What is Inventory Management?
Inventory management involves monitoring and controlling a company’s inventory or stock. The primary goal is to ensure a business can always meet its customers’ demands without the burden of excessive stock. It ensures the right goods are at the right place at the right time.
Inventory
A company’s inventory is one of its most valuable assets. An optimal inventory level is crucial for businesses. Having too little stock can result in lost sales due to unavailable products, but having excess stock can lead to high storage costs and potential wastage. The ideal inventory level strikes a balance between meeting customer demand and minimising associated costs. It fundamentally bridges the gap between warehouse processes and customer orders.
Knowledge
Inventory management lets you know what stock you have, where it is located and how much will be needed to fulfil all your customer orders. It aids in maintaining correct stock levels and preventing ‘out of stock’ situations.
Multi-Locations
When inventory is stored at Multi-Locations it can be challenging to manage your stock ensuring the right quantities and the right products meet with demand across each location. Efficient Multi-Location inventory management allows you to allocate stock effectively across all locations so that orders can be fulfilled promptly and effectively.
Inventory Management Systems
Various tools aid in effective inventory management. Inventory management systems provide accurate, real-time information about stock levels. They can also support automatic reordering and use past sales data to forecast future demand. Such systems can make the task of inventory management considerably easier.
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Author: Iain Coplans CEO Stok.ly