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A Guide To Performance Management
Nowadays, a great significance is being given to Performance Management, as companies incorporate them in their effective management strategies. However, a lot of people find this process a complicated one, mostly because of the many...
Effective Talent Management
When three leading magazines (Harvard Business Review, Business Week, and Training & Development) all have cover stories about talent management the same month, it is safe to say you are looking at a hot topic. Talent management (the recruiting,...
How to Improve Your Management Procedures’ Usability
Are your people consistently following your procedures? Each year, organizations lose thousands of dollars through common mistakes and lapses in usability. But what does that mean for business owners and executives? Ask yourself: Are...
Project Management Training
Project management is a very specialized and often complex task, and requires more training than the average programmer or executive might expect in very specific organizational tasks. To meet this demand, professional groups such as the Project...
Simple Mistakes You Simply Cannot Afford In Project Management!
From the desk of: Arne Yri http://www.ProjectManagementMadeEasy.com Why should you care about my viewpoints? Good question - you don't know me - but obviously - You're confused and maybe even a bit fed up by your new assignment...
 
Inventory Management 101

Inventory management may seem complicated to some, but if one truly thinks about what the words “inventory management” mean, it is a simple concept. Inventory is basically a list of goods and materials that are held by a business and are available in stock. Inventory management is the process of keeping track of inventory, and having the delicate balance of supply and demand firmly mastered. When having inventory, a company does not ever want to have too much of a product, nor does it want to have not enough of that product to meet demand. Inventory management helps to ensure that a proper inventory is maintained at all times.

Benefits of Inventory Management

Inventory management has many benefits for companies. Companies are required to have a certain amount of inventory, but they do not want to have too much. Inventory costs money, so a company with too much inventory is wasting money and hurting itself. Inventory management can help make it so that a company has the exact inventory needed. No more, no less. Inventory management is also an effective way to keep track of exactly what products a company has. If a company sells 100 different products, it is important to know how much of each product they have. This knowledge can be obtained through inventory management. Inventory management appears as an asset on the balance sheet for a company, but it also ties up money. That being said, managing one’s inventory is essential. Well-organized inventory management can help save a business unnecessary costs, while delivering products and services to customers more quickly and efficiently. This will eventually lead to increased customer satisfaction, giving a business a greater chance to retain customers and gain new customers. Successful implementation of inventory will improve the entire business significantly

Inventory Management Software

Who manages the inventory? Naturally, businesses have jobs specifically designed for monitoring inventory. Today, as business technology becomes


increasingly important and prevalent, inventory managers use software. Inventory management software may consists of a variety of programs. Most generally, inventory management software has databases in which information can be entered easily. Inventory management software also provides a central hub to find out information on all of the inventory a company has. This is quite useful for any inventory manager, or a company deciding how much additional inventory to purchase.

Suggestions for Successful Inventory Management

Inventory management is a wonderful idea, but it has to be carried out correctly. Some suggestions for successful implementation of inventory management are to have the best software available for one’s company. This does not necessarily mean the most expensive, or technologically advanced. Rather, having the best software to suit the needs of the particular company. It is also important to have highly trained personnel working on inventory management. Employees must be able to adjust to changes in demand and supply as quickly as possible. There are many inventory management seminars available. Sending inventory managers to these seminars is always a good idea. The better the employees understand and successfully implement inventory management, the better off the business will be.

Conclusion

Inventory management is important for keeping costs down, while meeting regulations. Supply and demand is a delicate balance, and inventory management hopes to ensure that the balance is undisturbed. Highly trained inventory managers and high-quality software will help make inventory management a success. The ROI of inventory management will be seen in the forms of increased revenue and profits, positive employee atmosphere, and an overall increase of customer satisfaction.

About the Author

Steven Ronsworth is fascinated about many business topics. Mr. Ronsworth writes about inventory management frequently.

 

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International review on management research. Peer-reviewed, occasional. Ejournal, with tables of content, abstracts and full articles available on-line.
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Advances the human resource profession to ensure that HR is recognized as an essential partner in developing and executing organizational strategy.
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Agency of the US government tasked with Disaster Mitigation, Preparedness, Response & Recovery planning.
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Management Reading | Global Executive | Business | Economist.com
The one management thinker every educated person should read Nov 17th 2005 ... The story of Emerson's successful management process is fascinating. ...
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Emerald: Home
Publisher of journals in management and library and information services, engineering, applied science and technology.
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Yale School of Management
The mission of the Yale School of Management is to educate global leaders for business and society. We pride ourselves in providing a hard-edged business ...
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