Details
- Inventory management software is a software system for tracking inventory levels, orders, sales and deliveries.
- It can be used in manufacturing industry to create a work order, bill of materials and other production-related documents.
Inventory Control
Inventory control is a planned approach of determining
- what to order,
- when to order
- how much to order
- how much to stock
Need of Inventory Management
- To stabilize production.
- To take advantage of price discounts.
- To meet the demand during the replenishment period.
- To prevent loss of orders.
- To keep pace with changing market conditions.
Importance of Inventory Control
- Improvement in customer’s relationship
- Smooth & uninterrupted production .
- Efficient utilization of working capital.
- Economy in purchasing.
- Eliminate the possibility of duplicate ordering