Inventory Management Systems {14}

by Edmund V
When running a business, proper inventory management is essential to ensuring financial success. Inventory management may be defined as the overseeing and controlling of the ordering, storage and use of components that a company will use in the production of the items it will sell as well as the overseeing and controlling of quantities of finished products for sale. Smart planning and controlling of inventories in order to meet the competitive priorities of the organization falls in line with inventory management because a business’s inventory is one of it’s major assets. Until items are sold, sitting inventory equates to an investment that has not returned a profit yet; additionally, it may be incurring costs for storage, tracking, and security. Mismanaging inventory includes both shortages and surpluses; both are important challenges to tackle. How does a company properly manage inventory to make the most out of sales? Is it possible to extract other vital information through inventory management? Some companies today excel at performing both of those tasks. read more...