Inventory management software provides a computer-based and largely automated way to track every aspect of inventory, including orders, sales, and delivery. In the manufacturing industry inventory management software may be used specifically as part of the production process, including for creating work orders and bills of materials.
Inventory management software is incredibly important to businesses, particularly as the Small Business Administration estimates poor inventory management is one of the top reasons small businesses fail.
Features may include the basics of inventory management including tracking of stock levels and orders, as well as the documents needed for order management, tracking for multiple warehouses and capabilities to integrate with multiple sales platforms. Some inventory management software may also include data and reporting to optimize business performance, customer relationship management functionality, accounting features and B2B order opportunities.
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