FAQs
A tool or software that tracks, organizes, and manages stock levels to prevent shortages or overstocking.
Inventory management system is a process or tool which assists businesses in monitoring, managing and regulating stock. It will make the right items in the right time and minimize product wastage and overstocks.
The most appropriate software will be based on your business needs. Such solutions as SowaanERP, Zoho Inventory, and NetSuite are popular due to the ability to provide real-time tracking, automation, and integration with other systems easily.
These are the main kinds, continuous update, periodical update, and tracking technologies such as barcodes, RFID. All the types serve various business needs.
Yes, simple inventory can be tracked in excel. It is however manual, prone to errors and not very helpful with a growing business and software solutions are preferred.
A business manages its proceeds through an inventory system that includes purchase and sale of stock. To illustrate, a retail store that can scan barcodes updates the inventory automatically each time it sells a good.