A software program called inventory management tracks orders, sales, deliveries, and inventory levels. Inventory systems are crucial to the smooth operation of companies, particularly in sectors like manufacturing, shipping, and retail. The practice of monitoring and managing the movement of supplies and products inside a company is known as inventory management. It entails overseeing the complete lifespan of inventory items, from acquisition and storage to distribution and retail. Assuring that the right quantity of inventory is available at the right time, location, and cost while minimising extra inventory and associated expenses is the main objective of inventory management.It can also be used to create a work order, material bills and other production-related documents in the manufacturing industry. Companies use inventory management software to avoid product overstocks and outages.Effective inventory management is necessary to maintain the seamless supply chain operations and ensure optimal stock levels by reducing the cost. It is a tool for organizing inventory data that was previously stored in a hard-copy form or spreadsheet. Traditional inventory systems often rely on manual processes or basic software, causing disability, errors, and real -time data deficiency. The recent progress in technology has greatly changed the inventory management systems that provide innovative solutions that streamline operations and improve decision making. This paper management examines the latest developments in the inventory system, focuses on recent findings and adapt to inventory control, reduce costs and increase their implications to increase supply chain performance.The proposed system includes historical sales data, real -time inventory tracking, and future modelling techniques to oversee stocking and reduce issues. Results reflect the effectiveness of the proposed approach to improve inventory accuracy, reduce operational costs and increase overall efficiency.
Stockouts and Overstocking, Supply Chain Optimization, Real-time Tracking, Stock Replenishment, Inventory Control.
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