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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