Importance of Inventory Management for Company
Inventory Management System

Inventory management is a valuable asset for your company. The purpose of inventory management managing and controlling effectively the stock that manufactured and traded in company daily operations.

Inventory including raw materials, goods in process and finished goods.

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The Function of Inventory Management

  1. Ensure stock availability
    Some of the things are usually included in the inventory are raw materials, goods in process and finished goods. If the company does not prepare or does not get detailed stock left information in the warehouse, stock availability can be disturbed or stock out. Stock out can cause a lot of trouble for the selling and manufacturing process.
  2. Ensure manufacture processes run smoothly
    With inventory management, company will get benefit because manufacture process can be does efficiently. Besides stock availability guaranteed, material requirement planning and quality control can always run well.
  3. Ensure the conformity of the order
    In the inventory management, company has possibility to create stock code or serial number for every product. With the serial number or stock code, the product that is delivered to the customer will always match with the sales order.

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Scope of Inventory Management

In carrying out inventory management, the big task is not only stock management. For more details, inventory management scopes includes the following:

  1. Inventory Management
    Managing stock will ensure products and raw material availability.
  2. Less Storage
    Keeping stock availability is very important. But keeping a lot of stocks also harms the company. Scope of less storage tasks is arrange for stored products to match demand or sales forecast.
  3. Productivity Level
    By processing inventory data using software or inventory management apps, employees productivity can be increased. It's because inventory management apps will save time on processing data, and the time left can be used to optimize stock in and out.
  4. Optimize Income
    Inventory management software provide inventory price and value automatically, even if the price goes up and down. With the right methods, company income could be maximized.

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Make sure that you choose Inventory Management Software that gives good features and services. One of best Inventory Management partners is Panemu, which is an official partner of Odoo ERP.

Odoo Inventory Management has complete features from procurement until delivering products to the customer, and flexible to customize as per your company needs. TRY IT FREE, NOW!

Importance of Inventory Management for Company
Panemu Solusi Industri, Ignatius Prasetyadi 15 March, 2022
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