Types of Inventory Management System

An Inventory Management system is the combination of processes and maintenance of stocked products , those products are company assets,raw materials and supplies ready to be sent to customers.This system reduces the chance of stock outages and ensures you always have enough goods to serve the needs and demands of customers.

Inventory Management system having two methods.Inventory methods are suited for small businesses,other are ideals for larger business inventories.

Perpetual Methods

The perpetual Method tracks all items using a scanning system on a daily basis.Perpetual Inventory Management system ,it continuously updates the details for addition and subtraction when the inventory products are received,moved one place to another and scrapped. This method are prefer for track the inventory then sending view of the result and managed perfectly.

Other take compitative of using this method inventory system is that details inventory may not be effect original inventory then they will not use daily records.The overview is lost products,and improperly scanned products the record inventory details and they don’t match to original inventory records.

Periodic Methods

The periodic inventory method procedure calculates how the inventory has changed over a phyiscal-starting inventory period by comparing with the fiscal-end inventory. When it is completed the selles the products sheet move into the inventory system and it is to same the economy of last inventory . This system having some disadvantages i.e.,when they first complete the inventory records then only normal business activities suspended. Errors may be predict when you plan a periodic Inventory Management system because there is no overtaking to control inventory. It also becomes tough to define in inventory records.

Again Two main types of inventory management systems within inventory control system.They are Barcode systems and Radio frequency identification (RFID) systems – used to support the overall inventory control process.

Barcode Inventory systems

Nowadays all are using Barcode system that system is also called as Barcode Inventory System.That Barcode using for products,apps( to transfer the money),supermarkets,some electrical devices also etc..Inventory management system using this Barcode system are more efficient using manual process. When we used as role of an inventory control system, barcode systems update inventory levels automatically when employee scan them with a barcode device.

This system having some Benefits using in Inventory Management system and include :

• Exact records for all inventory goods.
• Removing the data errors and physical data entry mistakes.
• Updates inventory automatically.
• Speed scanning.
• Streamline documentation.

Radio frequency identification (RFID) systems:

Radio frequency identification (RFID) inventory systems use to these active and passive technology to manage inventory system movement.. Active RFID system uses tags to read during the warehouse. RFID tags move the reader, and the movement is recorded in the Inventory Management system . Passive RFID requires the use of capability readers to monitor inventory movement. Compare to barcode labels it is more expensive.compare to barcode labels RFID tags contains heavy data.

Choose one of the system to use in the combination of your inventory control system for a solution you to have see clearly into your inventory for amelioration efficiency in scanning, tracking, and reporting inventory movement.