Business owners can not know exactly how much merchandise they have in stock and do not have access to inventory data at any time. Also, businesses owners cannot predict needs concerning inventory, which have significance in time and money spent.
There are currently two methods for inventory management:
The more advanced method is carried out by scanning a products’ barcode . Accordingly, the product is removed or added to the stock managing system. The second method, which is more complex and does not involve any form of technology, is carried out by the person in charge of the inventory moving between shelves and counting or assessing what is in stock. There is a significant difficulty that has not yet been solved: both inventory management methods misrepresent the real stock status in real time.