PHP Inventory Management System

It is the practice overseeing and controlling of the ordering, storage and use of components which a company uses in its production of items which it sells. It also controls quantities of finished products which are for sale. Business inventory is also one of its major assets which represents an investment which will be tied up until company item sells.

If Inventory Management broke-down in a company then business incur losses, costs to store, track and insure inventory. Inventories which are mismanaged can create significant financial problems for a business.

Good inventory management System involves creating a purchasing plan to ensure that items are available when they are needed, but neither too much nor too little is purchased, keeping track of existing inventory and its use. There are two common inventory – management strategies, one is just-in-time (JIT) method, where company will not maintain high inventory level but receive items as and when they require. Second one is materials requirement planning (MRP), material deliveries based on sales forecasts.

PHP Inventory Management – Just-in-time (JIT) Method

1. By using this system, companies can save significant amounts of money and reduce waste.

2. Manufacturers and retailers keep only what they need to produce and sell products in inventory, which reduces storage and insurance costs.

3. Here manufacturer and retailer both should work together to monitor the availability of resources at manufacturer end and consumer demand on retailer end.

PHP Stock Management – Materials Requirement Planning (MRP) Method

1. By using this system, companies method is sales-forcast defendant.

2. Manufacturers must have accurate sales records to enable accurate planning of inventory needs, communication with the material suppliers on timely manner.

3. Inability to accurately forecast sales and plan inventory acquisitions results in a manufacturer’s inability to fulfill consumer orders.

PHP Inventory Management System is open source based online PHP Stock Management Script. Inventory Script is very good for small and middle level company.