Inventory Management: 7 Things You Need To Know
In logistics, inventory management is often referred to as the management of the incoming and outgoing goods at a company.
Definition of Inventory Management
Within facilities management, inventory management tracks items from the moment of purchase through its time of use. The best inventory management systems include complete and detailed records of materials and items so that they can be tracked and used efficiently.
Inventory of any nature is simply an investment that incurs ongoing costs such as storage space, management, and insurance. Best practices focus on having the right level of inventory to avoid downtime yet a minimal amount of inventory to manage, store, and insure.
INVENTORY MANAGEMENT AND MAINTENANCE STATISTICS
- 67% of warehouses plan to use mobile devices to speed up their inventory management.
- Warehouse management solutions are a must today. 25% more retailers are investing in new systems.
- The top issue in 46% of warehouses today is human error.
- 7% of small businesses don’t track inventory at all!
It’s clear that inventory management can be costly if it’s not conducted appropriately. On the other hand, effective inventory management methods can reduce costs dramatically.
Inventory control
Inventory control, also known as stock control, refers to the process of managing a company’s warehouse inventory levels. The inventory control process involves managing items from the moment they are ordered; throughout their storage, movement, and usage; to their final destination or disposal. Many systems, processes, and technologies have been developed over the years to help companies streamline supply chain processes.
Try BlueInventory Today
Get advanced features and product optimization save time & efficiency with cloud database.
From Restaurants & Pubs, Cafe & Coffee to Property & Event Management. Join BlueInventory and start saving on average 1 hour per day per location.
© 2023 BlueInventory. All rights reserved.
