Inventory management vs Inventory Control - Blog.zaperp.com

1. Inventory management vs Inventory Control Blog.zaperp.com Inventory Management is a process that has many different components which have been divided up into categories. Inventory Control, on the other hand, deals solely with those aspects of inventory for which there are short-term variances from expected amounts and costs. These areas include safety stock, order quantities, transportation methods as well as the actual control over items in storage locations such as warehouses or retail stores. Inventory Management Inventory Management revolves around inventory forecasting and replenishment activities. It manages the entire process of procurement, storage and using the inventory product, both as raw materials and as the finished products. It includes knowing what product is in store, the quantity, where it is located and ensuring that it is stored in good condition, along with products that are not in stock and when they need to be brought in, in order to properly fulfil customer orders. It also is required to ensure that the business is not holding more stock it can sell. Inventory Management is by far one of the most crucial processes in an organization, especially those in eCommerce. Inventory Control Inventory Control is a part of the inventory management process. It has to do with managing (a.k.a. controlling) the inventory that the company already has in its possession. The different activities involved in inventory control are receiving, storing, transferring and tracking inventory as well as fulfilling orders and managing returns. For any eCommerce company, stock rotation is an important part of inventory control, as well as the overall inventory management process. To ensure you have control over what items are used to fulfill customer orders, it is important to define the flow of stock. Depending on the kind of products (or services) that you sell i.e. your product portfolio, you can dictate how a product is deployed to fulfill customer orders. Inventory control, as well as inventory management, are both used to keep track of and manage inventories. Inventory control monitors daily trends for each item as part of the broader inventory management process. To understand Inventory management vs inventory control, which is better, read more at https://blog.zaperp.com/inventory- management-vs-inventory-control/