Inventory management software is for tracking of inventory levels, orders, sales and deliveries. It can also be used in the manufacturing industry to create work orders, bill of materials and other production-related documents.
Advantages of having a Factory Inventory System
Avoid understocking and overstocking
Track inventory as it moves between locations
Monitor product sales and sale trends
Cut down on product obsolescence and spoilage
Avoid out-of-stock situations during sales
Receive consolidated analysis and reports
Must have features of a Factory Inventory System
Inventory Tracking – Process inventory data smoothly and efficiently as soon as it reaches you. If you need to find a certain product, traceability allows you to identify them right away and this helps to reduce unnecessary movement in the warehouse to increase productivity and cut labor costs.
Purchase – This help users to create and manage purchase orders (POs) and is even more necessary for businesses that heavily relies on vendor goods to produce their own.
Reports and Analytics – These tools will help you to plan your business growth. Understand sales trends and forecast demands. With this, you can avoid understocking top selling items and missed business opportunities.