What is inventory management system?

Definition

Inventory management is the process of planning and keeping track of inventory, which is the total amount of goods available for sale or used in a given period. Inventory management systems are computerized systems that help to manage this process by providing reports on how much inventory is sold, where it should be kept, when it needs to be restocked, and what products are selling well. The purpose of an inventory management system is to decrease the cost and time involved in managing inventory.