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The ongoing inventory management system is commonly referred to as a perpetual inventory system. This system continuously tracks inventory levels in real-time, which allows for accurate monitoring of stock on hand and ensures that inventory levels are updated immediately following each transaction.

In a perpetual inventory system, the amount of inventory is automatically updated with every sale or purchase, which helps in maintaining accurate records for both stock levels and financial accounting. This continuous tracking is beneficial for identifying discrepancies, facilitating better ordering processes, and ensuring that items are replenished as needed without delays.

Other inventory management systems, such as the periodic inventory system, typically assess inventory levels at specific intervals rather than continuously. Similarly, static and dynamic inventory systems do not capture the consistent, real-time tracking that a perpetual system provides; thus, they are not suitable descriptors for ongoing inventory management. Ultimately, the perpetual inventory system is favored for its ability to maintain precise control over inventory and provide timely data for decision-making processes.