A detailed and comprehensive Inventory Management System helps to track and maintain reports of the products sold and received by a company and track its stock levels. For an optimal inventory management process, it is vital for an organization to employ a reliable system with highly efficient functionalities.
Minimum stock level, reorder level and maximum stock point are computed by means of particular averaging formulae. The data is retrieved from barcodes or other automatic identification of inventory objects, thereby avoiding unnecessary investment, out of stock conditions etc. The system generally helps in adding, modifying, reviewing or deleting information in the database, generate reports, sales and purchase orders and invoices pertaining to stock. On the whole, it facilitates automation of processes for sales, inventory and purchase management.