![]() ![]() While automated stock reviews can define a minimum stock level, this method does require regular inventory inspections and goods must be re-ordered to meet the minimum required levels. ![]() It involves regularly analyzing the goods that you have in stock versus what you project your future needs to be. This type of inventory management is usually particularly appealing for small businesses. There are a number of types of inventory management that are used to ensure goods are on hand to meet customer demand. Related: Learn About Being an Inventory Manager Types of inventory management The process of inventory management requires the use of a variety of types of data to keep track of the goods, including the number of goods, cost of goods, serial numbers, lot numbers and dates. For wholesale distributors, the goods are finished products, as opposed to raw materials. In smaller companies, goods that are received from the manufacturer may go directly to the stock area. While the inventory management process can be more complex within larger organizations, the basic process is the same: goods are received into the warehouse and put on shelves or into stock areas, they are then moved to production facilities where they are made into finished goods and then shipped directly to customers. A key function of inventory management is keeping detailed records of new and returned products as they are entering or leaving the warehouse or point of sale. Inventory management is a part of supply chain management that involves supervising the flow of goods from manufacturers to warehouses to point of sale. ![]() In this article, we discuss what inventory management is, 18 different types and formulas you can use for inventory management. Understanding the different types of inventory management methodologies commonly used can help you decide which is best for your company. It also impacts brand loyalty and customer perception, as it has a large impact on whether your orders are sent to customers error-free. Effective inventory management is essential for ensuring maximum profitability for a company. ![]()
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