What is meant by Stock and inventory lists?
Inventory lists are records of the physical or virtual assets held by a company, as well as the results of inventory audits. These lists provide an overview of available resources and help in efficiently managing and controlling inventory. They are crucial for warehousing, ordering, accounting, and meeting customer demands.
Typical functions of software in the area of "inventory lists" include:
- Inventory Management: Capturing and tracking inventory across various locations and categories.
- Inventory Planning: Planning and organizing inventory audits to regularly review and update inventory.
- Barcode Scanning: Support for barcode scanning to expedite inventory management processes and minimize errors.
- Inventory Valuation: Valuing inventory based on various criteria such as cost, selling price, and holding period.
- Automated Reordering: Automated generation of orders for replenishing inventory based on defined minimum stock levels or consumption patterns.
- Inventory Analysis: Analyzing inventory data to identify trends, predict seasonal fluctuations, and avoid stockouts.
- Real-Time Updates: Instantaneous updating of inventory data upon inflows and outflows as well as inventory adjustments.
- Expiration Date Management: Tracking expiration dates for products with limited shelf life to reduce waste and ensure product quality.
- Inventory Reporting: Generating detailed reports on current inventory, movements, and inventory audit results.