A key function of inventory management is to keep a detailed record of each new or returned product as it enters or leaves a warehouse or point of sale. It keep track on goods as they move through the process, including cost of goods, quantity of goods and the dates when they move through the process. It also allows to integrate with existing Accounts, Finance and ERP systems.
Asset Management System is a part of inventory management system and it maintains a complete asset records such has list of items present at various centre, maintains a record of materials at centre. It plays a prominent role in project implementation as per norms.