Inventory Management Software

Inventory Management System could be termed a ‘mission-critical’ digital tool that can help streamline inventory purchasing, tracking, and storage management by automating warehouse operations. Stock management software provides inventory managers in a variety of industries round-the-clock access to stock data and support for various types of inventory control methods, such as just-in-time (JIT), days sales of inventory (DSI), and economic order quantity (EQC). With real-time insights, such tools can enable retail, hospitality, warehousing, logistics, and eCommerce companies to apply the perpetual inventory system model, consistently feeding inventory data to their accounting departments and consultants. Inventory management solutions can help businesses maintain visibility into a stock-keeping unit’s (SKU’s) location across production facilities, distribution centers, and transit nodes thanks to QR codes, industry-accepted barcodes, and RFID tags that can be scanned throughout the SKU’s lifecycle. This can help managers shift inventory between distribution centers in response to shortfalls and fluctuations in demand. Inventory tracking software for small businesses often enables managers to anticipate sales, forecast market demand, reorder units, and avoid being stuck with ‘dead stock.’ Other advantages include a lower risk of double-entry and different human errors due to linkage with accounting software and a lower risk of stock-outs due to eCommerce integration. Typical features of inventory tracking software include notifications and alerts, report generation and sharing, inventory optimization, supplier management, and automated purchase order management. Stock management software is very similar to Inventory Control Software, which controls inventory levels. But they also share some of the capabilities of Distribution Software, Supply Chain Management Software, eCommerce Software, and Warehouse Management Software. Find the best Inventory Management System in Canada for your organization.