Inventory Management System

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Presentation Description

It quickly calculates and gives purchase recommendations to keep inventory levels and cost at a minimum. Makes advance planning and scheduling

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Presentation Transcript

Inventory Management System:

Inventory Management System Tracking system/GPS system

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Introduction : An inventory management system is the combination of technology ( hardware and software) and processes and procedures that oversee the monitoring and maintenance of stocked products, whether those products are company assets, raw materials and supplies , or finished products ready to be sent to vendors or end consumers. Inventory management software, which provides a central database and point of reference for all inventory, coupled with the ability to analyze data, generate reports, forecast future demand, and more.

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Inventory management software features Barcoding Reporting tools Inventory forecasting Inventory alerts Accounting tools or tie-ins

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Manufacturing inventory management The manufacturing process revolves around work orders and bills of materials. Inventory management at this point in the process is all about tying work orders and bills to your existing materials. That means you’ll find : Materials tracking Inventory levels for parts and finish products Automatic reordering Integrations with ERP or maintenance software

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Warehouse inventory management Managing a warehouse is a different beast and requires different system features. Warehouses are most interested in  where  an item is. Of course, having the right number on hand is important, but the real value in inventory management in a warehouse setting is being able to find something quickly Advanced barcode systems supporting QR and other standards Multiple location support Shelf and bin tracking systems Order picking support

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Retail inventory management software A good inventory system can keep shelves as full as they need to be. At its extreme, this is called “just-in-time” inventory management, which prioritizes minimizing cash tied up in product over maximizing inventory buffer. Order picking support Automatic reorder Inventory forecasting tools Barcoding support

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Benefits of Inventory Management Systems Improved cash flow Better reporting and forecasting capabilities Reduction in storage costs (overhead) Reduced labor costs Reduction in dead stock Better organization Enhanced transparency Improved supplier, vendor, and partner relationships

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Best Practices for Inventory Management Systems Location names Easy-to-read location labels Unique item identification numbers Units of measure A starting count A software solution that effectively monitors and tracks activity Clear, company-wide policies and processes People who know how to support these policies and processes

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