________is systematic approach in planning, procurement, storage and material
handling so as to maximise company's investment in materials.
Answers
Inventory Management is systematic approach in planning, procurement, storage and material handling so as to maximize company's investment in materials.
Explanation:
Inventory management or stock management is an essential part of any industry. It is a systematic approach to planning, sourcing, procuring, storing, and selling inventory be it raw materials or finished goods. Inventory is to be managed at the optimum level in order not to burden the investment and also to maximize the company's profits.
Inventory management means the right stock, at the right levels, in the right place, at the right time, and at the right cost, so as to sell it at the right price.
Explanation:
Inventory Management is systematic approach in planning, procurement, storage and material.
Latest tool for inventory management is the use of artificial intelligence
The artificial intelligence of data modelling will be used to determine the forecasted out of stock items and also identify items that are in excess and to compensate their excess stock items. This model will need historical consumption of inventory items as well as real time inventory values. Based on the data the system then predicts the needs of inventory and ways of optimising it