Inventory is the goods and materials which any business possesses for the sale purpose. Inventory management includes the activities, techniques which are employed so that optimum number of amount of each inventory item can be maintained. Inventory management sometimes is also referred as inventory control. Any business or organization has all of its functions/operations which are interlinked and overlapped. Business delivery function depends on some key aspects including logistics, inventory and supply chain management. So these functions are important to be managed and controlled. Inventory management offers an uninterrupted production, sales and customer service levels at quite minimal cost. It’s a fact that inventory is the largest item in the current assets category of many businesses, thus inventory problems can lead to losses or sometimes it can even give rise to business failure situations. Inventory is dynamic in nature. Inventory management needs continuous constant and careful evaluation of external and internal factors. It needs control and review with good planning. The science of inventory management highly aims at specifying the shape and percentage of stocked goods by the business. Inventory management is needed in different locations of supply network so that the regular and planned production and material stock can be preceded. Inventory management is concerned with:
- Replenishment lead time
- Inventory carrying cost
- Asset management
- Inventory forecasting
- Inventory valuation
- Inventory visibility
- Future inventory price forecasting
- Physical inventory
- Available physical space for inventory
- Quality management
- Return and defective goods
- Demand forecasting
Inventory is one of the major assets of any business. It represents an investment which is tied up until the item is either sold or used in the production of any item which is sold out. An effective inventory management involves a purchasing plan will ensures that the items are available whenever they are required. Inventory management further keeps the track of existing inventory and its use as well. There are basically two common approaches for inventory management including Just – In – Time method and Materials Requirement Planning. Companies make planning to get items as needed instead of maintaining high inventory levels in Just – in – time. Material requirement planning makes schedule of material deliveries which are based on the sales forecasts. Inventory management is the process and practice which involves the planning, directing and controlling the inventory so that it can contribute to the business. According to Juhi Gonzales (1999)
“Inventory management about making sure that items are available when customers call for it, but not too much stock so that inventory turnover goals are met.”
Inventory management supervises the non – capitalized assets and stock items of the business. The process ensures if the business always has the products which are needed o hand, and to keep the costs as low as possible it can be. Inventory management is imperative because it defends the production course against the chance of running out of goods or material. It further includes establishing required connections between the replenishment lead time of materials/goods, asset management etc. A company can know about the optimal inventory levels of these competing requirements by balancing them. Inventor management specifies the shape and percentage of stocked goods. It is an ongoing process and it should be forward looking. It is a component of cost of sold goods. This makes it key driver of profit, total assets and tax liability. The inventory line items of balance sheet are highly influenced by inventory management. It also manages the company’s supply chain system.
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