Inventory Software is a computer based application that can be used in tracking of products, order, sales and deliveries. It can be used in creating work order, bill of materials and other production related documents. It is used in order to avoid over stocking of products and outages. It is a utility in organizing the inventory of data.
The software is composed of numerous sections that are working all together to be able to create an effective inventory for stock. Asset tracking is where product in the warehouse is listed, it can check through the help of bar code and other tracking criteria like serial number. Barcoding is the way in which data on products and order is placed on the system by simply putting in the barcode and it can be check using barcode reader. Another component is Order Management is the way to monitor the status of the products, it can be set up to inform the administrators whether there’s a need to reorder product. It is helpful to be able to avoid out of stock instances. Lastly, Service Management is used to track down the cost of materials that the company uses in order to provide service, for instance cleaning supplies. The software’s main purpose is to be able to reduce the carrying cost. It can help in maintaining balance between too much and too little, the items received, picking, packing and shipping, keeping track of product sales and to reduce the obsolescence of product and spoilage.