Inventory Management Software
Inventory management software allows you to manage the inventory of an organization by using various types of computer programs and accessories. The software has a variety of modules which cover different areas such as tender/RFQ release, purchase order generation, mailing/printing, master creation, minimum and maximum quantity/level of products, and lead time, etc. It also allows you to identify which parts are critical and which parts are non-critical. It’s essential to any type of business to know exactly what your inventory is at all times. That’s what makes inventory management software such an important piece of industrial software. This type of software is very important to the retail business and the manufacturing sector.
You have to make sure that you are ordering the right amount of products for your business and that you always have enough parts in stock. There are many types of software that can be used in inventory management and the types of programs you need will depend on your operation and how complex it is. Inventory management software could be a simple program that keeps track of what you have in stock and it could be a complex program which can be used to forecast future sales and purchasing needs, etc.
Some of the more complex programs consist of masters which can set the environment or prescribe the limiting guidelines for transactions. The transaction, while being recorded, checks its association with the relevant master. It either allows the transaction to proceed unhindered, or if it violates a guideline, it will flash a warning to you. There are different types of masters available such as general ledger master, cost center master and sales tax master.
Each component can be assigned a product number along with a code to associate it with a product or a family of products. Different features such as material, cost, and vendor, etc. can be entered into the database. Once the sales or the production plan for a month/quarter/year is entered, the software gives a breakup of the shortfall/surplus quantities for each component.
The software has good reporting features which give the status for each product line and shows where the process is headed.