inputted into inventory management software.

A barcode reader is used to read barcodes and

look up information on the products they represent.

Radio-frequency identification

(RFID) tags and wireless methods of product identification

are also growing in popularity.

Modern inventory software programs may use QR codes or NFC tags to identify inventory items and smartphones as scanners.

This method provides an option for businesses to track inventory using barcode

Top Inventory Management Software – 2019 Reviews & Pricing

scanning without a need to purchase expensive scanning hardware.

Inventory optimization :-

A fully automated demand forecasting and inventory optimization system to attain key.

Inventory optimization metrics such as:

Reorder point: the number of units that should trigger a replenishment order.

Order quantity: the number of units

that should be reordered

based on the reorder point, stock on hand and stock on order.

Lead demand: the number

of units that will

Stock cover: the number of days left

before a stockout if no reorder is made.

Accuracy: the expected accuracy of the forecasts.

History :-

The Universal Product Code (UPC)

was adopted by the grocery industry in April 1973 as the

standard barcode for all grocers, though it

was not introduced at retailing locations until 1974.

This helped drive down costs for inventory management

because of retailers in the

United States and Canada didn’t have to purchase multiple barcode readers to scan competing barcodes.

There was now one primary barcode for grocers and other retailers to buy one type of reader for.

In the early 1980s, personal computers began to be popular.

This further pushed down the cost of barcodes and readers.

It also allowed the first versions of

inventory management software to be put into place.

One of the biggest hurdles in selling readers and barcodes to retailers was the fact that they didn’t

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