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Concept
Inventory control
Summary
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.
Official source
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