Procurement, Inventory & Warehouse Management
Assignment: Procurement, Inventory & Warehouse Management.
Q1: What are the objectives of inventory management?
To achieve satisfactory levels of customer
Smooth-out variations in operation performances
Avoid stock-out and shortage of material
Safeguard against price changes and inflation
Take advantage of quality discounts
Goals & Objectives of an Inventory-Control System
An inventory-control system is the mechanism within a company that is used for efficient management of the movement and storage of goods and the related flow of information. Product resellers have access to technology-driven software programs that help optimize inventory control, which is critical in achieving business success. Getting product to customers on time and as inexpensively as possible are the main goals of an inventory-control system.
Avoid Stock-Outs
Making sure that your customers have access to products when they need or want them is a key service issue in inventory control. Your system should include a well-outlined replenishment system, where critical inventory levels at a store result in swift shipments from your distribution center or directly from a vendor. Given the time and effort put into promoting products to attract customer interest, you want inventory on hand when they come to buy.
Avoid Excess Inventory
Optimized inventory control actually balances a fine line between too much and too little. In fact, a main reason companies have gone to just-in-time systems and advanced software solutions is to avoid having excess inventory while trying to meet demand. Carrying too much inventory in distribution centers or retail stores is costly. It takes up space, employee time, utility costs and limits floor space for selling. Plus, perishable items or products with expiration dates must be thrown out if you can't sell them.
Move Goods Efficiently
Efficiency in inventory means the ability to quickly receive and store products as they come in and retrieve and
Q1: What are the objectives of inventory management?
To achieve satisfactory levels of customer
Smooth-out variations in operation performances
Avoid stock-out and shortage of material
Safeguard against price changes and inflation
Take advantage of quality discounts
Goals & Objectives of an Inventory-Control System
An inventory-control system is the mechanism within a company that is used for efficient management of the movement and storage of goods and the related flow of information. Product resellers have access to technology-driven software programs that help optimize inventory control, which is critical in achieving business success. Getting product to customers on time and as inexpensively as possible are the main goals of an inventory-control system.
Avoid Stock-Outs
Making sure that your customers have access to products when they need or want them is a key service issue in inventory control. Your system should include a well-outlined replenishment system, where critical inventory levels at a store result in swift shipments from your distribution center or directly from a vendor. Given the time and effort put into promoting products to attract customer interest, you want inventory on hand when they come to buy.
Avoid Excess Inventory
Optimized inventory control actually balances a fine line between too much and too little. In fact, a main reason companies have gone to just-in-time systems and advanced software solutions is to avoid having excess inventory while trying to meet demand. Carrying too much inventory in distribution centers or retail stores is costly. It takes up space, employee time, utility costs and limits floor space for selling. Plus, perishable items or products with expiration dates must be thrown out if you can't sell them.
Move Goods Efficiently
Efficiency in inventory means the ability to quickly receive and store products as they come in and retrieve and