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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.
Inventory management is a broader term pertaining to the regulation of all inventory aspects, from what is already present in the warehouse to how the inventory arrived and where the product's final destination will be. [2] This management involves tracking field inventory throughout the supply chain, from sourcing to order fulfilment.
Legacy enterprise software vendors typically offer both models, but incentivise their customers to move to the cloud. A WMS may be a standalone product, or can be a module or category of modules within a larger Enterprise Resource Planning (ERP) system, Shipping or Inventory Management Software, or Supply Chain Management System (SCMS).
The primary objective of inoERP is to provide a dynamic pull system which can control the Raw Material, Work in Process and Finished Good Inventory [3] to provide a good inventory turn. Dynamic pull system [ 4 ] is an advanced version of pull system which encompasses the best feature of traditional pull system and MRP.
This is simple where the cost has not varied across those held in stock; but where it has, then an agreed method must be derived to evaluate it. For inventory items that one cannot track individually, accountants must choose a method that fits the nature of the sale. Two popular methods in use are: FIFO (first in, first out) and LIFO (last in ...
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