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What is Inventory Management?

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Author Topic: What is Inventory Management?  (Read 12 times)

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« on: December 13, 2017, 04:08:10 pm »

In general, inventory management refers to the method by which businesses handle tangible resources and materials in order to make sure resources are readily available for use. Inventories are generally managed using a paper list system or a computer software-enabled system. By using an inventory management system, a household can expect to keep necessary supplies on hand while a business can use resources more efficiently in order to generate revenues.

The simplest form of inventory management is the hard-copy method whereby a list is kept of materials that are used on a regular basis. When items are brought in, they are added to the list. When supplies run low, a purchase is made to replenish materials. In this manner, a running inventory of the most important materials can be provided at any time. This simple form of inventory management is helpful so that materials can be purchased at opportune times when prices are low and nothing critical ever runs out.

Another popular form of inventory administration is the computer-software-based inventory management system. As supplies accumulate, a computer inventory management system can be used to keep track of large amounts of products and materials. Whenever an individual material is brought in or leaves the inventory, the inventory-management software makes adjustments to correspond with these activities.


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