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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.
RFID is synonymous with track-and-trace solutions, and has a critical role to play in supply chains. RFID is a code-carrying technology, and can be used in place of a barcode to enable non-line of sight-reading. Deployment of RFID was earlier inhibited by cost limitations but the usage is now increasing.
The entire business benefits with higher performance, greater cost-efficiency, and thus increased supply chain efficiency. While functionality in such systems is broad, it commonly includes: Customer-requirement processing; Purchase-order processing; Sales and distribution; Inventory management; Goods receipt and warehouse management
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]
The system provides a central database to track movement of animals within the EU and from third countries. [7] Australia has its National Livestock Identification System to keep track of livestock from birth to slaughterhouse. India has started taking initiatives for setting up traceability systems at Government and Corporate levels.
Field inventory management, commonly known as inventory management, is the task of understanding the stock mix of a company and the handling of the different demands placed on that stock. The demands are influenced by both external and internal factors and are balanced by the creation of purchase order requests to keep supplies at a reasonable ...
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