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If stock levels and inventory are not properly managed, this could very well hinder cash flow, chalk up holding costs, time and labour wastage, inefficiency in supply chain and sales cycles, disappointed customers, and lost sales.
Answer is true, If stock levels and inventory are not properly managed, this could very well hinder cash flow, chalk up holding costs, time and labour wastage, inefficiency in supply chain and sales cycles, disappointed customers, and lost sales
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yes it true the inventory in any organization is a member in the team like HR , maintenance , finance , .... etc , and the team is like a chain , any weakness in any ring will reflect on the main target of the organization
it's true because efficient management of Inventory has played a vital role in deciding a firm’s ability to operate with good profit margins. High Inventory Turnover ratio indicates that a company is efficient in managing its inventories and is having high sales. Having no prior knowledge of financial concepts or relevant industry experience, Having low inventory might often result in company not being able to meet the committed service levels, which obviously means that more often than not, customers will be sent back without the product they wanted or would be directed to other stores
Absolutely True.
In the modern age of JIT, Inventory management techniques not only provide financial & inventory control but also vital data feedback for management and sales plans.
Lack of property inventory management can lead to disastrous consequences such as
all of which lead to blocking of funds and waste of precious resources, ultimately leading to dissatisfied customer and loss of sales. i,e, (the death knell for any organisation)
Totally correct . it is a fact
Answer is False <<<<<<<<<<<<<<<<<<<<<<<
This relates to continuous development of your company. As much as you are developing you build up your inventory management . In my experience i have seen some farms they deliver goods straight from the production line as they don't feel for inventory management . But of course this should no be for all farms. This is a very crucial policy to build up inventory management. Otherwise, ya your business may be affected specially if your market may need the product as to FIFO or LIFO method.
I think, its true when you are managing it at your premises. Now no need to manage all these at your premises, third party is providing services for Inventory Management, Storage and Physical Distribution. So don't worry, just chill.
True, as it links to all division of the company including finances.
True.
In current era, where most of the production industries are at Maturity stage (in Product/Industry Life Cycle), cost cutting has become one of core competencies to survive or succeed.Inventory Management not only helps in cost cutting in form of reduction in ordering cost, holding cost, obselence, damages, defective goods, but also helps in customer satisfaction, reducing inefficiencies of value/supply chain management.
