Inventory can be a list of good and materials available or the list of the goods
and materials, held in stock by a business or an organization. It is also used for a list of the contents
of a household and for a list for testamentary purposes of the possessions of someone who has died.
In accounting inventory is considered an asset.
With inventory, the task of managing the inventory (inventory management)
is inevitable. Inventory management is primarily concerned about specifying the
size (quantity) and the location of the goods in an organization. Inventory management
is required at different levels in an organization to keep track of the goods that are
available, in use, missing, and un-usable to protect against the random disturbance of running out of goods.
Advantages of using a digital inventory system include:
1.Improved accuracy in reports
2.Reduced time in ordering (requesting) and delivering
3.Access to online reports of current inventory status
4.Improved customer service when a product is out of stock immediately
5.Increased security as each item is logged immediately as itís status changes
5.Backup and restore all data so you can recover after any damages
7.Reduce labor costs associated with manual inventory tracking reports