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4. Inventory Management
The inventory management module enables inventory control by tracking item quantities and location down to individual SKUs. This module offers a complete picture of not only current but also incoming inventory, through an integration with the procurement tool. This piece of software helps businesses manage inventory costs, making sure they have sufficient stock without tying up too much cash in inventory. An inventory management application can weigh sales trends against available product to helps companies make informed decisions that boost margins and increase inventory turn (a measure of how often inventory is sold over a certain period). It can help prevent stockouts and delays, which enhances customer service.

Businesses that lack other supply chain management modules may also use the inventory management application to handle purchase orders, sales orders and shipping. Larger organizations will need a version of this solution that can track inventory across multiple locations.