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Thursday, 21 June 2012 13:57

 

Components

          Inventory management software is made up of several components, all working together to create a cohesive inventory and stocks for many organisations control systems. These components include (in alphabetical order):

Asset tracking

          When a product is in a warehouse or store, it can be tracked via its bar code and/or other tracking criteria, such as serial number, lot number or revision number.

Barcoding

          Barcodes are the means whereby data on products and orders is inputted into inventory management software. A barcode reader is required to read barcodes and look up information on the products they represent.

Order management

          Once products reach a certain low level, a company’s inventory management system can be programmed to tell managers to reorder that product. This helps companies avoid running out of products or tying up too much capital in inventory.

Service management

          Companies that are primarily service-oriented rather than product-oriented can use inventory management software to track the cost of the materials they use to provide services, such as cleaning supplies. This way, they can attach prices to their services that reflect the total cost of performing them

 
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