An inventory system is an inventory management system or process (there are several software for it as well), and inventory interval is a fixed or variable time with respect to which we usually replenish our stock.
Normally, organizations use software programs such as Microsoft Dynamics CRM in Zones or Salesforce in Keeping track to tackle the problem with work in problem inventory levels. It provides detailed information on back-ordered, WIP and incoming inventory to easily manage customer demands.
Moreover, these companies set Minimum and Maximum on inventory levels to tackle these problems so that they don't order too much stock, which turns into an aging inventory. It also helps them avoid falling short on the stock as well and manage supply according to the demand.