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Inventory Management System by ALICESOFT. Some must know facts about IMS (Inventory Management System);

ERP (Enterprise Resource Planning): A comprehensive software solution that integrates and manages various business processes, including inventory management, finance, human resources, and more.

Inventory Management: The process of efficiently overseeing the flow of goods into and out of a business, ensuring optimal stock levels while minimizing costs.

SKU (Stock Keeping Unit): A unique identifier assigned to each distinct product in a company's inventory for tracking and management purposes.

Reorder Point: The inventory level at which a new order should be placed to replenish stock before it runs out, based on factors like lead time and demand variability.

Safety Stock: Extra inventory held to mitigate the risk of stockouts due to unexpected fluctuations in demand or delays in the supply chain.

Batch Tracking: Monitoring and tracing the movement of a group of similar products (batch) throughout the supply chain, often important for quality control and recalls.

Lead Time: The time it takes from placing an order for goods until they are received and available for sale, including order processing, shipping, and receiving.

ABC Analysis: A method of categorizing inventory items based on their importance, where "A" items are the most valuable or critical, "B" items are moderately important, and "C" items are the least.

RFID (Radio-Frequency Identification): A technology that uses radio waves to identify and track objects, commonly used in inventory systems for real-time tracking.

Barcode Scanning: The use of barcodes to uniquely identify and track products, with scanners used for quick and accurate data entry in inventory management systems.

Integration: The seamless connection of the ERP system with other software or systems, such as suppliers' databases, to ensure real-time and accurate information flow.

Cycle Counting: A method of regularly auditing a small subset of inventory items on a rotating schedule, as opposed to a full physical inventory count, to maintain accuracy.