What is Inventory Control? Types, Functions and Methods
Inventory control refers to the management and regulation of goods or materials within a business, from the time they are received to the time they are sold or consumed. This process involves tracking inventory levels, monitoring their movement, and optimizing storage and usage to ensure efficient operations and maximize profitability.
Effective Inventory Control is crucial for businesses, as it allows them to meet customer demand, avoid stockouts, reduce holding costs, and prevent wastage. By optimizing inventory management, businesses can ensure that they have the right amount of inventory at the right time and place, reduce the risk of overstocking or stockouts, and streamline their operations.
There are several types of inventory control that businesses can use to manage their in...
