MASTERING INVENTORY MANAGEMENT: STRATEGIES, TECHNOLOGY AND TRENDS FOR OPTIMAL CONTROL AND EFFICIENCY

One of the keyways in which technology is transforming the field of inventory management is through automation and digitization of inventory processes. By using specialized software and systems, businesses can automate many of the tasks and procedures involved in managing inventory, such as recording and tracking orders, generating reports, and calculating stock levels.

Public Training: Sustainable Operations & Inventory Management: Post Pandemic Strategy, 21-22 October 2020 at Pullman Hotel, Kuching

Carrying inventory comes with a certain degree of risk. This risk is a component of the cost of carrying inventory. When a company stocks items in the warehouse, there is always the risk that the items may fall in real value during the period they are stored. If a company stored parts for their work centers or equipment, the parts in the warehouse could be worth far less than the price that was originally paid and any losses, excess, obsolete and miss-managed inventory means a reduction in the company equity.