Inventory management software is a computerized and mechanized system created to monitor the sales, delivery, ordering and product levels of various businesses. This software’s are used in retail industry as well as manufacturing industry. It is used throughout the manufacturing industry as well as the retail industry. The main and the primary purpose of Inventory Management Software are to make sure that the retailers and manufactures do not face any out-of-stock or over-stock situations.
A solid and well-performing IT Inventory Management system helps in reducing the company’s carry-costs, which in the other sense is the amount the inventory costs you.
Inventory management software observes the flow of items as purchased from the vendor and then further:
- It can ship to one or one of many distribution centres; the item in this case will then be shipped from the distribution centre to the store.
- It can ship directly from the vendor to the store. There are some companies that use hybrid systems where items are sourced from vendor-to-DC-to-store and vendor-to-store.
Inventory management software also makes sure and keeps on monitoring that there is correct quantity of items in store. It also monitors the movement of receiving and shipping at store and DC level; the movement of inventory from vendor-to-store or vendor-DC-store; the flow of inventory from DC to store. It decreases the amount of product spoiling with monitoring the sales-to- inventory measures.
There are many marginal aspects of inventory management software that should be commented on. You will find most industries as well as retailers who have all aspects or most of the aspects. They all are tied into the exact same system, but most often they have separate systems that interconnected with different interfaces.
The retail inventory software of IT Inventory Management deals specifically with products of a commercial sales location. It provides with all the different aspects of inventory control at store level and it can also be the same software program which is used in other parts of supply chain within the company. It keeps a track of various things including the date the product was received at store level, sales history, title and description.
Warehouse inventory management software is the same as retail management software. It provides the various aspects of inventory control in a company warehouse location and the same software program is used in the supply chains throughout the rest of the company. It keeps a track of the date the goods are received into the warehouse/DC, location of the warehouse, how often the product is received and shipped through warehouses and title and description.
Inventory management software is used to manage and monitor the flow and levels of goods within a company and its manufacturing and retail. It is a computerized process in the large field of supply chain and is a key in the company’s profit.
For streamlining the it inventory management and managing it is easy with the assistance of Promisec Inventory management software and inventory control system.