Inventory management software is used for organizing and streamlining the stock data of a company that used to be kept in hard format documents earlier. Inventory doesn’t refer to only ready stock of deliverable products in a company’s warehouse. It also has applications in manufacturing operations especially in relation to recording work orders, billing for material purchase and other workflow related records. This software automates the different processes of recording salebound stock in warehouses as well as input stock at the plant.
The need to manage inventory
Businesses have to maintain a balance between running stock at the point of sale and buffer stock in the warehouses. This used to be a very big challenge in the days prior to the arrival of inventory management software because of the very large number of entries that gets updated every second, minute, hour or day depending on the scale of operations. Unless a business is able to find the balance between running stock at the point of sale (POS) and buffer stock in the warehouses the chances of products being overstocked or running out will remain.
Different software for different departments
These days a number of software applications are used to manage the different functions of a company’s business. At the production unit, most companies have implemented automation to manage their workflow which has its own set of inventory to manage. Then there is the accounts department, which has its own processes to be managed with accounting software. Finally there is the sales department that uses inventory management software to manage its stock at the warehouse as well as the POS.
Knowing the inventory threshold
The software in the different departments is fed with updates from each other on the basis of their requirement. The accounting software and the inventory management software are particularly well-connected. The accounting software is directly related to the cash register from where it gets updates about the running stock at the POS. This information is fed to the inventory software either directly or via the accounting software depending on the specific requirement of the business. As a result the inventory software can set a threshold alert.
More sophisticated technologies at work
The latest state-of-the-art inventory management software these days use much better methods to get updates on stock levels. They access product identification objects like barcodes, RFID (Radio Frequency Identification) tags, as well as wireless modes to detect stock levels. Rudkav International understands the different needs that businesses have with regard to managing their stock and offers customized software solutions to manage their inventory.