Travelopro
India, Bengaluru
+91 80951 46000 lukebryan2302@gmail.com
Inventory Management System
An inventory management system (or inventory system) is the procedure by which you track your goods all through your entire supply chain, from purchasing to production to end sales. It governs how you approach inventory management for your organisation.
Inventory management refers to the procedure of ordering, storing, utilizing, and selling a company's inventory. This involves the management of raw materials, components, and finished products, as well as warehousing and processing of such items.
How Does an Inventory Management System Work?
Products get scanned utilizing bar code or RFID (radio frequency identification) systems. These details get sent to the Inventory Management System to keep track of how much product is being sold and what is in the warehouse.
The system supports electronic data interchange (EDI). EDI sends and receives data between two parties utilizing data transmission lines, i.e., the Internet. It permits communication with vendors to buy materials.
Inventory is the goods or materials a company intends to sell to consumers for profit. Inventory management, an important element of the supply chain, is the tracking of inventory from manufacturers to warehouses and from these facilities to the point of sale.
The goal of inventory management is to have the correct products in the right place at the right time. This needs inventory visibility — knowing when to order, how much to order and where to store stock. The basic steps of inventory management include:
Purchasing inventory: Ready-to-sell goods are purchased and delivered to the warehouse or directly to the point of sale.
Storing inventory: Inventory is stored until needed. Goods or materials are transferred across your fulfilment network until ready for shipment.

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