Inventory management software

Inventory management software is a software system for tracking inventory levels, orders, sales and deliveries. 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. It is a tool for organizing inventory data that before was generally stored in hard-copy form or in spreadsheets. Inventory management software is made up of several key components working together to create a cohesive inventory of many organization's systems. These features include: Should inventory reach a specific threshold, 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. When a product is in a warehouse or store, it can be tracked via its barcode and/or other tracking criteria, such as serial number, lot number or revision number. Systems. for Business, Encyclopedia of Business, 2nd ed. Nowadays, inventory management software often utilizes barcode, radio-frequency identification (RFID), and/or wireless tracking technology. 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. Barcodes are often the means whereby data on products and orders are inputted into inventory management software. A barcode reader is used to read barcodes and look up information on the products they represent. Radio-frequency identification (RFID) tags and wireless methods of product identification are also growing in popularity. Modern inventory software programs may use QR codes or NFC tags to identify inventory items and smartphones as scanners. This method provides an option for businesses to track inventory using barcode scanning without a need to purchase expensive scanning hardware.

About this result

This page is automatically generated and may contain information that is not correct, complete, up-to-date, or relevant to your search query. The same applies to every other page on this website. Please make sure to verify the information with EPFL's official sources.

Related concepts (6)

Related courses (16)

Related lectures (111)

Related MOOCs (1)

Inventory control

Inventory control or stock control can be broadly defined as "the activity of checking a shop's stock". It is the process of ensuring that the right amount of supply is available within a business. However, a more focused definition takes into account the more science-based, methodical practice of not only verifying a business's inventory but also maximising the amount of profit from the least amount of inventory investment without affecting customer satisfaction.

Inventory management software

Inventory

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. 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 within many locations of a supply network to precede the regular and planned course of production and stock of materials.

MICRO-448: Manufacturing systems and supply chain dynamics

This course discusses quantitatively some important and generic performance and reliability issues that affect the behavior of manufacturing systems and supply chains.

ME-419: Production management

Production management deals with producing goods sustainably at the right time, quantity, and quality with the minimum cost. This course equips students with practical skills and tools for effectively

MGT-417: Value chain management in practice

Learn through practice (using a Value Chain Management simulation) the key drivers of effective Value Chain Management. From Purchasing to Sales, through Operations and Supply Chain Management, unders

Analyse du cycle de vie environmental

MOOC introduction à la pensée du cycle de vie et aux concepts théoriques pour réaliser et critiquer une analyse du cycle de vie.

Invoice Processing: Metallica Sàrl

Covers the process of invoice processing for Metallica Sàrl, including tasks such as invoice approval and inventory management.

Inventory Management Application

Explores the development of a new inventory application at EPFL.

Seven-Eleven Japan Discussion: Supply Chain Excellence MGT-526: Supply chain management

Explores Seven-Eleven Japan's operational excellence, focusing on data collection, distribution, inventory management, and value creation strategies.