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Some of the objectives of inventory management are as following:-
1. To prevent from theft, I believe many companies are facing this problem that the inventory items in the warehouse gone missing of nowhere. It cannot be traced and tracked. So always make sure only your own people is allowed to move around in your warehouse.
2. Do a proper inventory list using a proper inventory system for each warehouse. Some systems can help to do a lot of thing such as alert you when some of the items are running out soon so that you can place order, it can avoid you from delaying in stock delivery to customers. Other than that, system can tell you which batch of inventory should be picked out based in the FIFO / LIFO setting. With this feature, you can avoid wastage (you cannot send expiry items to your customers, the only solution is throwing away those items).
3. Assign and use bin locations. This is really important coz if your staffs simply store the inventory in any bins without proper arrangement, when the time you need to take out the stock, you have no idea or record to refer where they have stored the items, you will waste a lot of time in searching the right items up and down which is not efficient at all. So always remember to assign bins for all the items.
4. Use the system to record all the incoming and outgoing inventory that leaving your warehouse. If no record has been done, I bet the physical goods and the quantity that you have record in the system won't be tally. Your inventory will be in a mess all the time.
5. Always conduct cycle count to ensure inventory accuracy.
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What are the objectives of inventory management?
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