Question

… is a software package that tells you how much to purchase of a certain product in order for you to never run out of stock.

Answer 1

Answer:

What is an Inventory Management System?

Inventory changes constantly. Throughout each day, sales, returns, new receipts – even damage and theft – affect your inventory levels. While daunting, effective inventory management and inventory control are the most important jobs in a successful retail or wholesale business.

Effectively managing inventory gets harder as your business scales and the amount of inventory you’re handling increases. Taking advantage of technology can make things easier for yourself and your employees. This is why an inventory management system is invaluable to any retail business.

This guide will tell you all you need to know about inventory management systems. We’ll explain the types of systems you can choose from, and which may suit you best.  We’ll also describe the principal features that systems need to improve efficiency and overall customer satisfaction.

Before we get there, though, it’s worth spending some time on the fundamentals. Let’s get to grips with precisely what inventory management is and the benefits you’ll see from handling it efficiently.