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What does Inventory Asset Management Software do?

Article Details
  • Written By: Christine Hudson
  • Edited By: Lauren Fritsky
  • Last Modified Date: 01 September 2018
  • Copyright Protected:
    2003-2018
    Conjecture Corporation
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Inventory asset management software is often a program which helps a company keep better track of internal and external inventory. This could include basic information of supplies or could go more in depth with features for automatic reorder and dynamic reporting. With many types of inventory asset management software, a company can track a product from the warehouse almost to its customers' hands.

When it comes to running a business, asset management is a critical part of gaining success. Managing inventory assets, however, may be a particularly difficult and time-consuming task. Quantity, descriptions and re-order points are the basic components of inventory management, and details including vendor names, account numbers and product availability play a part in maintaining adequate inventory levels. The level of organization is often intense, and accurate data is needed to ensure smooth operation of the company. Inventory asset management software has become a popular business tool by simply making the practice of inventory management easier.

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There is a wide range of inventory asset management software available on the market. The most common feature available is the creation of a database to track products on-hand, products sold and the need to re-order. Product and vendor information is also included, as well as costs related to shipping and discounts. Many products also offer the ability to create reports detailing purchases and sales to make it possible to spot trends as well as track expenses, and some software packages can automatically create invoices and packing slips when products are sold.

Although tracking inventory levels is important, the use of bar code technology is often reported as inventory asset management's largest benefit. Bar codes record information related to product type, supplier, acquisition date and expense account numbers in a series of machine-readable shapes, most often seen as vertical lines. The ability to scan a bar code to retrieve important information not only reduces the time needed for keying information by hand, it also prevents errors resulting from mis-keyed information. Bar codes allow both shipments and receipts to be processed more efficiently and can speed the process of re-ordering products when necessary. The bar code technology employed with inventory asset management software simplifies the inventory process, increases the integrity of inventory counts and reduces the person-hours required to keep on top of inventory requirements.

Inventory asset management software has become a vital part of business today. Accurate data is needed to maintain inventory requirements, and management software has simplified the process by implementing a comprehensive database to record product types, location, and ordering information. The use of bar code technology increases both the speed and the accuracy needed for inventory management, thus making the operation of running a business more efficient and reliable. Inventory asset management software is widely available on the market today and can often be customized to fit the particular needs that every business requires.

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