Inventory Management KPIs
Effective stock control performs an vital role throughout the supply chain. There are many key overall performance indicators for measuring inventory control achievement at some stage in the different agencies inside the enterprise. Understand which calculations go back the most insight into your commercial enterprise strategies is important. To research extra, see stock control KPIs.
How Is Inventory Management Different From Other Processes?
People every so often confuse inventory management with associated practices. Inventory management controls all inventory within a corporation. Supply chain control manages the manner from provider to turning in the product to the purchaser. Warehouse control is part of stock manipulate and focuses on inventory in a specific area.
Inventory Management vs. Inventory Control
inventory control is a part of the general stock control process. Inventory control manages the motion of gadgets within the warehouse.
Learn greater about how these practices paintings together in our article on stock manipulate vs. Inventory control.
Inventory Management vs. Inventory Optimization
Inventory optimization is the manner of the use of stock in the most efficient manner, and as a result minimizing the greenbacks spent on inventory and storing the ones gadgets.
You can also reflect onconsideration on inventory optimization as seeing stock across all locations and promoting channels, being able to use any of it to satisfy customer orders—in doing so, you may hold much less stock basic.
Inventory Management vs. Order Management
Inventory management is liable for ordering and monitoring inventory as it arrives at the warehouse. Order management is the process of receiving and tracking purchaser orders. mobile payments Software regularly combines both obligations.
Inventory control performs an important function so as management. As orders are obtained, stock can be allotted to precise orders, after which the fame may be changed within the stock record to essentially put it “on keep” for that order. Furthermore, when the order control system and inventory gadget are integrated, the inventory machine can advise which vicinity must fulfill the order, primarily based on wherein all the gadgets within the order are to be had—this gets rid of multiple shipments for a unmarried order.