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As part of your supply chain-which includes aspects like managing purchases from both suppliers and customers, storage, and order fulfillment-inventory management is also responsible for generating reports and documents related to production, including work and purchase orders and bills of materials.īecause this procedure is extremely time-consuming and labor-intensive, companies use inventory software to keep tabs on all these moving parts and automate and expedite certain tasks. It can be used to monitor the levels of these items, orders, deliveries, and sales. Inventory management is the process of tracking assets or items in your inventory across your whole company.
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This post will explain what you can expect from such a solution, how it will benefit you, and the types and examples of these inventory management software. And so does, of course, finding the solution that corresponds exactly to your organization’s needs. Knowing all about how you can manage your inventory to streamline your sales is a core part of a supply chain strategy. Thanks to these applications, businesses can increase their productivity by 25% across the board. This means stocking raw material and finished goods “just right,” a la Goldilocks. Companies use inventory management software to control the balance of supply and demand. This is the essence of inventory management, one of the pillars of an excellent supply chain. In other words, you should have the right amount of cookies-at the right time, at the right place. Also, you should have the baked cookies already in stock so if your customers buy, you’ll have their cookies ready and they don’t have to wait for them to be baked. Suppose you want to sell chocolate chip cookies but you want to make sure that you have the right amount of ingredients at any one time to make and sell cookies.