Question

What is SIMS and how does it play a vital role in inventory management?

What are some of the largest intangible costs associated with inventory management and why are they important?

Answer 1

SIMS Stands for Small Inventory Management System which is today one of the most powerful and commonly used fully functional warehouse management software effectively made to cater daily warehouse operations. Several companies have prepared such software depending on the purpose with some less and more changes in specifications. The most popular is Oracle Retail store inventory which helps to perform inhouse store operations. It functions for warehouses management, stores stock management, pricing, customers database management, transfer and return stock, managing customer orders, reporting, etc. It manages the inventory by making inventory adjustments, stock counts and sequencing, store orders and item requests, price fluctuations, etc.

Some of the largest intangible costs associated with inventory management are the holding and managing the inventory. It is because the storage and holding cost are the highest cost. The cost of holding stock and its maintenance, inventory services, storage space, inventory risk associated here are the most costly in inventory management process.