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Inventory is the raw materials, work-in-process products and finished goods that are considered to be the portion of a business's assets that are ready or will be ready for sale. Inventory is a most important assets of a business because the turnover of inventory represents one of the primary sources of revenue generation and subsequent earnings for the company's shareholders. Basically it acts as a buffer stock.
The main and primary role of a inventory supervisor is to ensure the availability of parts at minimum holding cost.
Basic and must follow responsibilities are as follows
1. Establishing check-in procedures
2. Establishing valuation methods and controls.
3. Creating stock picking procedures
4. Shipping procedures
5. Maintaining minimum stock
Different companies have their own procedures and responsibilities, but above mentioned are common practices followed.
