The products or materials in inventory are those that a company plans to resell to customers for a profit. Tracking inventory from producers to warehouses and from these locations to a point of sale is inventory management, a crucial component of the supply chain. Having the right products at the right location at the right time is the aim of inventory management. This necessitates inventory visibility, which entails being aware of when, how much, and where to store stock.
Steps of inventory management
Because it helps to ensure that there is rarely too much or too little product on hand, inventory management is essential to a company’s health because it lowers the danger of stockouts and inaccurate records.
To comply with Securities and Exchange Commission (SEC) standards and the Sarbanes-Oxley (SOX) Act, public corporations must keep track of their inventory. To demonstrate compliance, businesses must document their management procedures.
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