INVENTORY MANAGEMENT

Inventory Management

[Name of the Institute]

Inventory Management

Introduction

It is important to know what inventory management means before getting into its details. Inventory management, as the name suggests is the control of the inventory, which let the management of sales, purchase, and payment play their roles in maintaining the inventory. Mostly organizations have the software of inventory management, which not only helps in maintaining the invoices, purchase orders, etc, but it also helps in creating the invoices, receiving lists, purchase orders, bar codes, etc. The inventory management controls the operating costs, and it provides a better understanding of the movement of the inventory (Bose, 2006). The information regarding inventory got maintained through the inventory management software, which is important for all organizations to know as it is the main source of doing their business. The inventory management software system helps in creating the revenue for the company. Thus, it can be said that the management of inventory is very essential for the organization, in order to run a smooth and uninterrupted business.

Exercise 1: Center for Inventory Management

The Center for Inventory Management is the company which provides consulting and educational services, mostly on the management. It provides skilful management consulting to companies such as Atlanta Bonded Warehouse Corporation, Carpenter Body Works, EEM Advancement Centre of Singapore, International Playtex, MARTA, and many more. It provides different services to businesses. Some of them are as follows:

Expert Management Consulting

Educational Services

Inventory Management

Forecasting

Purchasing, and physical distribution

The Centre for Inventory Management provides the solutions such as the concepts of Just in Time, Zero Inventories, Lean Manufacturing and Supply Chain Management. These are the new inventions which are important for organizations to adopt, as no company can survive without these systems. It is impossible for the consultant company to maintain an outstanding position in all divisions of management service, without these ...