Inventory management is a systematic approach to managing stock items and physical assets. From a business point of view, it is a fundamental aspect of stock control that involves keeping the right sock at appropriate levels, in the right location, at the correct time. Though inventory and warehouse management systems share similarities, they aren’t the same. Inventory management typically deals with the stock at several warehouse locations. Warehouse management, on the other hand, is primarily concerned with the products stored in a particular facility.
Monitoring the inventory level in real-time is important, you can check the remaining quantity of each SKU and make replenishment plan in time.
Keeping inventory means your money is tied into it. With automated inventory management, you’ll efficiently manage inventory levels, so the cash flow within your business remains positive.
If you sell on different multichannel e-commerce platforms/shopping carts, an inventory management system will improve inventory visibility. It will help you coordinate orders across your sales channels. In this way, you’ll cut losses when it’s time to replenish stocks for new holiday trends.
