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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.
Their features include tracking production, quality management work order handling, inventory control, data analysis and reporting. These capabilities empower businesses to streamline their production processes. These systems often integrate with ERP systems to align the company's business operations with its production activities.
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).
ERP systems track business resources—cash, raw materials, production capacity—and the status of business commitments: orders, purchase orders, and payroll. The applications that make up the system share data across various departments (manufacturing, purchasing, sales, accounting , etc.) that provide the data. [ 1 ]
Inventory (American English) or stock (British English) refers to the goods and materials that a business holds for the ultimate goal of resale, production or utilisation. [nb 1] Inventory management is a discipline primarily about specifying the shape and placement of stocked goods. It is required at different locations within a facility or ...
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