Inventory management is a systemic approach to the purchase, preservation and distribution of stocks, including commodities (components) and finished goods. Business management means stock management at the right level, at the right place, at the right time and at the right price as well.Inventory classes are usually categorized into four categories :
product raw materials
products preserved, restored and running (MRO)
finished goodsHave you ever wondered how retail giant Walmart keeps stock of its shelves in 4,000 stores in the United States with about 142,000 SKUs in every store?It is no easy thing for your company to choose the right inventory management techniques. If the organization expands further, the inventory becomes more difficult to handleABC inventory management is a method focused on a market order that distinguishes and enhances the distribution of top-quality products: the most important is "A;" the least is "C."The inventory of consignments is the inventory owned by a third-party (consignor) dealer that maintains control of the wholesaler (buyer) until the goods are sold.Dropshipping is a fulfillment method where a shop doesn't keep the products it sells in inventory. Instead, when a customer buys a product using the dropshipping model, it purchases the item from the supplier and has it shipped directly to the customer.A cycle count means a small amount of inventory is counted by a particular day without a full manual inventory.