"Inventory updating" refers to the process of updating the inventory data of a company or organization to ensure that they correspond to the actual physical stock. This process typically involves adding new stocks, removing depleted or obsolete stocks, and updating quantity changes due to inbound and outbound movements of goods.
Typical functions of software in the area of "inventory updating" include:
Manual inventory updating: Ability for users to manually update inventory data by adding new stocks, removing or modifying existing stocks.
Automatic inventory updating: Automation of updates based on incoming orders, outgoing deliveries, or other predefined events to ensure that inventory levels are always up to date.
Real-time updating: Instant updating of inventory data in real-time to provide a current and accurate overview of the inventory.
Inventory monitoring: Monitoring of inventory changes and notifications of critical inventory levels or potential issues to enable timely actions.