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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.
Management Accounting; Shipping Management; As shippers grow, their business needs change and it becomes necessary to incorporate more and more aspects of varying systems in order to fulfill orders. As needs change, shippers often find that integrating disparate systems into a conglomeration that contains all needed functionality poses risk.
While it is sometimes used interchangeably, inventory management and inventory control deal with different aspects of inventory. 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]
Inventory Turn is a financial accounting tool for evaluating inventory and it is not necessarily a management tool. Inventory management should be forward looking. The methodology applied is based on historical cost of goods sold. The ratio may not be able to reflect the usability of future production demand, as well as customer demand.
The core function of a warehouse management system is to record the arrival and departure of inventory. [1] From that starting point, features are added like recording the precise location of stock within the warehouse, optimising the use of available space, or coordinating tasks for maximum efficiency. [2]
This page was last edited on 18 March 2012, at 10:51 (UTC).; Text is available under the Creative Commons Attribution-ShareAlike 4.0 License; additional terms may ...
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