Inventory control or stock control can be broadly defined as "the activity of checking a shop's stock". It is the process of ensuring that the right amount of supply is available within a business. However, a more focused definition takes into account the more science-based, methodical practice of not only verifying a business's inventory but also maximising the amount of profit from the least amount of inventory investment without affecting customer satisfaction. Other facets of inventory control include forecasting future demand, supply chain management, production control, financial flexibility, purchasing data, loss prevention and turnover, and customer satisfaction.
An extension of inventory control is the inventory control system. This may come in the form of a technological system and its programmed software used for managing various aspects of inventory problems, or it may refer to a methodology (which may include the use of technological barriers) for handling loss prevention in a business. The inventory control system allows for companies to assess their current state concerning assets, account balances, and financial reports.
An inventory control system is used to keep inventories in a desired state while continuing to adequately supply customers, and its success depends on maintaining clear records on a periodic or perpetual basis.
Inventory management software often plays an important role in the modern inventory control system, providing timely and accurate analytical, optimization, and forecasting techniques for complex inventory management problems. Typical features of this type of software include:
inventory tracking and forecasting tools that use selectable algorithms and review cycles to identify anomalies and other areas of concern
inventory optimization
purchase and replenishment tools that include automated and manual replenishment components, inventory calculations, and lot size optimization
lead time variability management
safety stock calculation and forecasting
inventory cost management
shelf-life and slow-mover logic
multiple location support
Mobile/Moving Inventory Support
Through this functionality, a business may better detail what has sold, how quickly, and at what price, for example.
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Inventory control or stock control can be broadly defined as "the activity of checking a shop's stock". It is the process of ensuring that the right amount of supply is available within a business. However, a more focused definition takes into account the more science-based, methodical practice of not only verifying a business's inventory but also maximising the amount of profit from the least amount of inventory investment without affecting customer satisfaction.
Inventory management software is a software system for tracking inventory levels, orders, sales and deliveries. It can also be used in the manufacturing industry to create a work order, bill of materials and other production-related documents. Companies use inventory management software to avoid product overstock and outages. It is a tool for organizing inventory data that before was generally stored in hard-copy form or in spreadsheets.
Operations management is an area of management concerned with designing and controlling the process of production and redesigning business operations in the production of goods or services. It involves the responsibility of ensuring that business operations are efficient in terms of using as few resources as needed and effective in meeting customer requirements. It is concerned with managing an entire production or service system which is the process that converts inputs (in the forms of raw materials, labor, consumers, and energy) into outputs (in the form of goods and/or services for consumers).
Supply-chain management within a firm is concerned with the flow of goods and services from firms to consumers. This course provides an overview of the economic drivers and technological possibilities
This course introduces key concepts in supply chain management. It uses a combination of case studies, simulation exercises, formal lectures and group discussions to illustrate how the various concept
Production management deals with producing goods sustainably at the right time, quantity, and quality with the minimum cost. This course equips students with practical skills and tools for manufacturi
Explores the approach to physical underlying relationships in life cycle inventory calculation, including multifunctionality treatment and boundary expansion.
MOOC introduction à la pensée du cycle de vie et aux concepts théoriques pour réaliser et critiquer une analyse du cycle de vie.
Working Paper, EPFL2010
We study the location-inventory problem in three-level supply networks. Our model integrates three decisions: the distribution centers location, flows allocation, and shipment sizes. We propose a nonl
Elsevier2012
Financial flows are often treated in a fragmented and disconnected way from the physical product flow. Managers take decisions from an operational point of view concerning inventory, service level or