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26 Jan 2022 
Claude 
What is Inventory management software?
Inventory management software is an online application software that can manages things in the warehouse’s account checklist such as sales, deliveries, orders, tracking inventory levels, and etc [2]. With the help of this management software, the auto-parts industry can manufacture any auto parts and can create a material bill, working order, and other production documents for any parts of a car [2]. Inventory management software helps you to track: The movement of every inventory between different Order from suppliers and orders from clients. Products that are currently moving out. Goods that are being over produced or running low. The history of every sales.
What does inventory management software do?
Typical inventory management software includes modules for forecasting and replenishment. Forecasting helps people balance target level of every service or expected demand with stocks held in stock and the supply income.[3] Restocking helps to determine the level of stock that is required at points along the distribution chain to satisfy any orders at a given fill rate. [3] Inventory management software uses complex algorithms to decide what to buy, and in which amounts to meet demand throughout the entire supply chain or at a particular location.[4]
The importance of this software
Many warehouse can use this inventory management software to avoid any products being over supplied or a product being out of stock [2]. Many industrial place and warehouses can deliver the products within hours depending where and what the service is needed, with the help of this software [1]. This quantities of different products are stored in this management software which is to organize different parts on the data in an inventory which is stored automatically in a spreadsheet, which will be printed as a hard copy for manager [2].
Auto parts warehouse managers get a quick access of the product information to get what is available be order and to be shipped [2]. Good warehouse inventory software will always have a good feature
Purpose
Many companies often use inventory management software to decrease the cost of carrying. This software can be used to many things like to monitor goods when it is being shipped from a manufacturer to a distribution centres, among distribution centres and last to a a retail store or to a customer.
The features of this software
With a good inventory software, there are some features that could make the company improve much better:
Order management: decreases the errors that was made by humans when managed items are sold through many channels, which the orders are organized at one location or through the online store. This is to ensure Inventory info is being currently fresh [4].
Multiple IDs: a customer can find different products on the online store using various barcodes or names of a certain item/product such as SKUs, barcodes, and etc [4].
Track a serial number: a customer can track a product that is being shipped from the vendor by entering a serial number or the tracking number of the product. The vendor also has a list of history of purchases that were shipped to customers so that in the future there can be a recall of a certain products [4].
Barcoding: increases the inventory by updating the data in the software[1]. By updating the software will be quick as the products are either collected, sent to a place or relocated to another location/warehouse[4].
Multiple locations: different products can be handled by a truck within different locations of places which can decrease the fulfillment of orders and the delivery times and handle special orders with special care[4].
Landing cost: shipping any products overseas can be expensive because the cost would include the taxes, exchange rate, shipping cost, tariffs, insurance, etc[4].
Service management: Installation and repair service can be managed by the software and service technicians can communicate and send a bill to the customer for labour, materials service activities, and etc [4].
Customer Account: Customers can create an account with the company through online store which they can order/buy auto parts from that website [2]. When a customer creates an account with that online store, it will automatically will save your information, so that whenever you save a product in your cart for later, you can buy that product any time you login in to your account[1].
Advantages of Inventory management software
There are many benefits to using this software in a business setting.
Cost savings
The inventory of a company as well as its workforce and the location a warehouse represents one of its biggest investment.[5] Inventory management software helps companies cut the spending by reducing the quantity of storage parts and products.[5] It also allows businesses to have higher revenue than losses by keeping a decent amount of stocks on hand to meet a person’s demand.[5]
Increased efficiency
The inventory management software allows many inventory related tasks to be automated.[5] For example, this software can collect data automatically, performs calculations and generate the records. This software results in time savings, cost savings and increases the efficiency in the business.[5]
Warehouse organization
Inventory management software can assists distributors, wholesalers, manufacturers and outlets improve their warehouses.[5] If certain merchandise are regularly sold together, those merchandise may be grouped more closely or located close to the delivery to hurry ip the procedure of picking.[5]
Updated data
One value asset management software office up to date, real time reports on products on product states and rates. [5] Company executives will typically access the app to review current inventory numbers through an electronic device. [5] This automatic update of the inventory records enables companies to make any informed decisions.[5]
Data security
With help of the restricted user rights, a company mangers can assist many employees in the management of inventories.[5] They can gives employees access to sufficient information to get a hold of products, make orders, transfer products and perform different duties without compromising the safety of the company. This can speed up the process of managing inventories and save time for managers.[5]
Insight into trends
Tracking the position product is deposited from which manufacturers they come from, and the amount of the time they are saved is rendered by the inventory management software which can be achievable. [5]Through evaluating these results, these companies may control the products rangeland optimism warehouse room usage. [5] Moreover, many companies are more prepared for the demands and the components of the marketplace, specifically all through unique instances consisting of a peak season on a particular month. [5]Through the stock control software reports, companies are also able to collect important info that can be installed to analyze any versions.[5]
Disadvantages of Inventory management software
Expense
The cost can be one for the drawbacks of Inventory management software. Most large organizations use this software but small businesses will find it hard to find the money for it. [5] The problem can be worsen when barcode readers and other devices can be applied to the cost of organization. The benefit of allowing multiple staffs to perform the responsibilities of stock management is being reinforced by the value of extra barcode readers. [5] Using smartphones as QR code readers has been useful for small businesses away from high prices of devices.
Complexity
The software of inventory management is not simple or easy to learn. To learn how to use this software, the entire company’s management staff must commit their time to learn a new software including both the hardware and software.[6] Most of these softwares include an instruction manual and other information that is accessible for many users.[6] Even though inventory management software has some difficulty in the program, it gives businesses a degree of stability.[6] For example, a business has an IT contractor to manage the network, an alternative can be used at a low cost which can be train if the company had multiple programs to manage product details.[6]
System Crash
One of disadvantages is the possibility of the system being crashed. The loss of any data may be created by a corrupted hardware, power outage and other technical problems.[5] When a business are disrupted, they cannot accessing data they need. Every business owners should back up regularly single data to protect the loss any data.[6]
Malicious hacks
Hackers are looking for any way to get information about the company or the consumer. [6]An inventory management software can be connected to point of sales devices and accounting is a valuable resource for hacking into owners, vendors or customers to pursuit in any financial information or personal details. [6] The potential problem can be reduced by updating the firewalls and antivirus software.
The Benefits of inventory management software
Improves the accuracy of inventory orders
Inventory management encourages you to decide how much available stock you really need.[7] This will help to prevent the shortages of product shortages and allow you store the right amount without having items being over stocked [7].
Being more organized
A well organized warehouse can be supported by a good inventory management strategy [7]. If your warehouse is not properly organized, your inventory will be difficult to manage [7]. Most businesses choose to improve their warehouse by bringing together the quickest selling goods and locations in the warehouse which can be easily accessible [7].
Saving Time and money
By monitoring things you have available or bought, you save time to do an inventory recall to get the accurate records [7]. A good inventory management strategy often helps you save money on items that might be wasted on slowing products [7].
Increased productivity and efficiency
Inventory management devices like barcode scanner and inventory management software can help your effectiveness and efficiency [7]. These gadgets can remove the manual work so that your workers can work on important work in the business [7].
Keeps customers coming back for more
Inventory management software can lead you to buy and restock the products so that customers can coming back for more items [7]. If you want your hard earned customers to come again to buy a product, you should able to meet the customer demand quickly[7]. Inventory management lets you satisfy this need by having the best products on hand as long as your customers require them [7].
Conclusion
With the help of inventory management software, store owners and warehouse managers can lower their expenses by lowering unwanted parts and products in the storage [1]. This software can also have lots of savings in time, cost, and the efficiency in businesses. This data is always updated without human error and all data is safe and secured[4].