• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
EdataIndiaLogo

eDataIndia

  • [email protected]
  • Blog
  • FAQs
  • Contact Us
Call: +91-11-41181800
  • Company
    • About Us
    • Why Us
    • Career
    • Testimonials
    • Case studies
    • Hire Dedicated Full Time Employees Team
    • Site Map
    • Contact Us
  • Data Services
    • Data Entry
    • Data Mining
    • Data Capture
    • Data Processing
    • Data Conversion
    • Real Estate Data Entry
    • Form Processing
    • Image Data Entry
    • Copy Paste Services
    • Remote Data Entry
    • Textual Data Entry
    • All Other Services
      • Document Management
      • Spreadsheet Data Entry
      • Data Cleansing
      • Data Verification Services
      • YellowPage Services
  • eCommerce Management
    • eCommerce Data Entry Services
      • Amazon Product Listing
      • eBay Product Listing
      • Magento Product Entry
      • Shopify Product Entry
    • Promotional Product Entry
    • Catalog Processing Services
    • Catalog Content Management
    • Competitor Prices Monitoring
    • Catalog conversion & Indexing
  • Web Solutions
    • Website Development
    • Website Design
    • Graphic Design
      • Logo Design
      • Banner Design
      • Flash Animation Design
    • Mobile App Development
      • Hybrid Mobile App Development
      • Android App Development
      • iOS App Development
      • Windows App Development
  • Image Editing
    • Image Processing
    • OCR Scanning
    • Photo Editing
    • Photo Restoration
    • Image Retouching
    • Image Cutouts
    • Photo Masking
    • Clipping Path Services
  • Marketing
    • Conventional marketing
    • Digital Marketing
      • SEO
      • SMO
      • PPC Services
      • Email Marketing Services
  • Back Office
    • Back Office Support
    • Order Processing Services
    • Live Chat Support
    • Virtual Assistance Services
    • Email Answering Services

What is Inventory Management?

You are here: Home / Informative / What is Inventory Management?

January 16, 2020 by Amit Sharma Leave a Comment

Inventory management is the act of monitoring the inventory and the stock a company has. It is a highly important component of the Supply Chain Cycle and a method to supervise the flow of goods from the manufacturers to the warehouses and finally to the retailers.

Benefits of Inventory Management

Inventory management encompasses different types of inventories; the most significant of them are as below:

  • Raw Materials.
  • Work-In-Progress
  • Finished Goods.
  • Transit Inventory.
  • Buffer Inventory.
  • Cycle Inventory.

Each of these types of inventories has its own importance and plays a vital role in the smooth flow of goods from the start point to the end. All these types of inventories form the backbone of inventory management overall. The entire process of inventory management involves certain critical parameters to be used such as lot numbers, serial numbers, cost of goods, quantity of goods and the dates. These data points play a very significant role in the overall functioning of the inventories.

Now coming to the benefits of having sound inventory management, there exist numerous benefits of having a sound inventory management system. The major benefits could be listed as below:

  • An inventory management system maximizes the sales and profits of any organization by minimizing inventory costs.
  • The overall efficiency and productivity of the company are increased to a great extent by using such a system.
  • The inventory management system integrates all the operations related to inventory and makes the job easier.
  • The client retention and servicing is also facilitated by this system.
  • Inventory management system plays a crucial role in making the whole system automated and reduces manual labor.
  • The delivery performance is also enhanced to a great extent by implementing an efficient inventory management system.

So the above mentioned are the merits of having a good inventory management system. They simply highlight the importance of inventory management, which is really very necessary for an efficient conduction of a warehouse of a certain business domain.

Statistical Data on Inventory Management

There exist many statistical proofs citing the profitability and the usefulness of inventory management systems. One such piece of statistics is given by Explore WMS which throws light on the fact that 63% of the time the inventories are visited by the people who manage them. The operations of any company cannot be completed effectively without a sound inventory management system. Besides the above piece of statistics, 1/3 rd of the deadlines of businesses are dependent on a sound inventory management system. In case of its absence, they will miss these deadlines and incur losses.

Conclusion:

To sum it up, about inventory management, it could be asserted that Inventory Management forms the backbone of any business and without that the smooth conduction of any flow of goods is not feasible at all. The best thing is to visit one Inventory of any company yourself and see it’s functioning practically.

Category iconInformative

Subscribe to our newsletter

Get the latest posts delivered right to your inbox

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

LSE

Read Our Blog

  • Data Processing Cycle and Stages of Data Processing
  • What Is Data Conversion? Briefly Discussed With Examples
  • What Is A Data Entry Operator – Is This Job In Demand?
  • Why You Should Outsource Excel Data Entry Services?
  • How to Write an Amazon Product Description?

Join our newsletter

Ready to start your project?

Start by doing what's necessary, then do what's possible.

Contact Us

Footer

Contact Details

Harsha Arcade, Plot no. 11, Entire Second Floor,
DC Chowk, Sector-9, Rohini, Delhi - 110085, India.

Call : +91-11-41181800
Fax : +91-11-27569422

Email us : [email protected]

Our Direction

Our Services

  • Data Entry Service
  • Back Office
  • Accounting
  • Web Design
  • Logo Design
  • Catalog Processing

Other Services

  • Data Mining
  • Product Entry
  • Data Conversion
  • Account Receivable
  • Search Engine Optimization

About Edataindia

  • Career
  • Testimonials
  • Pricing
  • Blog and News
  • Contact Us
  • Privacy Policy
Call: +91-11-41181800
  • Facebook
  • LinkedIn
  • Twitter

Copyright © 2022 eDataIndia. All rights reserved. Return to top