Inventory, in business, any item of property held in stock by a firm, including finished goods ready for sale, goods in the process of production, raw materials, and goods that will be consumed in the process of producing goods to be sold. Inventories appear on a company’s balance sheet as an asset. Inventory turnover, which indicates the rate at which goods are converted into cash, is a key factor in appraising a firm’s financial condition. Fluctuation in the ratio of inventory to sales is known as inventory investment or disinvestment.
Inventory management is the part of supply chain management that aims to always have the right products in the right quantity for sale, at the right time. When done effectively, businesses reduce the costs of carrying excess inventory while maximizing sales. Good inventory management can help you track your inventory in real time to streamline this process.
Optimize warehouse organization and precious employee time
Keep track of your inventory in real time.
Help you forecast demand.
Prevent product and production shortages.
Prevent excess stock and too many raw materials.
Allow for easy inventory analysis on any device.
Be accessible right from your retail point-of-sale.