Title: Sales and inventory management system

What is Inventory Management system?

Inventory management is more than just simply keeping track of what you have in your

storeroom or warehouse

What is Inventory Management Software?

Typically an inventory management software stores all vital information on your inventory,

warehouse, supply vendors, acquisition of stock, costing, movements of stock, and more.

Factors cause poor inventory management system

1) Lack of proper planning
Inventory management deals with more than just stock levels. It also involves the sourcing, storing,
and selling of your products. Hence, it deals with multiple locations, agencies, and processes at once.
Each one is interdependent with one another.
2) Miscommunication and poor coordination
Having a plan is only the first step to an efficient inventory operation. You must also make sure that
everyone involved in the process is adequately informed of the plan. This includes your suppliers,
vendors, warehouse managers, transporters, and the rest of your employees. Any miscommunication
at any part can result in poor coordination among the stakeholders.
3) Failure to monitor
Another factor leading to inefficient inventory management is poor tracking or monitoring. While
trust is an important element in maintaining proper coordination with the stakeholders in your
inventory operations, it isn’t enough to ensure that everything will go smoothly.
Objectives
1) Better Level of Customer Service:It is impossible to fulfil a received order if you do not have an
accurate count of the items in your possession. In order to meet requests, you must have accessible the
appropriate goods at the right time. Otherwise, you may end yourself in a state of confusion. To fulfil
the needs for quality products, the concern must maintain an adequate supply of completed items to
guarantee that customers’ orders are fulfilled.

2) Cost-Effective Storage : It eliminates the possibility of keeping extra stock, since the needs are
predetermined, thus eliminating needless storage expenses

3) Keeping Wastage and Losses to a Minimum:

Inventory management is very successful in mitigating losses. When there is no monitoring system in
place, it is very normal for an item to be squandered or misplaced.
Furthermore, theft is always a danger worth addressing regardless of the kind of job performed