Inventory Management System (IMS)

  • Inventory management is the entire process of managing inventories from raw materials to finished products.
  • Two major methods for inventory management are just-in-time (JIT) and materials requirement planning (MRP).

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An inventory management system to handle and manage all your stocks and raw materials. This helps in analysing and planning the raw materials and stock keeping management.

IMS

Benefits of Inventory Management

Saves Money:

Understanding stock trends means you see how much of and where you have something in stock so you’re better able to use the stock you have. This also allows you to keep less stock at each location (store, warehouse), as you’re able to pull from anywhere to fulfill orders — all of this decreases costs tied up in inventory and decreases the amount of stock that goes unsold before it’s obsolete.

Improves Cash Flow:

With proper inventory management, you spend money on inventory that sells, so cash is always moving through the business.

Satisfies Customers:

One element of developing loyal customers is ensuring they receive the items they want without waiting.