An inventory management system combines technology and processes to track stocked products throughout a company. Inventory management software provides a central database to analyze data, generate reports, forecast demand, and more. It features like barcoding, reporting, forecasting, alerts, and accounting tools. Manufacturing inventory management tracks materials and finished products using work orders, bills of materials, and automatic reordering. Warehouse inventory management focuses on item locations using advanced barcoding, multiple locations, shelf/bin tracking, and order picking. Retail inventory management prioritizes minimizing cash tied up in inventory using automatic reordering, forecasting, and barcoding to keep shelves full. Benefits include improved cash flow, reporting, storage costs, labor costs, dead stock

1. Tracking system/GPS system

2. Introduction :
An inventory management system is the combination of technology
(hardware and software) and processes and procedures that oversee
the monitoring and maintenance of stocked products, whether those
products are company assets, raw materials and supplies , or finished
products ready to be sent to vendors or end consumers.
Inventory management software, which provides a central database
and point of reference for all inventory, coupled with the ability to
analyze data, generate reports, forecast future demand, and more.

4. Inventory management software features
 Barcoding
 Reporting tools
 Inventory forecasting
 Inventory alerts
 Accounting tools or tie-ins

5. Manufacturing inventory management
The manufacturing process revolves around work orders and bills of
materials. Inventory management at this point in the process is all
about tying work orders and bills to your existing materials. That
means you’ll find:
 Materials tracking
 Inventory levels for parts and
finish products
 Automatic reordering
 Integrations with ERP or
maintenance software

6. Warehouse inventory management
Managing a warehouse is a different beast and requires different system
features. Warehouses are most interested in where an item is. Of course,
having the right number on hand is important, but the real value in
inventory management in a warehouse setting is being able to find
something quickly
 Advanced barcode systems
supporting QR and other standards
 Multiple location support
 Shelf and bin tracking systems
 Order picking support

7. Retail inventory management software
A good inventory system can keep shelves as full as they need to be. At
its extreme, this is called “just-in-time” inventory management, which
prioritizes minimizing cash tied up in product over maximizing
inventory buffer.
 Order picking support
 Automatic reorder
 Inventory forecasting tools
 Barcoding support

8. Benefits of Inventory Management Systems
 Improved cash 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

9. Best Practices for Inventory Management Systems
 Location names
 Easy-to-read location labels
 Unique item identification numbers
 Units of measure
 A starting count
 A software solution that effectively
monitors and tracks activity
 Clear, company-wide policies and
processes
 People who know how to support
these policies and processes

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