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Simply,
Controlling all processes between IN & OUT.
Controlling receiving.
Controlling issuance
Controlling Shipping or dispatch
Inventory management is the practice overseeing and controlling of the ordering, storage and use of components that a company uses in the production of the items it sells. Inventory management is also the practice of overseeing and controlling of quantities of finished products for sale
Control over the stock from order procurement till shipping of the goods.
Main aspects in Inventory management:
The objective of inventory management is to keep minimum inventory in the entire supply chain without affecting the agreed service levels to the end customer.
Inventory management covers inventories such as
1. Raw material inventory at the facility
2. In process /Work in progress inventory (WIP)
3. Finished goods inventory
4. Pipe line inventory (In transit inventory from suppliers as well as intransit inventories to customers)
Optimising resources at input level. Maintain economic order quantity and ABC analysis. Resort to backward integration for supply of raw materials. waste management is an important aspect for environmental protection.
Inventory (stock) - materials in a supply chain or in a segment of a supply chain, expressed in quantities, locations and/or values, not used at present, but kept for the future use (consumption/ /sale).
Inventory management is a science primarily about specifying the shape and placement of stocked goods. It is required at different locations within a facility or within many locations of a supply network to precede the regular and planned course of production and stock of materials.
Inventory Management is all about to have the right level of stock, at the right place, at the right time, & finally at the right price.
inventory management is the process of contol of inventories such as raw materials,final product without staying idle in the whole manufacturing process
