Inventory Management
Inventory management means supervising non-capitalized assets (i.e. the inventory) and stock items.
Inventory management is an element of supply chain management. It involves keeping a detailed record of both returned and new goods as they enter or leave the point of sale or warehouse.
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Inventory management determines the right amount of products to add to the stock. It also tells how many products to finish and add in the process. This facilitated minimized cost and supply management.
With a good inventory management strategy, you can increase the accuracy of inventory orders. It tells you how much inventory to stock without risk of wastage.
You need it because accurate inventory control tells you how much to invest and how much you can recover without facing losses. In addition, you can stock only products in high demand and not invest in products with low demand.
Inventory management control helps you save both time and money in terms of spending on the stock. With effective inventory management and control, you can avoid shipping incorrect or damaged goods to customers.