It was much before year 2000, when the barcodes and inventory management programs started gaining popularity through grocery stores and retail locations. To write inventory data by hand was not feasible. Hence, manual inventory management was less practical. But, when the computers started entering into the retail stores and the like places, scanning products replaced the practice of writing inventory data by hand. The inventory data was started scanning and inputting into a computer by hand.
But, since early 2000s putting inventory data manually into the computer was no more into the practice. As with the development of Inventory Management software the business people could directly update their database with barcode readers into the computer.
Inventory Management Applications are adopted by a number of companies as they reduce the carrying cost. This computer-based system that manages tracking product levels, orders, sales as well as deliveries helps business people to keep the track of products and parts during their transportation process. Transport from a vendor to a warehouse, between warehouses, and to a retail location, or directly from warehouse to a customer.
Moreover, Inventory Management Applications help businesses to maintain balance between too much and too little inventory, to receive items into warehouses or other required locations. And they make it easy to pick, pack and ship the items from a warehouse, maintain the track of product sales and inventory levels down on product desuetude and waste.
Manufacturing industry is also there where Inventory Management Applications are used to create a work order, to prepare bill of materials and other production-related documents. These applications help companies to avoid product overstock and outages.
Various components, such as, Barcoding, Order Management, Service Management, Asset Tracking, are involved in Inventory Management Software. All these components work together, to help many organizations control their systems, by creating a cohesive inventory and stocks.
All the four components carry a significant place in Inventory Management Applications:
Barcoding: A barcode reader reads barcodes and scans the information they represent. Hence, they are the medium to enter the data on products and orders into inventory management software.
Order Management: Inventory Management Software can be programmed according to the products’ volume. So that, if the product level goes down, the software would inform managers to reorder that product in order to avoid products’ shortage in the company.
Service Management: Service-oriented companies can track the cost of materials that are required to provide services through Inventory Management Applications. This helps them to cost their services.
Asset Tracking: Products stored in a warehouse or store can be tracked through its bar code or any other product tracking option like its serial number or revision number. Hence, asset tracking is also the major task, which has become easy on account of Inventory Management Applications.
A number of software companies are engaged in developing Inventory Management Applications that have become the non-integrated parts of retail industry. So, you can take help from any of the software companies to develop Inventory Management Applications for your company.