What Are Common Components of an Inventory Control System?

An inventory control system is a process for managing and locating objects or materials. In common usage, the term may also refer to just the software components.Modern inventory control systems often rely upon barcodes and radio-frequency identification  tags to provide automatic identification of inventory objects. Inventory objects could include any kind of physical asset: merchandise, consumables, fixed assets, circulating tools, library books, or capital equipment. To record an inventory transaction, the system uses a barcode scanner or  reader to automatically identify the inventory object, and then collects additional information from the operators via fixed terminals (workstations), or mobile computers.The new trend in inventory management is to label inventory and assets with QR Code, and use smartphones to keep track of inventory count and movement. These new systems are especially useful for field service operations, where an employee needs to record inventory transaction or look up inventory stock in the field, away from the computers and hand-held scanners