Effective Inventory Management System involves the flow of products and services from and to the organization. Either a single inventory management system will be followed within a company or multiple techniques will be used for the inventory management system. The following are the important factors to be taken care of for inventory management system in Supply Chain Management Process.
Assistance from Suppliers
One of the best method to manage inventory is by receiving help from suppliers. In this case the supplier generates purchase orders which will be depended on the distributors requirement. Companies having many distributors often utilize the help of vendors for eliminating errors that comes due to entry of mistaken data.
Assistance from Inventory Management Professionals
Appointing a dedicated inventory control specialist will solve many problems convened with the inventory management. A professional in inventory management can handle merchandise items in the store and in the transit without any issues.
Controlling the Lead Time
Controlling the lead time which is the time needed for reordering the inventory can be achieved by delivering the products at variable times after placing an order. A study about lead time calculating the time needed to obtain the ordered material in the store will be helpful in managing the inventory.