Inventory management starts with purchase requisitions placed by internal departments. Upon approval of these requests, the documents are then submitted to the Purchasing Department to secure details from potential suppliers like prices and terms. Based on the policy of the company, the Purchasing Department selects a supplier for the requested product. The purchase order is then issued as a formal document to the supplier.
Inventory management also covers the receipt of goods from the supplier. Warehouse personnel or custodians are then responsible to check the quality and quantity of the products being delivered. The management of inventory should completely map the entire journey of a product - up to monitoring of stocks in warehouses and storage rooms. Inventory reports are also important components of the process. Real-time generation of these reports will assist decision makers to adjust the different aspects of the process from time to time.
Inventory Management is such a tedious process. It may slowdown business operations if not properly handled. Send us a message here or email us at email@example.com and let's make your inventory management process efficient and cost-effective.