What is meant by Inventory functions?
The term "inventory functions" refers to the software functionalities responsible for managing and monitoring a company's inventory. These functions help maintain oversight of stock levels, storage locations, movements, and values, ensuring efficient resource utilization.
Typical software functions in the area of "inventory functions" include:
- Inventory Management: Recording and managing inventory levels, including monitoring of inflows and outflows and adjusting stock levels.
- Location Management: Managing various storage locations where inventory is kept, including assigning and relocating stock.
- Stocktaking: Conducting inventory counts to verify stock levels and record discrepancies between expected and actual inventory.
- Goods Receipt and Dispatch: Recording and tracking goods receipts and dispatches, including documentation and control of deliveries and shipments.
- Order Management: Managing and creating orders to replenish inventory, including tracking order statuses and delivery times.
- Inventory Analysis: Analyzing inventory data to identify trends, shortages, and surpluses for informed decision-making.
- Reporting: Generating reports on stock levels, inventory movements, and storage costs for management.