What Is Inventory Tracking?

Definition

Inventory tracking is an important element in business. Inventory tracking allows businesses to know how much they have in stock of each product, and the value of each item, at any given time. This can be an important tool for businesses to use when planning their inventory or pricing new items that are being added to their inventory. It can also help businesses reduce overstocking, which leads to a better profit margin for the company. In order to track inventory, you need a system that will allow you to keep track of your products from the beginning until the end. There are two ways to do this- manually or digitally.