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.
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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