Inventory Management
inventory management refers to the process of managing the stocks of finished goods, intermediate goods and raw materials by a firm. inventory management, if you do well, reduce costs and increase income of a company.
How much should you invest in stock management? The answer to this question depends on the quantity and value of stocks as a percentage of total assets of a company. The importance of inventory management varies depending on the sector.For example, the car dealer has a very high inventories, sometimes as high as 50 percent of total assets, while the hotel industry is in is less than 5 per cent 2. The process of inventory management is a continuous and there are different types of solutions. It is advisable to employ specialized staff for inventory management.
The process of inventory management begins as soon as we started production and ordered raw materials,The finished goods or anything else from a supplier. If you are a retailer, then this process begins as soon as you have your first order from the wholesaler.
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