What is Inventory Tracking Software?
Inventory Tracking Software is used to track inventory levels, in-transit purchases, orders, sales, and deliveries.
It can help with asset tracking, reordering and other work orders, inventory analytics, demand forecasting, service management, and product identification (i.e., via barcodes, QR, or RFID technology).
This can lead to greater efficiency, cost savings, better warehouse management, data updated in real-time, and increased data security.
Inventory Tracking Software uses
- Track inventory in stock
- Track inventory in-transit
- Maintain efficient balance with respect to inventory in-stock (too low: lose revenue; too high: tie up too much cash flow, potential spoilage if perishable)
- Alerts when inventory is delivered in a warehouse or at another location
- Alerts when inventory running below an acceptable threshold based on predefined rules
- Packing and shipping progress from a warehouse
- Keep track of product sales
Many inventory tracking solutions are deployed in the cloud for fast adoption, easy integration, and cost savings through a pay-as-you-go or utilization-base model.
Inventory tracking systems can be integrated in with other inventory modules, such as inventory management or inventory control software. It may also be integrated into larger systems, like enterprise resource planning (ERP).