Process
Products tracked by inventory project systems typically have bar codes or radio frequency identification (RFID) tags somewhere on the packaging. Every time a tracked product is purchased, shipped, returned or has any other action done to it, the inventory project software records it to a central database. The information is used to make business decisions concerning the project.
Other Information
Inventory project systems can be large undertakings. The largest retailers in the country use inventory project systems that track millions of products every minute. There are also smaller examples, such as software programs designed for small businesses who wish to track inventory.
Inventory project systems (also called inventory project management systems or inventory control systems) are essential to new product development and sales for many businesses. These systems use software programs that track the quantitiess of a product that are produced and sold by a company. When a company launches a new product (a project) or makes changes to an existing product, the inventory project system not only manages the units of product going out, but also acts as an indicator of the success of the project.
Process
Products tracked by inventory project systems typically have bar codes or radio frequency identification (RFID) tags somewhere on the packaging. Every time a tracked product is purchased, shipped, returned or has any other action done