Inventory Management System
Inventory Management System (IMS) is a combination of both software and hardware used to maintain a record of the products that are stored in an Inventory.
Need For Inventory management system
A Inventorymanagement system will make the activities in an Inventory much easier than manually doing or recording things. The Inventory management system will help in detecting the location of items stored in a warehouse to the amount of stock left in it that too with a single click.
Other advantages of inventory management systems are –
- Transparent and Accounted material flow
- Better reporting and forecasting capabilities
- Reduction in storage costs (overhead)
- Reduced labor costs
- Reduction in dead stock
- Better organization
- Enhanced transparency
- Improved supplier, vendor, and partner relationships