Inventory Management

Inventory management is the process of overseeing the flow of goods into and out of your warehouse. It ensures that the right quantities of products are available to meet demand while minimizing excess stock and reducing holding costs. An ERP system helps businesses maintain optimal stock levels by tracking all inventory transactions in real-time.

Types of Inventory:

  • Raw Materials: Items that will be used to create finished goods.

  • Finished Goods: Products that are ready for sale to customers.

  • Work in Progress (WIP): Goods that are in the process of being manufactured but are not yet finished.

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