From an operational perspective, the primary goal of the materials management organization in a maintenance, repair and operations (MRO) environment is to provide unflinching material support to plant maintenance and production. In other words, have the right parts at the right place at the right time.<br><br>There are plenty of popular POS software systems that enable you to use add-on devices at your checkout stations, including electronic cash drawers, bar-code scanners, credit card readers, and receipt or invoice printers. POS packages frequently come with integrated accounting modules, including general ledger, accounts receivable, accounts payable, purchasing, and inventory control systems. In essence, a POS system is an all-in-one way to keep track of your business's cash flow.<img class='alignleft' style='float:left;margin-right:10px;' src='http://images.ientrymail.com/webpronews/authors/picture-2382.gif' width='262' alt='what is inventory management meaning'/><br><br>In the example above, we use the following formula: (On Hand Inventory + Purchase Order Receipt) - (Unshipped Customer Orders + Forecast) = Net Inventory. Notice what happens in Week 6. The Net Inventory is negative, projecting <a href="http://www.confianzit.com/cit-blog/openerp-inventory-management-software/">OpenERP Inventory Management</a> that we will be out of inventory. In this case, you should expedite the Purchase Order Receipt that is scheduled for week 7. Ideally, it should arrive in week 5 or 6, depending on your <a href="http://www.confianzit.com/cit-blog/openerp-inventory-management-software/">open source inventory management system</a> desired Safety Stock level.<br><br>The model shown on the next page (see Figure 1) may look complex, but essentially all that is required to implement an effective Integrated Inventory Management program is an understanding of basic inventory management processes, combined with an effective and disciplined application of associated best practices. With a good grasp of the underlying principles involved, a commonsense approach to implementation and a healthy dose of practice, almost anyone should be able to make prudent decisions about the best way to manage their inventory.<br><br>The green-colored figures represent input/output data, reports or other electronic documents developed and/or used throughout each step to support the overall process. In most cases, these will be addressed within the subject matter of the appropriate work process where they are used or produced. In other cases, it will be necessary to address them separately.<br>