![]() In an open market, countless companies create similar commodities. It directs everything from how company gets its stock, and products reach their customers. On the other hand, inventory management is more extensive. ![]() Inventory control directs what is left in the warehouse. Inventory management is a more of an umbrella term that incorporates the total cycle of procuring goods, storing away, and making a profit from your product. Talking about inventory control and inventory management, you must know that they are not the same. It controls all the aspects of inventories from purchasing, receiving, warehousing, shipping, tracking, turnover, and reordering.Ī key role of inventory control is supply chain management, which deals with the progression of different types of inventory, like raw materials, work in progress inventory, finished goods etc in addition to labor, and machinery costs to where the organization or clients consume the goods. Inventory control is monitoring & managing a company's inventory and warehouse by keeping up the stock at desired levels. We will also give you a step-by-step process on how to go about inventory control.įirst things first, let us understand what inventory control is. In this article, we tell you what inventory control is and why it is a must. When we talk about taking care of inventory or inventory management, a popular concept that surfaces is Inventory Control. While on paper most business owners do comprehend the importance and urgency of following the inventory consistently, in practice, a lack of information and knowledge means that less than half actually have any practices in place. This is why inventory management and inventory control should be a priority for all businesses. Keeping a close tab on the inventory can be the strategic advantage you need for the success of your business. ![]() Inventory happens to be the one of the most critical components for any business.
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