An inventory management system is the consolidation of technology 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
- Tracking your inventory is important at every stage. Many systems allow you to track your inventory by serial numbers, RFID tags, barcodes and other IDs. These tools make it easy to quickly process inventory data when it first makes its way into your warehouse. They also provide an audit of all inventory movement. This is important for industries that deal with perishables or consumables.
- Enterprise businesses that manage multiple sites have the advantage of moving the product to where it’s most valuable. Bundling products can be attractive to customers, especially during certain times of the year. In order to do this effectively, you’ll need a system equipped with transfer management.
- Analytics and reporting are excellent tools to have on hand as you plan to grow your business. Analytics tools evaluate patterns in your processes to forecast future demands and sales. Predicting demands is a way to reduce safety stocks and carrying costs. Keeping inventory around simply, for safety’s sake is no longer necessary when you have great insights into how much you’ll need.