Inventory management helps make a business more profitable by reducing the cost of goods sold and increasing the sales. It helps increase speed, accuracy, accountability and mobility in all the operations and processes within a business. Both small and large business can benefit from inventory management by boosting efficiency in the supply chain and reducing costs and waste.Know More
Inventory can be defined as the objects or goods that are sold, distributed or used by a company. For example, a business may have 150 boxes of plan papers in an inventory. When one box is used, the quantity reduces by one. Inventory management, therefore, helps determine how the papers were used, the number of boxes remaining and when to place another order. This allows a company or business to keep track on the inventory usage to improve efficiency and make any necessary changes.
The whole process can be made easier by using an inventory management software that allows a business to get a detailed visibility of its inventory. The software must have a tracking system to determine the usage of an inventory. Having a mobile computer allows one to move easily from one point to another while checking the inventory and making updates.Learn more about Managing a Business
Management education is an academic discipline by which students are taught to be business leaders, managers and university professors in business education, according to Capella University. People who earn a doctorate in management education become consultants, academic deans of a business program or training specialists.Full Answer >
Bureaucratic management is a theory set forth by Max Weber, a German sociologist and political economist whose theory contained two essential elements, including structuring an organization into a hierarchy and having clearly defined rules to help govern an organization and its members. Bureaucratic management can be thought of as a formal system within an organization that is distinctly based on precisely defined hierarchical roles and levels to help maintain efficiency and effectiveness.Full Answer >
Inventory management is important for keeping inventory numbers stable as well as determining and controlling the levels of stock needed for optimal profit. Good inventory management involves having enough inventory on hand to meet customer demand, yet not too much to exceed inventory turnover goals.Full Answer >
A min/max inventory system is an approach to managing materials or goods in which the business sets a minimum threshold and a maximum level of inventory to hold. When the current supply of an item reaches the minimum level, a new order is placed. When new materials or goods are ordered, the total supply on hand cannot exceed the maximum amount.Full Answer >