Inventory Management

An inventory control system is an integrated software and hardware system used in warehouse operations to monitor the quantity, location and status of inventory as well as the related shipping and receiving. The inventory control system is very configurable making ideal for many applications. A fundamental aspect to inventory control system is the simplicity and ease of use in maintaining accurate controls over your inventory. For an inventory control system to be cost effective it must be both economical and responsive.

Inventory data is also needed when planning production programs, calculating production costs, and developing pricing strategies. Inventory control is an important part of the manufacturing process, and it is essential to check what is moving where, current stock levels, and supplier details. Inventory control is about knowing what you have, where it is, and what its worth. Inventory represents a significant investment to most businesses, and knowing what it is worth at any given moment is key to getting the most of your investment. Inventory control software simplifies the tedious job of tracking the levels of selected stock and inventory quite effectively. The objective of an inventory control system is concerned with minimizing the total cost of inventory. Modern inventory control systems rely upon barcodes and RFID tags, to provide automatic identification of inventory objects. To record an inventory transaction, the system uses a barcode scanner or RFID reader to automatically identify the inventory object, and then collects additional information from the operators on computer. The system can even be updated to use internet interfaces for internet based inventory reporting.

Changes to the computerized inventory control system included affiliation with purchasing associations and transfer of specified purchasing and inventory control functions to the purchasing department. The system of the present invention include the use of radio frequency identification (RFID) technology affixed to each item of an inventory, where each apparatus is capable of being encoded with a unique identification code. To obtain the complete functionality of this system, a Radio Frequency terminal must be used. The system verifies each tag to ensure it matches the line item being scanned. The system can be configured to allow operators to override a mismatch, allow substitutions, or force an exact match.

Overall, inventory control system is a great tool for businesses to manage various orders and inventory effectively. The performance of a real-time production-inventory control system is analyzed with a fuzzy logic control system and compared with a corresponding crisp control and no-control strategy. An inventory control system is needed in order to maintain control of materials, equipment, tools, and supplies.