Many businesses still maintain their inventory numbers through Excel, which is time-consuming. Poor inventory management is one of the main reasons for the failure of small businesses. Stocks and other raw materials must also be ordered judiciously within a firm, too much stock can lead to wastage, and too little stock can halt production. The key to running a successful business is to keep track of inventory and manage it well since there would be no money coming in without it. In layman's terms, inventory refers to the raw materials, work-in-progress goods, and final products that businesses put up for sale to generate revenues. Before answering the question, we need to understand what 'Inventory' means and why companies need to manage them using the software.
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