What is inventory management
Inventory management is the process to manage your inventory & stock. In inventory business management you must manage your puchases, stocks, sales , accounts, human resource managements and after all your business property.
The defination of inventory is so much easy. Simply, the mechanisms to magage inventory is called inventory management.Read more details about inventory management best practices./p>
1. How to manage inventory stocks :
Stock management is so much important thing for a inventory management. To manage accurate stocks of your inventory business you must consider purchases, sales, returns,damages, free items and also have to options to adjustments for any inconvenience. If you have the options of servicing, you may store servicing items in a different part. Select your debit and credits of your products than calculate your stocks accurately.
2. How to manage sales of your inventory:
Sales mangement is the front part of your business. It's an vital part of your business, because a customer or clients faces in front part. And sales part also show you business futures, business growth. Regularly analyse your sales health is a part of inventory mangement.
3. How to calculate benefits of your inventory:
Before manage benefits to must consider puchase costs, taxes, other costs and also average damage rates. Than you can also calculate benefits using last in fast out(LIFO) or last in fast out(FIFO).
4. how to manage inventory human resource management:
For maintaing your inventory business you must some manpowers according to your business site. So Human Resource Mangement is another part of your inventory mangement.
5. How to manage your inventory accounts:
Finaly accounts is the central part of a inventory mangement. Busimen want to beneits and accounts calculate this.
After all, Those are the main part of an inventory managements. Inventory Managements definition is easy but hard to do.