Inventory management is of highest pririority nowadays, for any organization. It can be in two different types namely management of Raw material and management of Finished goods. Inventory management is the one of the link of the the chain called Supply chain management, which even includes the distribution of the products. But here i will be dicussing the Inventory management and issues involved with it. Here are some of the issues, challenges the process of inventory management.
- Forecasting of demand of the finished products
- Communication inside the organization
- Internal theft in the organization
- Lack of supply chain professional
- Vendor management
These are few of the challenges which determines the efficiency of the inventory management as process and hence helps in the cost reduction of the organization. Some organization have an excellent inventory management and reaping benefits out of it, in one form or other. Dell is fallowing the JITIM (just in time inventory management) and saving a lots of inventory managment cost and having high level of customer satisfaction as well.
Despite many issues , relevence varies from person to person and with situation . Being an iterlectul being, again i am leaving it to the you decide what is the relevance of each of the issues ?
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