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The best way to control inventory are as below,
1-Assessing Your Inventory
2-Updating Your Inventory
3-Maintaining the Right Level of Inventory
The best way to control Inventory is to monitor the Velocity of movement of materials in use
using FSN methodology
F- ( FAST ) , S ( SLOW ) N ( NON MOVING ) - fixing Inventory levels - Maximum , Re-Order and Minimum Levels , including Safety stock levels .
Monitoring the ageing of inventory to avoid Working capital loss due to obsolescence or non use of ideal inventory .
Inventory management is very dynamic concept with specific industry ,as sometime it is a matter of Strategic for the business whether to hold Inventory at the cost of missing a Sales opportunity , or wisely monitoring with effective management and efficient Working capital management
