When many people think about inventory management, they generally think of the retail applications. Whereas retail operations rely mainly on the inventory management, but inventory management is widely used in various industries, right from manufacturing to healthcare, utilities, government, education, and many more. The inventory management system in singapore centralize and streamline process for controlling flow & maintenance of the inventory just to make sure that right amount of the inventory is accessible at a right time and quality.
What’s Inventory Management System?
The inventory management system is a process in which you can track the goods throughout the supply chain, from buying to production and end sales. This governs how you can approach the inventory management for business.
How Does the Inventory Management System Function?
Inventory is goods and materials that a business plans to sell to the customers for profit. The inventory management in an important element of supply chain, and is tracking of the inventory from the manufacturers to warehouses & from the facilities to point of sale.
So, the primary goal of the inventory management is having the best products in a right place at a right time. This needs inventory visibility — to know when you must order, quantity to order or where to store the stock. Basic steps of the inventory management system include:
- Buying inventory: The ready-to-sell items are bought & delivered to warehouse and directly to point of sale.
- Inventory storing: Inventory gets stored until required. Goods and materials will be transferred across the fulfillment network till it is ready for the shipment.
