How you track inventory impacts your accounting, purchasing, sales forecasting, customer relationship management as well as the production side, such as quality control and order fulfillment. These tracking features are often part of inventory management systems. Organizations use accurate, real-time inventory tracking data to reduce expenses, analyze supply chain trends and drive revenue. What Is an Inventory Tracking System?Īn inventory tracking system follows inventory every step of the way through your supply chain: from order to transit, receiving, storage and order fulfilment-and the returns, exchange and warranty processes if applicable. Supply chain approaches that strive to keep inventory low, lean or until demand drives supply see it as a liability. There are several approaches to inventory management. On a balance sheet, inventory is a current asset representing materials or goods that convert to revenue with a sales transaction. Fundamental to generating revenue, the goal is to have the right amount of stock to meet customer demand. Inventory tracking is the systems and methods a company uses to monitor how raw materials or finished goods move through the supply chain. Frequently asked inventory tracking questions.Benefits and challenges of inventory tracking.
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