What is Inventory?
What is inventory?
Inventory is holding stock of tangible products with economic value that are kept in different forms by an entity in its custody pending packaging, processing, transformation, use, or sale at later date
Any company that manufactures, trades, sales or services a commodity must keep a stock of different physical resources to facilitate future consumption. Although inventory is an unavoidable part of every enterprise, it should be noted that companies keep inventories for numerous reasons like speculation, functional and physical needs
What is inventory management?
Inventory management is a method for acquiring, storing, and selling inventory, including both raw materials and finished products. According to Wikipedia’s definition, inventory management is a discipline primarily about specifying the shape and placement of stocked goods. But it is so much more than that. The core of any business operation is inventory management and supply chain management. Inventory structure has evolved rapidly as a result of technological advancements and the availability of process-driven web applications. In the past decade, the industry has seen manufactures agree to maintain inventories as a part of an improvised customer service proving that the customer is no less than a king. Inventory management helps your brand grow with speed and insights.
Small and medium scale businesses often use applications like Microsoft Word, Excel, and Google sheets to keep track of their stocks and selling products. Large-scale companies use specialized inventory planning software as they help in keeping track of all of the companies’ warehouses and products, and occasionally notifying the admin regarding inventory.
Need of inventory management?
The importance of inventory in any commodities company cannot be overstated, which is why inventory management is beneficial to your operational efficiency and longevity. Without a smart strategy, you’ll face an army of problems, including blown-out costs, lost sales, bad customer support, and even outright failure, whether you’re an SMB or a company that already uses enterprise resource planning (ERP).
Inventory management is critical from a commodity standpoint as it allows you to know what stock you have on hand, where it is in your warehouse(s), and how it is going in and out.
Inventory management assists you by cost-cutting by keeping track of available raw products; enhance fulfillment and improving customer services. Not only this a good management system also prevents spoilage of goods and thus reducing losses. Inventory management, in a wider sense, can act as an easy market survey to gather information regarding the financial situation, customer habits and desires, and future developments.
Why do organizations hold finished goods inventories?
- Production Strategy is necessitated by Markets and Supply Chain Design.
- Keeping an inventory
- Market Size, Place, and Supply Design
- Transportation and Physical Barriers
- Local taxation and other government regulations
- Timelines for production.
Due to all these factors, each company needs its inventory and a good management system.
Written by: Aishwarya Sawkar
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