Thursday, July 3, 2014
Inventory Control & Management
What
is inventory?
Inventory is a stock of
goods in any form such as raw materials, maintenance, repairs and overhauling
items, work-in-progress and finished goods for sale.
What
is Inventory Control/Management?
Inventory control /management
is a science which deals with determining the right quantities ofthe stocked
goods. Materials may be required at diverse locations across various locations
of a supply chain/ network.
Why
there’s a need of efficient inventory control/ management?
Inventory control/management
isimportant to precede the planned and regular course of production aswell as stock
of materials for efficient management of inventories at minimal cost.This
increases functioning of business thus leading to optimal allocation of resources
in the right direction, minimization of costs and maximization of profits.
What
is the scope of inventory management?
Inventory management’s scope
coversefficient management of various factors like-
- · Replenishment lead time
- · Inventory carrying costs
- · Asset management
- · Inventory forecasting
- · Inventory valuation
- · Inventory visibility
- · Future inventory price forecasting
- · Physical inventory verification
- · Available physical space for inventories
- · Quality management
- · Replenishment
- · Returns
- · Defective goods
- · Demand forecasting
The art of effective inventory
control management lies in balancing all the above competing requirements efficiently
to arrive at ideal inventory levels.It’s an on-going process as
the firm needs to shift and respond to the changes of wider environment.
What
is the objective of inventory control/ management?
Inventory control / management
involves achieving twin objectives of minimizing capital blockage and at the
same time ensure availability of materials as and when required. This is done by
creating the right culture and using effective inventory control techniques like
ABC / HML / SDE / GOLF / SOS / VED / XYZ / FSN Analysis.
All the above techniques are
crucial for a company to manage
inventories in the most efficient way. If you
want to learn these important inventory control techniques in detail, then feel
free to attend our expert seminar on Inventory Control Techniques which is
going to be held in Mumbai and Bangalore. Our professional speaker -a renowned expert
in this particular field will take you through an insightful tour of Modern
Storage and Inventory Practices for enhancing the functioning of your business and
profits manifold!
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