Inventory Management : A focus on Forecasting, Lot Sizing, Safety Stock, and Ordering Systems.
Inventory management is primarily the monitoring and maintenance of stocked products. It consists of all the administrative tasks involved with measuring and keeping track on incoming and outgoing products and all the inventory on hand.
Inventory management helps to protect regular and planned course of business against any disturbance of running out of goods. It shows how much stock you have, it reduces errors or “walking stock” and helps to make future plans to grow your business.
It can be time-consuming and boring task, which might steal staff away from more important assignments, but it is also important to run an effective business.
Well-functioning software is a great asset for stock management.
Efficient software will provide you with up-to-date information. This data should also be available to every person dealing with inventory.
Correct inventory should be seen in real-time and different reports should be always there when you need them.
Software should allow you to manage stock everywhere. It is important to be able to access your inventory from different sources (laptop, tablet, smartphone).
It is useful when new points-of-sale and e-channels are easy to connect.