Cloud-based inventory management software gives businesses the ability to track inventory in real time, generate reports for improved insights and collaboration, and access the data anytime, anywhere using mobile devices. Inventory management software isn’t nearly as effective if it’s not tightly integrated with your other front- and back-end business applications. When considering inventory management software either as an add-on or as part of an ERP solution, here are some factors to consider: If done well, that ERP unifies inventory, accounting, point-of-sale, and supply chain management on one cohesive and efficient platform. Inventory management software is usually part of a larger enterprise resource planning (ERP) system. What to look for in software for inventory management Inventory management software can provide accurate data on inventory conditions in real time, and also give you insights into trends so that you can respond to changing market demands and conditions without losing out on sales opportunities. Digitizing this process not only makes it more accurate, it saves valuable time.Ĭore capabilities include inventory optimization, product identification and tracking, service management for service-oriented companies, asset tracking, and reorder points.
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Software for inventory management automates what used to be a time-consuming, manual process of counting each item one by one and recording it on paper. The purpose of inventory management software is to maintain an optimal inventory level, track goods during transport between locations, receive new items, manage warehouse processes such as picking, packing, and shipping, prevent product obsolescence and spoilage, and ensure your products are never out of stock. Inventory management software tracks, manages, and organizes inventory levels, orders, sales, and deliveries. What inventory management software is, and how it can help Tracks inventory from manufacturing to when it’s used on the production shop or factory floor. Just in time (JIT) inventoryĪ logistics term that refers to receiving inventory just before or at the exact time it’s needed. Kittingīundling the parts and items that make up a single finished item. Refers to the list of sub-items that make up a single inventory item. This method is used when it’s too time-consuming to track actual costs in real time. The variance between the two numbers is recorded in the accounting records. Standard costingĮstimate of the expected cost for an item in the accounting records, which is periodically checked against the actual cost. This metric yields the weighted average cost per unit.
The cost of available goods for sale divided by the number of units for sale.
The cost of goods sold divided by average inventory on hand. Your inventory management system should support multiple inventory valuation methods and functions such as: Inventory turnover rate When inventory and accounting are integrated well, you get real-time metrics into your goods at every step of the process. Inventory is considered a business asset, so inventory management ties in closely with accounting. The close relationship between inventory and accounting
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