期刊名称：International Journal of Advances in Engineering and Management
电子版ISSN：2395-5252
出版年度：2021
卷号：3
期号：1
页码：857-862
DOI：10.35629/5252-0301720728
语种：English
出版社：IJAEM JOURNAL
摘要：A business's inventory is one of its major assets and represents an investment that is tied up until the item is sold or used in the production of an item. It also costs money to store, track and insure inventory. Inventories that are mismanaged can create significant financial problems for a business, whether the mismanagement results in an inventory glut or an inventory shortage. The scope of inventory management is effected by various elements of business operation, not only limited to raw material stock, WIP, and finish goods in stock, but relates to - replenishment lead time, carrying costs of inventory, ordering cost, asset management, inventory forecasting, inventory valuation, inventory visibility, future inventory price forecasting, physical inventory, available physical space for inventory, quality management, replenishment, returns and defective goods, and demand forecasting. Balancing these elements requirements leads to optimal inventory levels, which is an ongoing process as the business is a dynamic process. In a small business it simple to maintain inventory but as the business grows this becomes complex and needs more scientific process to control and maintain the same. Number of nodes increases and each has much more significant impact on the total inventory management. Inventory is never adorable in any business but considered as liability to business. Slowly and silently erodes the business profits. Quite sometime this erosion is discovered much late and damage control becomes challenging. Total Inventory Management [TIM] a new generation, cloud-based inventory management system that enables collision repair shops to optimize material management by streamlining inventory processes, reducing cost, improving productivity, and increasing profit. This allows for optimal balance, effortless reorder, productivity reporting, and identification of recoverable materials that previously were considered a loss. This can happen quite simply by application modern information tools and business integration. Since the control activity is spread over multi-location and it is important to have an efficient flow of information. A common server for all theselocation shall be conducive.Inventory is not limited to manufacturing organizations only, it is also important for: Hospitals: admittance of emergency patients. Hotels: arrival of some regular/important customer. Airlines: VIP movement without notice And many other similar businesses, where inventory maintenance is extremely necessary. These are the results of modern inventory management. In fact inventory is like clock, it starts ticking the moment the ownership is transferred to the new owner of the goods. It never stops whether we acknowledge it or not.
