Thursday, July 3, 2014

Inventory Control & Management

11 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!

11 comments :

  1. 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
    Replies
    1. IEEE Final Year projects Project Centers in India are consistently sought after. Final Year Students Projects take a shot at them to improve their aptitudes, while specialists like the enjoyment in interfering with innovation. For experts, it's an alternate ball game through and through. Smaller than expected IEEE Final Year project centers ground for all fragments of CSE & IT engineers hoping to assemble. Final Year Projects for CSE It gives you tips and rules that is progressively critical to consider while choosing any final year project point.

      JavaScript Online Training in India

      JavaScript Training in India

      The Angular Training covers a wide range of topics including Components, Angular Directives, Angular Services, Pipes, security fundamentals, Routing, and Angular programmability. The new Angular TRaining will lay the foundation you need to specialise in Single Page Application developer. Angular Training

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

    ReplyDelete
  6. 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. 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