01-06-2017, 10:01 AM
Inventory management is the ongoing process of moving parts and products to and from the company location. Companies manage their inventory on a daily basis as they place new orders for products and ship orders out to customers. It is important for business leaders to gain a firm understanding of everything related to the inventory management process. In this way, you can find creative ways to solve inventory management problems by finding the right solutions.
Without a doubt, inventory management is an important part of doing business. It is the means by which companies remain supplied with all the essential goods they need to sell to customers and complete daily operations. When the products are sold, they must be replenished at a rate that does not lead to excess stock or frequent excess stock. Successfully managing inventory means hitting a moving target because supply and demand are not constant, but often change with the season and throughout the life cycle of a product. There is also the problem of tracking inventory with different units of measure and suppliers in different countries with different types of taxes and laws.
