It is essential for each company to manage the inventory so that the excess stock is not stored at the company and at the same time the demand for customers is met. The main objective of inventory management is to keep the products safe. Based on the area of the store and the size of the company safety measures can be implemented for the inventory. Surveillance systems and alarms are employed for the safety check and how the materials are handled and breakages are checked during storing of the inventory.
As part of managing inventory at the company sales of the products should also be tracked and reviewed over a period of time. Some products might be having demand at certain seasons and inventory should be kept to meet the demand at that particular time. It is also essential for finding out the best supply chain sellers and managing them effectively for increasing the sales. Excess stock can also be managed by properly controlling the inventory.
The inventory data available should be accurate so that it does not cause any delays in supplying and create problems with customers. The inventory database should be updated at the earliest as soon as there is any shipment occurring in the company. Log of inventory should be maintained properly to keep the stock up to date.
During the management of inventory, it is also essential to control the excess stock. Stocks that are not sold pile up at the company making the fund flows related problems. This should be either returned or sold at a discounted price to keep tracking of inventory.
For more about inventory management and supply chain management, Westford University College provided by a UCAM MBA in Supply chain & Logistics Management, which is a comprehensive program designed for the supply chain professionals who are looking forward to a great career in shipping, logistic, supply chain and procurement industry. Also an another program called PG Diploma in Supply Chain & Logistics Management, this program is certified by CIQ, UK a professional awarding body from UK.