Inventory management software is a software system for tracking inventory levels, orders, sales, and deliveries. 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.
Companies often use inventory management software to reduce their carrying costs. The software is used to track products and parts as they are transported from a vendor to a warehouse, between warehouses, and finally to a retail location or directly to a customer. Inventory management software is used for a variety of purposes, including: Maintaining a balance between too much and too little inventory. Tracking inventory as it is transported between locations. Receiving items from a warehouse or other location. Picking, packing, and shipping items from a warehouse. Keeping track of product sales and inventory levels. Cutting down on product obsolescence and spoilage. Avoiding missing out on sales due to out-of-stock situations.