What is an inventory management system?
An inventory management system tracks purchases, keeps count of goods and supplies in stock, and reorders supplies when levels get low. More sophisticated inventory management systems can track stock location and will even predict the optimum time to reorder supplies, drawing on a variety of data, including past sales and weather forecasts.
Inventory management systems integrate with — or may potentially replace — purchasing and sales systems, and they provide tools to reconcile stock levels calculated from purchasing and sales with real-world counts taken from warehouses via barcode scanners or RFID readers.
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