An inventory system combines desktop software, barcode scanners, barcode labels, and mobile devices to streamline the tracking of inventory items (e.g. consumables, goods, SKUs, supplies, etc.) as product flows through a warehouse environment. This could be a single stockroom or multiple warehouses spread across the country.
At its core, inventory management works by tracking two main functions of your stockroom or warehouse — receiving (incoming) and shipping (outgoing). Inventory management also includes tracking movement, relocation, raw materials (decremented) and finished goods (incremented). Physical inventory counts may be utilized for accurate tracking of inventory levels as well.
The goal of inventory system is to accurately know current inventory levels and minimize understock and overstock situations. Whether you are tracking inventory used to perform a service or sold to customers, a barcode inventory solution provides staff accountability and minimizes inventory stockouts and shrinkage. By efficiently tracking quantities across stocking locations you’ll have insight and be able to make smarter inventory decisions. An inventory system provides the necessary knowledge both for the warehouse worker to perform daily tasks and management to have product and financial insight.
You'll spend less time on inventory stock control, and reduce understock and overstock.
Eliminate data entry errors by using mobile barcode scanners to scan stock item barcodes.
Share inventory data with colleagues and standardize inventory management system tasks.
Everyone performs inventory management differently! Yes the core idea is the same but the details are what makes one system different from another. Systems need to be configurable to some extent, meaning they are suitable for a broad range of inventory and business environments. You can create your own inventory solution that is right for you by personalizing certain aspects.
If a warehouse employee is only responsible for receiving inventory and relocating it, admins can set role based permissions and interface settings to simplify workflow for this user and prevent unauthorized access.
Your warehouse may not be generating the purchase orders (PO’s) or may not need to receive against them in the software. System configuration allows this functionality to be turned off. This means there won't be a PO area in the user interface, nor will there be a PO data field onscreen when receiving inventory.
Some teams need their system to include features such as cost tracking and reorder management, while others require multi location and serialized inventory tracking, others may only need the barcoding and mobile device capabilities. Our system allows you to include only the features that you need. For a full Feature List Click here.
Inventory represents a business’s stocked goods or materials, this can be raw materials or finished goods. The terms SKU, stock and inventory are often used interchangeably. You can think of inventory as raw materials that are consumed when building an assembly, supplies to do a job, inputs in a production process, or finished goods or products sold to customers.
Typically, inventory is stored in a warehouse or storage area and the basic three attributes to identify tracked by location, SKU, and quantity. Batch or lot numbers are often used to track perishable inventory items, such as food or medications, in groups based on expiration or production dates. In addition, inventory such as parts and components can be tracked by serial numbers.