Keeping track of inventory is a crucial part of keeping a business informed about their own metrics. Items are used up frequently, and it is important to know when certain stock needs to be replenished. It is imperative to keep real-time data of this, as the supply chain acts as the back bone of a business. By having successful control over of inventory management, it enables successful control of operations.

There are two main methods of recording inventory, either manually or automatically. Manual recording requires that workers input the information related to each item. There are multiple pieces of data associated with each item, and just some of them are lot number, serial number, delivery date, quantity, costs, and expiration. For the automatic recording inventory, an inventory management software updates information about a product.

The automatic system is implemented by inventory management providers that enables businesses to convert their recording systems onto an online platform. Almost all utilize a barcode –or similar- system, which gives each item a unique identification. In this barcode, any pieces of information can be stored, which gives flexibility for the various business types.

The advantages of using an inventory management software are not limited to convenience. By reducing the amount of time necessary to maintain the real-time data of items, employees are able to focus their attention on other projects. This allows for expansion and productivity of each worker to increase, helping businesses maximize their production.