Posted on 2019-07-17
Inventory management is an important aspect of any successful business. It is the process of overseeing and controlling the flow of inventory units a business uses in the production or manufacture of goods for sale or distribution. Inventories are usually made up of a combination of goods, raw materials and finished products, and effective management of these items is essential to ensure optimal stock levels and to maximize the earning potential of the company. It also allows a business to prevent or mitigate any inventory-associated losses. Inventory management software is used by businesses for various reasons: it can track the costs of inventory throughout the manufacture and sales process, tell businesses when to replenish stock, and allow them to track profits. It can also be used to forecast inventory levels and prices, as well as expected product demand.
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