Inventory Management
function
is keepa detailed record of each new or returned product as it enters or leaves a warehouse or point of sale.
tips for improving your inventory management
don't miss sales due to-ofstock items
don't waste cash in overstoked inventory
improve the accuracy of your accounting and profit reporting
identify issues before they get out of control
customer service
efficient re-ordering
minimize theft and losses
trust in your information systems
minimize warehouse cots
efficient stock take and end-of-year process
is the supervision of non-capitalized assetsand stock items
requires a process
goods are delivered into the receiving area of a warehouse in the form of raw materials or components and are put into stock areas or sheles.
in smaller companies, the goods may go directly to the stock area inteased of a receiving location.
the goods are then pulled from the stock areas and moved to production facilities where they are made into finished goods
the finished goods may be returnd to stock areas, or they may be shipped directly to customers.
uses a variety of datos such as:
lot numbers
serial numbers
cost of goods
quantity of goods
the dates when they move
the business will enjoy many benefits
increased sales
increased informtion transparency
shorter lead times
lower costs
improved delivery performance
increased employee efficiency
accurate planning
drecreased stock-outs
increased customers loyalty
increased inventory turnover