What is inventory management software?

Inventory management software is a system for tracking and reporting on the use and distribution of supplies or products. Software suitable for larger, multi-location operations is sometimes referred to as warehouse management software, but it generally performs the same functions on a larger scale.

Inventory management software features
Before you start investigating inventory management software, decide which features are most important to your business. Here are some of the standard features you should expect:

• Inventory control – sets locations and shelf or bin numbers for each item in inventory. Tracks incoming and expiration dates as applicable.
• Shipping – creates or imports sales orders to generate pick lists, packing slips, and shipping information. First in, first out (FIFO) or last in, first out (LIFO) as appropriate.
• Receiving – manages the placement of incoming inventory, generates put lists.
• Multiple units of measure – allows incoming items to be measured in pallets, but outgoing to be measured in cases or individual pieces.

More complex inventory management systems add workforce and warehouse management features, helping you create the most efficient approaches to both daily tasks and long-term planning.