Inventory management project is a computer-based 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.
Order management
Should inventory reach a certain threshold, a company's inventory
management system can be programmed to tell managers to reorder that
product. This helps companies avoid running out of products or tying up
too much capital in inventory.
Asset tracking
When a product is in a warehouse or store, it can be tracked via its barcode and/or other tracking criteria, such as serial number, lot number or revision number. Nowadays, inventory management software often utilizes barcode, radio-frequency identification (RFID), and/or wireless tracking technology.
Service management
Companies that are primarily service-oriented rather than
product-oriented can use inventory management software to track the cost
of the materials they use to provide services, such as cleaning
supplies. This way, they can attach prices to their services that
reflect the total cost of performing them.
Product identification
Barcodes are often the means whereby data on products and orders is inputted into inventory management software. A barcode reader is used to read barcodes and look up information on the products they represent. Radio-frequency identification (RFID) tags and wireless methods of product identification are also growing in popularity.
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