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What is inventory management?

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What is inventory management?

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  • 13/08/2018

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Inventory management is the most important part of the functions of the organisation. It is an asset as well as liability for the company. An asset in the form that it saves the goods manufactured and manage the shortage and surplus also. The risk of things getting spoiled makes it a liability.

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Inventory management is the process followed for managing the stock and inventory. It consists of the essentials like looking after the storage part, orders and its control over the amount of production.

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It is quite easy to understand inventory management. You should know the real purpose; it is everything about having the right kind of inventory in the appropriate quantity and at the accurate time. It also discusses the cost and the location of the stock.

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