inventory management in tamil | process of inventory management | logistics

fleet management:    • fleet management | logistics in tamil | su...   warehouse management    • Warehouse in tamil | logistics & warehouse...   logistics    • Logistics and types in tamil | logistics i...   supply chain management    • supply chain management / process of suppl...   Job opportunities in logistics    • Job opportunity in logistics tamil   What Is Inventory Management inventory management refers to the process of ordering, storing, using, and selling a company's inventory. This includes the management of raw materials, components, and finished products, as well as warehousing and processing of such items. There are different types of inventory management, each with its pros and cons, depending on a company’s needs. or Inventory is the raw materials, components and finished goods a company sells or uses in production. Accounting considers inventory an asset. Accountants use the information about stock levels to record the correct valuations on the balance sheet. Inventory management, a critical element of the supply chain, is tracking inventory from manufacturers to warehouses and from these facilities to the point of sale. Inventory management aims to have the right products in the right place at the right time.  Inventory management requires inventory visibility, knowing when to order, how much to order and where to store stock. Multichannel order fulfillment operations typically have inventory spread across many places throughout the supply chain. Businesses need an accurate view of inventory to guarantee fulfillment of customer orders, reduce shipment turnaround times and minimize stockouts, oversells and markdowns. KEY TAKEAWAYS Inventory management is the entire process of managing inventories from raw materials to finished products. Inventory management tries to efficiently streamline inventories to avoid both gluts and shortages. Four major inventory management methods: 1. just-in-time management (JIT), 2. materials requirement planning (MRP), 3. economic order quantity (EOQ) , 4. days sales of inventory (DSI). Benefits of Inventory Management The two main benefits of inventory management are that it ensures you’re able to fulfill incoming or open orders and raises profits. Inventory management also: Saves Money: Understanding stock trends means you see how much of and where you have something in stock so you’re better able to use the stock you have. This also allows you to keep less stock at each location (store, warehouse), as you’re able to pull from anywhere to fulfill orders — all of this decreases costs tied up in inventory and decreases the amount of stock that goes unsold before it’s obsolete. Improves Cash Flow: With proper inventory management, you spend money on inventory that sells, so cash is always moving through the business. Satisfies Customers: One element of developing loyal customers is ensuring they receive the items they want without waiting. inventory management in tamil, inventory management in supply chain management, inventory management in logistics, process of inventory management, inventory management, benefit of inventory management, types of inventory management, methods of inventory management