Inventory Management Software

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