What is Inventory Management?
Inventory management is the process of efficiently overseeing the constant flow of units into and our of an existing inventory. It is a ubiquitous part of retail business. But few business owners understand its critical importance.
In any business or organisation, all functions are interlinked and connected to each other and are often overlapping. Aspects such as supply chain management, logistics and inventory form the ‘engine’ of the business. When these three components are working well together, the business engine is running efficiently and business transactions occur smoothly.
When these aspects are not working together smoothly, often due to a poor understanding of their relationship, a business can find itself struggling to understand its own activities.
Of these three, inventory management is a key function that determines the health of the supply chain as well as the financial health of the business.
Inventory management requires constant and careful evaluation of external and internal factors and control through planning, record keeping, and review.
Chelmer IT solutions has years of experience in the effective management of Inventory.