Inventory management is the process of managing an organization’s inventory of goods and raw materials. It involves tracking inventory levels, orders, sales, and deliveries. Effective inventory management helps companies ensure that they have enough inventory to meet customer demand without overstocking or carrying excess inventory.
The goal of inventory management is to have the right products in the right place at the right time, enabling an organization to know when to order, how much to order and where to store stock.
Implementing an inventory management system can provide several benefits to small businesses. Here are some ways an inventory management system can help your small business:
In addition, an Inventory Management System helps SMEs in the following ways;
Overall, implementing an inventory management system offers small businesses greater control, accuracy, and efficiency in managing their inventory. It improves order fulfilment, reduces costs, enhances forecasting capabilities, and helps meet regulatory requirements. Investing in an inventory management system can lead to improved profitability, customer satisfaction, and business growth.
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