Inventory

The term "inventory" refers to the raw materials used to create goods and the finished goods that are ready to sell.

Inventory management is something you do as a business leader to make sure you have enough stock on hand and to know when you don't.

Inventory, which is often thought of as the step between production and order fulfilment, is at the heart of an organisation's business operations because it is often its primary source of income.

Here are the basic steps to making inventory software

• Conceptualization

Start by examining the everyday operations of your company and identifying the functional areas that are engaged and amenable to data collection. Then, consider how similar software has been used to increase productivity by other businesses in your sector.

•  Business Goals

At the start of the process, you should be clear about your primary and business goals. Clarify the specific use cases and work to meet the expectations that have been set. Some specific use cases could be: lowering the cost of inventory; making more money, fixing a pricing problem, making customers happier; etc.

• Write the code and test 

Usually, once you've figured out what the software needs to do, it's time for engineers to write code. This means writing code for the application and any support tools and libraries.

Inventory management has two main benefits: it ensures you can fill incoming or open orders, and it helps you make more money. Keeping track of inventory also helps to:

• Spend less

When you know how stock trends work, you can see how much of something you have and where it is. This lets you use the stock you have better. This also allows you to keep fewer stocks at each location (store, warehouse) because you can pull from anywhere to fill orders. This reduces the costs tied to inventory and the amount of stock that goes unsold before it becomes obsolete.

• Help with cash flow

With good inventory management, you spend less money on selling items, so cash is constantly moving through the business.

• Satisfy customers 

One way to keep customers returning is to ensure they get the things they want right away.

Decision-makers are aware that they need an inventory management system that is scalable. Various native inventory management and control tools include cycle counting, lot and serial tracking, automatic stock replenishment, warehouse and fulfilment management, and multiple location planning.