What is Inventory Management?
Having an excessive quantity of inventory on hand for an extended period of time is generally a bad idea for a business. This is owing to the difficulties it addresses, such as storage costs, spoilage charges, and the risk of obsolescence. Having too little inventory also has its disadvantages. For example, a company risks losing market share and future sales revenue. It is generally a good idea for firms to invest in an efficient inventory management system. This is particularly true for larger businesses with several sales channels and storage facilities. These systems can detect waste, low turnover, and fraud/robbery.
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