Objectives of Inventory management

Inventory Management Definition

Inventory Management or we can call it as stock management is a best control method which allows you to organize and manage your financial aspects. Inventory Management helps providing a good understanding ground and the capacity to control your financial costs. Good inventory management system helps you a great deal.

Inventory Management objectives

  • To Find and track down all the processing data‘s in an inventory system repository .
  • Define a procedure by which assets are identified and maintained in the Inventory System.
  • Provideall necessary personnel (data entry, update and deletion).
  • Restrict access of certain members ,Complete range of reports that will satisfy informational requirements.
  • To file the Inventory Management System within the Standards and Procedures Manual.
  • To provide coaching to personnel responsible for supporting the Inventory Management System.
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Inventory Management benefits are

  • Reduces cost and provides detailed reports for reference or checking purposes
  • Increase Account Saturation and Maintenance
  • Provides a flexibility to suit individual needs of customers
  • Strengthen the relationship with the customer by becoming an on-going partner in the customer’s profitability improvement and demonstrating that product price is only part of the cost of doing business with a supplier.

Inventory management Software Features

  • Inventory Profitability Analysis.
  • Support for Non-Serialized Items.
  • Inventory Commitment.
  • Barcode Printing.
  • Lot Tracking.
  • Price Protection.
  • Upgradation of items.
  • Support for Matrix Items and Item Images.
  • Warehouse Management.
  • Audit Trail for Inventory Adjustments.
  • Stock/Inventory Transfer.

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