Saturday, 30 April 2016

Objectives of Inventory Management

Through inventory management, the following objectives are met which are related to investment cost and service level. 
• The control process should be designed to premeditate policies in quantitative parameters so that consistency in operation can be achieved.
• Give decision rules in terms of quantitativeness that ushers in inventory control response.
• Adopt the simplest mathematical methods to make sure that daily calculations are performed. 
• Provide unpredented reporting for non-routine situations accurately.
• Provide appropriate levels of information to challenge and to replace system decisions. 

Boundless helps you effectuate all the above objectives accurately. 

The four basic components of inventory management, which Boundless has identified basis its experience, are as follows:

• Replenishment Stock- Determined by the ordering frequency and the quantity ordered, this is a stock resulting from policy ordering.
• Safety Stock - This kind of stock is stored for being perseverent with the demand / supply uncertainty.
• Anticipation Stock - Stock procured in advance of requirement.
• Movement Stock - This kind of stock can be dis jointly identified and is the kind which is in infiltration between suppliers and the customers. 

Boundless sees two main factors when it comes to inventory management:
• Tracking of quantity of stock in hand - This kind of monitoring ensures that there are sufficient products to meet the customer's requirements. The quantity is measured by stocktaking method on a regular basis. 
• Tracking of product's quality - This kind of monitoring guarantees, that the available products in stock are of high quality. The quality is measured by regular visual inspection of the stock and by ensuring that stores are kept in good order. 

If you are one of those ensembles that maintains inventory then Boundless helps you keep up with the above two major factors in inventory management. For more on inventory, call us at +91-11-66797769 or e-mail at or visit us at

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