Is Inventory Management as important as Inventory Control?

Both are important and complementary. ●● inventory control is one of the biggest factors in the success or failure of the company. This part of the supply chain has a significant effect on the entity's ability to manufacture goods for sale or to satisfy customers' demands of the final products. Inventory control is achieved the proper balance between the customer's need to secure the products quickly with the need to work to control the cost of storage. Inventory management effectively, should the owner or manager of the project stores a full understanding of each of the demand, and inventory costs. ............................. ●● goods inventory management is considered one of the most important assets of the institutions, which constitute about30% of the total assets of the institutions wholesaling and nearly20% of the assets of industrial enterprises; Because of this importance of the goods, the success or failure in many of the institutions depends on the efficiency in the management of its stockpile of goods, especially in the cases of the fluctuation of prices of goods and scarcity.

I echo with Mr. Mohammed Thiab and Mr. Arinjay that inventory control is a part of inventory management..

Both are important and complementary. ●● inventory control is one of the biggest factors in the success or failure of the company. This part of the supply chain has a significant effect on the entity's ability to manufacture goods for sale or to satisfy customers' demands of the final products. Inventory control is achieved the proper balance between the customer's need to secure the products quickly with the need to work to control the cost of storage. Inventory management effectively, should the owner or manager of the project stores a full understanding of each of the demand, and inventory costs. ............................. ●● goods inventory management is considered one of the most important assets of the institutions, which constitute about30% of the total assets of the institutions wholesaling and nearly20% of the assets of industrial enterprises; Because of this importance of the goods, the success or failure in many of the institutions depends on the efficiency in the management of its stockpile of goods, especially in the cases of the fluctuation of prices of goods and scarcity.

As a business owner, you require an inventory management system that insures the next order you place is the right quantity both for your customers and for your business.

Frankly, without an inventory management system you do not know whether or not the next order that your Buyer or even you place, will result in excess stock or a stock out.

 An effective inventory management system:

• Identifies the most important items through a classification process so that the time spent managing items yields the maximum results
• Generates accurate statistical forecasts
• Allows manual forecast adjustments where required
• Measures the risk factors in the supply chain
• Sets optimal safety stock levels to cover the risk
• Calculates optimal ordering levels
• Generates optimal replenishment orders

So, what do Inventory Control Systems do?

They include Warehouse management systems to track the movement of inventory through the full warehouse cycle from:

• Receiving to
• Binning to
• Picking to
• Shipping

Other key requirements include:

• Stock taking
• Cycle counting
• Space and volume planning
• People
• Fulfillment times
• Bar-coding systems
• Radio Frequency Identification (RFID) systems
• Real time recording of transactions

Inventory management will lead to low storage costs, ample usage of funds and timely delivery to customers. The various approaches to inventory management may depend on the requirements of the business.

Both are important to the organization and I agree with most of answers that are provided by members

Inventory management and inventory control are both important to control the stocks accuracy.

Inventory control is one of the aspects of Inventory Management alongwith Inventory receipts, replenishment & distribution & storage security & safety.

Inventory control is part of Inventory management, you have to cntrol your inventiry to manage it properly

 

I understand that Invemtory management focuses on having the right invetory on the right place on the right time. It has to do with assuring thr right balance between purchasing and selling the inventory.

 

While Inventory Control is focuses on the effeicient use of the inventory to reduce costs. Also it is responsible for controling the movement of the inventory (physically and systematically).

 

Therefore I believe they are both important for a company.

  For sure both of them  are very  important to the organization

and i do beleive with both answers given by Mr.: Thiab & Mr.; Arinjay too as well