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An inventory management software is a software system for tracking inventory levels, orders, sales and deliveries. [1] 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.
While they are often used interchangeably, stock and inventory are two different things. Stock is the products sold by a business. Inventory includes all items required to make, store or sell your stock. [1] Stock-taking may be performed as an intensive annual, end of fiscal year, procedure or may be done continuously by means of a cycle count. [2]
The term template, when used in the context of word processing software, refers to a sample document that has already some details in place; those can (that is added/completed, removed or changed, differently from a fill-in-the-blank of the approach as in a form) either by hand or through an automated iterative process, such as with a software assistant.
Inventory optimization refers to the techniques used by businesses to improve their oversight, control and management of inventory size and location across their extended supply network. [1] It has been observed within operations research that "every company has the challenge of matching its supply volume to customer demand.
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