Inventory Management System

InventoryWarehouse

What is Inventory Management System?

Inventory Management System IMS can be simple or very extensive depending on your needs. In its simplest form, an IMS relies on a person or people entering information so that they always know how much product they have on hand and can tell when to order more.

In a more comprehensive IMS there is software accompanied by peripheral devices such as scanners. Large chain businesses and "big box" stores use this type of IMS. Peripherals include a bar code system and scanners, both handheld and at fixed terminals.

Inventory Management System Benefits

Using an IMS has proven to save quite a bit of time and money. For instance, when a shipment of product arrives the warehouse personnel scan the barcode on the pallet. The IMS registers that 20 cases of orange juice were received. The inventory control staff can see that the 20 cases were added to the stock they already have. The information also synchronizes with the order department to show that the order was filled and sends it to the payables department to wait for the invoice from the supplier.

As shoppers buy the orange juice the terminals at the cashiers' registers make note of the barcode and subtracts those units from the total units contained in the warehouse and on the shelves. The store always knows exactly how much orange juice it has on hand and can place an order for more at the appropriate time.

Before IMS software, all inventories were kept track of by hand. People were needed to write down the shipments entering and leaving warehouses, to count product on shelves and to send packing slips and bills to the accounting department. Stores often ran out of items due to human error or carelessness. With IMS software, businesses save time and money.

Inventory Management Software Features

Another useful feature of IMS software is the ability to track sales. It can generate reports of sales volumes so that the store can tell what time of year an item's popularity reaches its peak. For instance, a report can be generated on the yearly sales of insulation broken down into months or quarters. A bar graph, document or chart might show that insulation sales spike around the month of September and slow down almost to nothing by the time December arrives. This could be because more people tend to insulate their homes when the weather begins to get colder. It may also show an increase during the summer months when people want their houses to stay cooler.

Using the IMS, a business can time its stock orders to take advantage of sales trends and special low prices from suppliers.

Inventory Management Software Industry Usage

Commercial businesses aren't the only users of IMS software, though. Libraries use it to keep track of books, fines for overdue items and items that are reserved for patrons requesting them. If someone wants an older book like War and Peace that is being stored in the warehouse, the librarian can submit a request for that book. The IMS notifies the warehouse of the request. It is added to the outgoing inventory that is being delivered to various branches and when the patron retrieves the book the due date is noted. When the book is returned the IMS adds it back into the warehouse inventory to wait for another request.

IMS software has saved businesses millions of dollars in wages, lost inventory and duplicate orders. It has made inventory control much easier and more efficient.

Property Management System Modules

IMS Modules

Inventory Management System contains an integrated suite of products consisting of following:

  • Barcode, RFID Support
  • Inventory Tracking
  • Low Inventory Notification
  • Sales Tracking
  • Automated Order Generation
  • Report Generation
testimonial

Case Study

HDB Place2lease.com
place2lease uses Fourier Lab's Customised Property Management System to manage HDB's property inventory and bids management.

 

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