Inventory Management

Inventory Management, also known as stock control, refers to ensuring the appropriate levels of stock are maintained to meet consumer demand. It comprises several management techniques that help connect the upstream purchasing activities with the downstream activities of sales and product demand.

Essentially, inventory management monitors product movement, usage and storage to maintain a functional supply chain.

Inventory management can include:

  • Integrating barcode scanners with tracking software
  • Completing inventory counts
  • Tracking the physical inventory of sales and purchase orders
  • Establishing reorder points
  • Product specifications and data
  • Reporting

Inventory control aims to highlight slow-selling items, customer favourite products and bestsellers to optimise the cost of product ordering, maximise profits and keep only necessary items in the storing warehouse.

You can manage inventory levels manually and with automated systems, which are advantageous as they help eliminate the risk of human error.

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