You have found out that Alyssas business does not use a formal, consistent inventory tracking system. The information on inventory is recorded in Microsoft Excel spreadsheets. Periodically, an employee in China visually checks to see what items are in stock. Although Alyssas company tries to keep a certain level of each top seller fabric and details in stock, the lack of a formal inventory tracking system has led to overstocking of some items and understocking of other items. As a result, if a certain fabric is not available, Alyssa Stuart risks losing a customer to a competitor. You are concerned with Alyssas inventory management methods and suggest introducing some changes.

1. Explain in your own words what Inventory Management is and why it is important.
2. How can a poor Inventory Management System affect Alyssas business? Provide three examples of problems that may happen.
3. Search on the internet and find Inventory Management software that you would suggest Alyssa to implement. Provide at least three reasons why you have chosen that option.

PLEASE DON'T JUST COPY AND PASTE THE ANSWER FROM SOMEWHERE, AND I WILL BE SURE TO GIVE IT A THUMBS UP!