Inventory Management 101

While many definitions exist, the core concept revolves around keeping track of your stock on hand – and utilizing this intelligence to optimize your inventory to best satisfy market and customer demand, without exposing your company to unnecessary costs and risks.

What Exactly is “Inventory”?
When we talk about inventory, we are simply talking about quantities of materials or “stuff” we have in storage. It refers to all the forms of material eventually intended for sale that an organization keeps.

Although inventory is viewed as an asset from an accounting perspective, it’s also a liability that ties up an organization’s working capital. As a result, companies will make a tremendous effort to minimize the amount of inventory that they maintain.

Having too little inventory can be just as costly as having too much. Some inventory is necessary to maintain operations and ensure that products are available when customers demand them. Good businesses will strive to achieve an optimum balance.

Never truly understood how proper inventory management can significantly improve your business operations from the ground up?

This eBook, will take you through through inventory management right from the basics, right to introductions to more advanced topics such as inventory valuation, and economic order quantity.