Definition of Inventory Management System

Hello sir I am here as I want to get the information about Inventory Management System so will you please provide me the info along with its definition??

[Kiran Chandar]

An inventory management system combines the use of desktop software,
barcode scanners, barcode printers, and mobile devices to streamline the
management of inventory (e.g. goods, consumables, supplies, stock, etc.).

Whether you are tracking inventory used to perform a service or sold to
customers, using an inventory system provides staff accountability and
minimizes inventory stockouts and shrinkage.

At its core, inventory control works by tracking two main functions of your
stock room or warehouse — receiving (incoming) and shipping (outgoing).

The goal of inventory control is to accurately know current inventory levels
and automatically minimize understock and overstock situations. By
efficiently tracking quantities across stocking locations you’ll have insight and
be able to make smarter inventory decisions.

Common Inventory Applications

-Warehouses

-Stockrooms and supply rooms

-Distribution

-Offices and classrooms

-Facilities management

-Light manufacturing

-Work-In-Progress


Popular System Functionality
-Create purchase orders
-Receive, put away, relocate, adjust, and dispose inventory
-Create sales orders
-Pick
-Pack and Ship
-Physical inventory counts and cycle counts
-Create, run, schedule, and share reports
-Print barcode labels

Inventory System Benefits

-Improve Your Bottom Line
You'll spend less time on inventory control, and reduce understock and overstock.

-Improve Accuracy
Eliminate data entry errors by using mobile barcode scanners to scan stock item barcodes.

-Improve Company Workflow
Share inventory data with colleagues and standardize inventory control tasks.