The kind of application specifically designed for managing inventory is an Inventory Management System (IMS). These applications help businesses track stock levels, orders, sales, and deliveries in real-time. Features of IMS include stock tracking, order management, and reporting tools. By implementing an IMS, companies can optimize their inventory levels, reduce carrying costs, and enhance overall operational efficiency. Popular IMS solutions include TradeGecko and Zoho Inventory, which simplify the complexities of inventory management.