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Inventory Management System – a Prerequisite for a Successful Business

by Jun 15, 2017Management

The objective of every business is profit making. The producers, suppliers, distributors, retailers – everyone wants to have his share of profit from the sale of products. The production of goods, warehousing, distribution, and sale – this entire cycle is a step-by-step process. Right from the first stage of production to the sale of final products, there is a number of steps involved.

Every single phase of this cycle is well managed by individuals and groups, who are knowledgeable and deft in their respective fields. Want to know more about it? A glimpse of inventory management system homework help manual can surely help you!

What is Inventory Management?

Inventory Management is the act of supervising the non-capitalized assets and goods in stock or inventories. The first step of the cycle is the production phase in which, the goods are produced by the producers.

Then comes the warehousing stage; after production, the goods are sent to the warehouses, where they are stored for a certain period of time till they are sent for sale. And the final stage is the sale of goods. From the warehouses, the goods are sent to the wholesalers and retailers for sale. The process of supervising this continuous flow of goods from one stage to the other is termed as Inventory Management.

Importance of the Inventory Management System

We know that the Management plays a crucial role in a business enterprise; its contribution to the overall profit-making is indubitable. There are different branches of Management and Inventory Management plays a pivotal role in the growth and success of a business.This system ensures the timely flow of the goods so as to provide the customers their demanded products in time.

Inventory Management’s role is to oversee the inward and outward flow of products to and from the warehouses to the point of sale. The quantities of items stored should neither be excess nor deficit. Checking the items available in the inventory is another function of Inventory Management. Inventory Management System is an important topic included in Management courses. If you consider taking inventory management system homework help, visit the websites of the online homework help service providers.

Roles of an Inventory Manager

  • An Inventory Manager has to be well-versed with the cost of the different types of raw materials and with the cost of the finished products as well.
  • It is the Inventory Manager’s responsibility to keep the overall product price in control, such that it is neither too high nor too low inclusive of all the taxes.
  • The Inventory Manager has to see that the raw materials reach in time and that there is no shortage of materials in the inventory.
  • He also has to make sure that all the raw materials are available to ensure the successful production and timely completion of all the orders.
  • He has to keep records of the produced goods that have to be shipped and check that the quantity or number of items is no less than the demand.

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Usefulness of the Inventory Management Software

Inventory Management System helps in measuring and balancing the business operations. The actions of packaging, shipping, receiving, warehouse storage, purchasing, turnover, tracking, re-ordering are administered and supervised by the Inventory Management team. Inventory Management is a component of the Supply Chain Management.

Inventory Management includes a Software System, which is used for tracking the inflow and outflow of goods in the inventory, storage, orders, sales, and deliveries. This Software is primarily used to avoid the overstock and under stock of goods and properly maintain the supply chain process.

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Methods used in Inventory Management System

Basically, there are two methods of Inventory Management – the periodic method and the perpetual method. In the case of the periodic method, the inventory data is updated after a long interval of time, usually a year or so. And in the case of the perpetual method, the data is regularly updated. The inventory records are continuously updated, and this lowers the inventory cost and saves time as well.

The perpetual method includes the usage of various technologies, such as bar codes, radio frequency identification (RFID), mobile warehouse solutions, point-of-sale scanning equipment, Inventory Management Software, etc.

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Utilities of Inventory Management System

  • It helps in managing the huge quantities of orders systematically.
  • It helps in asset tracking by using the method of barcoding, RFID, and wireless tracking technology.
  • It helps in determining the total cost of materials.
  • It helps in identifying the products by scanning the barcodes or serial numbers printed on them.
  • It helps in forecasting the future demands of different products as well as, clearing the present stock in the warehouses.
  • It also helps in avoiding the out-of-stock or overstock situations.
  • It helps in tracking the inventory when they are transported to warehouses and other locations.
  • It keeps track of the quantities of products sold and that are left in the warehouses and thus, spoilage can be avoided.
  • It also helps in cost savings, updating data, knowing the latest trends and demands, warehouse organization, data security, and increases overall business efficiency.

This is a very useful and important subject, and you can avail inventory management system homework help from the subject experts online and make yourself more familiar with this branch of Management studies.