Inventory Management Systems
An inventory management system keeps track of items that an organization purchases to manufacture or deliver its final product or service to its customers. It usually includes an array of hardware, software, and processes to identify and follow an item from the moment it enters a facility to the moment it is either used in a final product or consumed.
Inventory Management Systems
An inventory management system keeps track of items that an organization purchases to manufacture or deliver its final product or service to its customers. It usually includes an array of hardware, software, and processes to identify and follow an item from the moment it enters a facility to the moment it is either used in a final product or consumed.
You probably think about inventory items as those things that are used by a company to create its product. For example, an air conditioner manufacturer might carry inventory items such as condensers, fans, belts, coils, and refrigerant.
Although those raw materials are tracked in an inventory management system, companies should also be following maintenance, repair, and operations (MRO) inventory. According to Supply Chain Mangement Review, roughly 40 percent of a company’s purchasing budget may be spent on MRO items such as janitorial supplies and maintenance tools.
Benefits of an Inventory Management System
An accurate inventory management system can improve an organization’s efficiency and productivity. When items for both production and MRO activities are ordered as close to just-in-time as possible, a facility reduces the space, management, and costs associated with carrying excess inventory.
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