INVENTOR
Ymanag
ement
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INVENTORY
MANAGEMENT
Refers to the materials available in
any organization which have been
bought from outside, manufactured in
house, in the process of
manufacturing, assembly or finished
products not yet delivered to
customers.
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IMPORTANCE
Inventory Management
The importance of inventory
management can be realized by the
.
amount of funds blocked in inventory.
While other two categories of current
asset, i.e., cash and receivables are
completely managed by the finance
manager, inventory management
requires the involvement of all the
functional areas, i.e. purchasing,
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production, marketing and finance.
Final decision on how much inventory
to hold and whether to go for "just-in-
time“ inventory management is based
on the concept of optimizing the total
cost. This decision demands lot of
experience and forecasting ability of
the management because wrong
decisions can amount to huge losses
for the organization. For example,
suppose today a product is in very
high demand but technology change is
going to make the product obsolete.
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At this point in time, the management
must be able to forecast the
technology change threat and manage
inventory accordingly and not go for
huge inventory levels even if the
techniques of inventory management
suggest so. The same was the case
when the pager was replaced
completely by messaging facility in
mobile phones.
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Managing inventory is like a juggling
act where insufficient stocks will
result in lost sales and delays for
customers whereas excessive stocks
will result in large amounts of funds
that get blocked in inventory.
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Did you know there are Did you know that flamingos Did you know that pandas
more kangaroos than are naturally white? Their diet don’t hibernate?
humans in Australia? of brine shrimp and algae
turns them pink! When winter approaches,
It is estimated that more they head lower down their
than 50 million kangaroos Did you know that dolphins mountain homes to warmer
live there. They are have very acute eyesight, both temperatures, where they
Australia’s national symbol in and out of the water and continue to chomp away on
and appear on postage that their hearing is 10 times bamboo!
stamps, coins, and airplanes. better than of humans?
But they have no sense of
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It’s never
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