Inventory Management Systems: A Comprehensive Review and Analysis

Abstract

This research paper introduces an innovative Inventory Management System (IMS) designed to address common inventory challenges. The IMS leverages advanced technology, including barcode scanning and real-time analytics, to optimize stock levels, improve order management, and reduce carrying costs. Implementation of the IMS in real-world scenarios resulted in substantial benefits, including cost reduction and improved customer satisfaction through enhanced order fulfillment rates. Furthermore, the IMS promotes sustainability by reducing product waste, aligning with responsible corporate practices. In conclusion, the study highlights the significant advantages of implementing the IMS across various sectors, including cost savings, enhanced customer service, and environmental responsibility, making it an invaluable tool for businesses striving for efficiency and sustainability in a dynamic market. Keywords: Inventory Management System, Efficiency, Precision, Sustainability, Technology