Thursday, July 3, 2014

Inventory Control & Management

Unknown 9:55 AM 14 comments :
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!

14 comments :

  1. UnknownApril 13, 2017 at 2:37 PM

    Nice blog.Thanks a lot for sharing this blog about Inventory Control/Management details.Happy to share this details by you.Thanks a lot.College students prefer to engage essay writers online to prepare excellent assignments.Students had to read numbers of books to come up with unique information.Essay writing is quite a challenging task, you should understand how important your essay grade is.Cheap essay writing services are available now, they can be your best friend and tutor when talking about essay help. They will provide the best possible assistance for you.

    ReplyDelete
  2. UnknownMarch 30, 2018 at 5:56 PM

    Thank you for this valuable information. I have got some important suggestions from it. Keep in blogging.Inventory Verification | Fixed Assets Audit | Vendor Reconciliation

    ReplyDelete
  3. isabellaMay 15, 2018 at 6:29 PM

    Appreciating the persistence you put into your blog and detailed
    information you provide.Thank you so much for sharing that valuable blog. Duplicate Payment Review | Continuous Transaction Monitoring
    Duplicate Payment Recovery

    ReplyDelete
  4. Laura BushJanuary 4, 2020 at 12:22 PM

    I really appreciate your work which you have shared here about the Inventory Control & Management. The article you have shared here is very informative and the points you have mentioned are very helpful. Thank you so much. If anyone looking to buy Warehouse Management Software in USA, inventtrac is the best choice.

    ReplyDelete
  5. jassibushJune 25, 2020 at 12:04 PM

    Just read your blog.Good one. I liked it.3PL WMS

    ReplyDelete
  6. michelle johnsonAugust 31, 2020 at 9:56 AM

    Obviously, is the real informative article, all guidance is recognizably genuine. Much obliged to you for this organization with us. I began to be intrigued and prompted it.3PL Warehouse Management Software

    ReplyDelete
  7. saivenkatNovember 13, 2020 at 11:49 AM

    Good Post! Thank you so much for sharing this pretty post, it was so good to read and useful to improve my knowledge as updated one, keep blogging…
    Distribution Management Software

    ReplyDelete
  8. loreatecOctober 9, 2021 at 1:11 AM

    You are giving such interesting information. It is great and beneficial info for us, I really enjoyed reading it. Thankful to you for sharing an article like this.3pl warehouse management in Osaka.

    ReplyDelete
  9. saasOctober 10, 2021 at 5:25 PM

    binance güvenilir mi
    instagram takipçi satın al
    takipçi satın al
    instagram takipçi satın al
    shiba coin hangi borsada
    shiba coin hangi borsada
    tiktok jeton hilesi
    is binance safe
    is binance safe

    ReplyDelete
  10. UnknownFebruary 7, 2022 at 10:35 PM

    tiktok jeton hilesi
    tiktok jeton hilesi
    referans kimliği nedir
    gate güvenilir mi
    tiktok jeton hilesi
    paribu
    btcturk
    bitcoin nasıl alınır
    yurtdışı kargo

    ReplyDelete
  11. taksiDecember 12, 2022 at 9:50 PM

    Good content. You write beautiful things.
    korsan taksi
    vbet
    hacklink
    mrbahis
    mrbahis
    sportsbet
    hacklink
    sportsbet
    vbet

    ReplyDelete
  12. Directory For PlacesMarch 16, 2023 at 1:55 PM

    https://bit.ly/directory-for-places Directory for Places is not just limited to the United States, as the platform is expanding to include destinations from around the world. This means that users can discover new and exciting places both at home and abroad, making it a truly global resource.
    A business guide provides information and guidance on various aspects of business management and ownership.

    ReplyDelete
  13. MapishereApril 6, 2023 at 5:52 PM

    Overall, https://mapishere.com/ is an indispensable tool for anyone who wants to explore and navigate the world with ease and confidence. With its comprehensive database, real-time traffic updates, and user-friendly interface, this website offers everything you need to plan your next adventure and discover new and exciting destinations.
    This way you can get a lot of information. Keep researching and reviewing.

    ReplyDelete
  14. halimAugust 16, 2023 at 4:48 PM

    resimli magnet
    resimli magnet
    çerkezköy çatı ustası
    silivri çatı ustası
    dijital kartvizit
    0YD

    ReplyDelete

Subscribe to: Post Comments ( Atom )