Workshop Inventory Management System

Abstract

Inventory management involves overseeing and organizing goods in a facility, managing the flow of goods from manufacturers to warehouses and to the point of sale. It includes acquiring and maintaining merchandise assortment, handling orders, logistics, returns, and controlling costs. It is crucial for business operations. Advancements in technology and software applications have revolutionized inventory management. Functions in an organization are interconnected, making inventory management important for marketing managers and finance controllers. It impacts the supply chain and financial health of the balance sheet.
Maintaining optimum inventory is vital for organizations to meet requirements and avoid over or under inventory. Inventory is dynamic, requiring constant evaluation of internal and external factors through planning and review. Dedicated inventory planners monitor and control inventory, collaborating with production, procurement, and finance departments. They ensure effective inventory management. Overall, inventory management is the backbone of business operations, ensuring smooth flow of goods and influencing financial figures. It requires continuous evaluation, careful control, and collaboration among different departments to maintain optimal inventory levels.