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Inventory control means you know what you have and where it is. This is where inventory control measures come into play. These measures help validate the physical quantities in inventory match system records. Typically a planning or procurement team is responsible for ordering new inventory to replenish inventory after it has been utilized. Warehouses are responsible for receiving the inventory, storing, counting, and distributing. Each step throughout the warehouse has the potential of negatively impacting inventory accuracy if it is not done properly. There are so many moving pieces throughout a warehouse that can cause inaccuracies which is why it is so important to have inventory control measures in place.
- Comprehend why inventory control is important.
- Recognize several types of inventory management practices.
- Understand who plays a role in inventory control.
*This course references US legislation and statistics.