What is meant by Inventory management?
Inventory management is a process in which the stock levels of a company or organization are monitored, organized, and controlled. The aim is to ensure efficient handling of the inventory to guarantee a smooth supply chain and adequate availability of goods or products.
Typical functions of inventory management software include:
- Inventory counting: Capturing and recording all existing items or products in the warehouse.
- Inventory tracking: Tracking of inputs and outputs to accurately know the current inventory levels.
- Inventory valuation: Evaluation of inventory based on various methods such as FIFO (First In, First Out) or LIFO (Last In, First Out).
- Order management: Automation of orders based on defined minimum stock levels or forecasted demands.
- Warehouse space management: Organization and allocation of storage spaces for efficient use of warehouse space.
- Inventory analysis: Provision of reports and analysis to recognize trends, identify bottlenecks, and optimize inventory management.
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