In a just-in-time (or JIT) production system, raw materials and parts are purchased or produced just in time to be used at each stage of the production process. This approach to inventory and production management brings considerable cost savings from reduced inventory levels.
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Staff Management. An inventory control manager supervises a team of junior professionals who work together to ensure that the necessary amount of inventory is maintained. She recruits, hires and trains each of these individuals, terminating employment as required.
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An inventory control system is a system the encompasses all aspects of managing a company's inventories; purchasing, shipping, receiving, tracking, warehousing and storage, turnover, and reordering.
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Computerized inventory control systems make it possible to integrate the various functional subsystems that are a part of the inventory management into a single cohesive system. In today's business environment, even small and mid-sized businesses have come to rely on computerized inventory management systems.
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The goal is to minimize total inventory cost. Inventory costs are made up of Holding and Ordering cost. Holding cost include the cost of financing the inventory along with the cost of physically maintaining the inventory. These costs are usually expressed as a percentage of the value of the inventory.
https://msu.edu/course/prr/473/oldstuff/Inventory%20Management.htm
The key decision in manufacturing, retail and some service industry businesses is how much inventory to keep on hand. Inventory is usually a business s largest asset. The instant inventory levels are established, they become an important input to the budgeting system. Inventory decisions involve a delicate balance between three classes of costs: ordering costs, holding costs, and shortage costs.
https://msu.edu/course/prr/473/oldstuff/Inventory%20Management.htm
Automation can dramatically impact all phases of inventory management, including counting and monitoring of inventory items; recording and retrieval of item storage location; recording changes to inventory; and anticipating inventory needs, including inventory handling requirements.
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The newest trend in the area of inventory control and management are vendor-managed inventory (VMI) systems and agreements. In a VMI system distributors and/or manufacturers agree to take over the inventory management for their customers.
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An inventory control manager oversees warehouse merchandise. Working in the operations or supply chain department of a company, an inventory control manager performs a variety of duties aimed at ensuring that all inventory used for manufacturing goods are at required levels.
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Another important component of good inventory management is creation and maintenance of a sensible, effective warehousing design. A well-organized, user-friendly warehouse layout can be of enormous benefit to small business owners, especially if they are involved in processing large volumes of goods and materials.
http://www.inc.com/encyclopedia/inventory-control-systems.html
what is inventory control management
Inventory Control Management is a system the encompasses all aspects of managing a company's inventories; purchasing, shipping, receiving, tracking, warehousing and storage, turnover, and reordering. Inventory control management is the management of company's inventories.