Types of Inventories

types of inventories

(San Jose, California)

ASAP Systems, the leader in Inventory System and Asset Tracking solutions, caters to a wide variety of industries including the Food & Beverage, Medical and IT industries. There are several existing types of inventories. However, this article focuses specifically on the types of inventories we provide for in our services and systems at ASAP Systems.

types of inventories

Types of Inventories:

Production Inventories:

Production inventories are raw materials or products that are needed to produce the end product. Our Batch feature in both Passport and BarCloud systems helps to track and manage production inventories.

MRO Inventories:

Maintenance, Repair, and Operating supplies are the necessary supplies required to achieve the finished product. However, unlike raw materials, they do not add up to make the final product. Our Kitting feature gives users the ability to assemble and manage MRO inventories.

Cycle Inventory:

Cycle inventories, also known as lot-size inventories, are ordered quantities that arrive only when the quantity of stock available gets to zero. By ordering in batches, the excess material is kept in the inventory until a minimum point is reached. ASAP Systems’ Batch Tracking and Minimum Alerts features are ideal for users to deal with such situations!

Pipeline Inventory:

Pipeline inventories, also known as stock-on-order inventories, are inventories that are in the process of moving towards you but have not yet been received. Such inventories need to be accounted for. Thankfully, ASAP Systems’ Purchase Order feature is the right tool for this type of inventory.

Finished Goods Inventories:

Finished Goods inventories are the final goods produced to be later supplied to customers

Safety Stock Inventory:

The safety stock is a stock kept in reserve to buffer or offset situations that occur because of possible future uncertainties or incidents.

Anticipation Inventory:

Anticipation inventories are excess inventories that people purchase or produce because they expect future rises in price and demand or a shortage in product supply.

Fluctuation Inventory:

Fluctuation inventories are inventories that exist to buffer fluctuations or erraticness that occur during the production process. This type of inventory exists only if the individuals-in-charge know that there are a lot of uncertainties and risk elements involved during the maintenance of their inventories.

ASAP Systems, based in San Jose, California, is equipped with features that accommodate each of the above-mentioned types of inventories. With BarCloud and Passport, our Inventory Management and Asset Tracking software, users can track and manage all sorts of inventories including finished goods, safety stock, anticipation, and fluctuation inventories, in a time-saving and cost-efficient way.

 

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