IMPORTANCE OF INVENTORY MANAGEMENT

1. IMPORTANCE OF INVENTORY MANAGEMENT https://www.loc8.com/

2. For small business, inventory is a major asset and is often the reason capital gets tied up. • Effective inventory management control requires accurate tracking of inventory stocks, in accounting records as well as in physical count. • This helps make better inventory purchase decisions and thus maintain inventory stocking at an optimal level for better meeting inventory demand. https://www.loc8.com/

3. WAYS TO IMPROVE INVENTORY MANAGEMENT Physical Count It is essential to maintain a physical count of inventory to ensure proper inventory management control To ensure a proper management of your facilities management of inventory is a must. Factors like theft, breakage or waste can affect inventory count. A year-end count of inventory keeps track of the difference between the actual inventory available inventory recorded in the account. https://www.loc8.com/

4. WAYS TO IMPROVE INVENTORY MANAGEMENT Inventory Quality Inadequate inventory quality control methods may lead to accumulation of unsalable inventory and the lack of inventory that customers desire. Proper inventory quality evaluation and assurance ensures stocking of balanced lines of different inventories This help reduce loss in sales due to stocking of improper inventory. https://www.loc8.com/

5. WAYS TO IMPROVE INVENTORY MANAGEMENT Inventory Levels The whole point of inventory management is maintain an optimum level of inventory. To do this, ensure you don’t overstock on inventory. Those in charge of facilities management can keep a leaner inventory by implementing a just-in-time inventory order system through better supplier relationships. https://www.loc8.com/

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