Inventory management software is a computer-based system for tracking inventory levels, orders, sales and deliveries. It can also be used in the manufacturing industry to create a work order, bill of materials and other production-related documents. Companies use inventory management software to avoid product overstock and outages. It is a tool for organizing inventory data that before was generally stored in hard-copy form or in spreadsheets
A fully automated demand forecasting and inventory optimization system to attain key inventory optimization metrics such as:
Reorder point: the number of units that should trigger a replenishment order.
Order quantity: the number of units that should be reordered, based on the reorder point, stock on hand and stock on order.
Lead demand: the number of units that will be sold during the lead time.
Stock cover: the number of days left before a stockout if no reorder is made.
Accuracy: the expected accuracy of the forecasts.
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