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The word "Inventory", according to Merriam-Webster, is simply defined as a list of goods that are in a place, such as a business location or warehouse. But many business owners know that inventory can be a vastly more complex resource to manage and control successfully. Students easily complete the work according to the topic with the help of our Inventory Management assignment writing help service.

How Inventory Management Gives Positive Result?

  • Cash - The Finite Resource: Over time, in addition to tying up valuable cash resources, poor inventory management often results in companies having too much of inventory they do not need, and not enough of that which they do need. This often results in purchasing more inventories in response to immediate requirements, without considering the wisdom or necessity of purchasing inventory on an emergency basis. For instance, it is not uncommon for purchases of materials to be made, when the company already has the materials in stock.
  • Persistent overbuying: It is often followed by under-utilization, devaluation and eventual obsolescence of inventory the company probably should not have purchased in the first place. Eventually, many companies find they have so much cash tied up in useless inventory providing no "return on investment", that other parts of the business begin to suffer cash resource shortages. To provide the best assistance, we are introducing the best team of management assessment writingwritersfor students.
  • The Quick Fix: Many business owners, faced with greater awareness of inventory management problems, immediately begin searching for, and acquiring, quick-fix solutions. They often hire more people; purchase limited-function inventory control or bar coding software; fire suppliers and hire new ones; and issue edicts about maximum inventory spending levels. But acquiring a solution before understanding the problem is a bit like buying shoes before knowing the required shoe size.
  • Cause & Effect: Before diving into inventory management solutions, it is important to have a thorough understanding of the causes and effects of inventory control issues within the business. Here is a step-by-step approach toward framing inventory problems in relatively simple, manageable increments. The results of these information gathering steps (which should be formally documented) can later be used as input when evaluating and prioritizing potential remedies to inventory management and control issues.
  • Discovery Mission: There will be a temptation to try and solve problems as they are encountered and discussed in these steps. But the key objective in this phase is to gather and quantify information, not to deliver solutions. That will come later, once a full understanding of inventory-related issues and requirements have been thoroughly discovered and vetted.
Here are 4 steps that can be undertaken immediately by companies ready to improve their inventory management and control practices.:
  • Defining the Problems: The first step involves creating a list of inventory problems by department. This is a bold step, because it involves asking employees and managers the question: "what's wrong with this picture? But even though they might not talk about it openly (without a little coaxing), employees are often the best source of information regarding what works and what doesn't within small companies.
  • Quantifying Inventory Management Problems: This step involves quantifying and applying a dollar value to the inventory management problems outlined in Step 1. It's a more challenging step, but it has to be done, and the results will help prioritize issues and (down the road) measure the value of potential solutions against the cost of the problems. It will also provide a reality-check against management's perception of how inventory issues are really affecting the company. Our Best Australian Writers always write the topic related information in every assignment.
  • Calculating Inventory Turnover Ratio: Although there are variations for different industries, the inventory turnover (or "turn") ratio provides a key indicator as to how quickly inventory is being utilized or sold over time. Inventory turnover is the number of times inventory is sold or otherwise consumed (i.e. used in manufacturing) relative to cost of goods sold for a particular accounting period.
  • Valuating Devalued Inventory: As a final step in the initial investigation and quantification of inventory management problems, it's time to take a realistic look at the lost value associated with obsolete, slow moving and scrap inventory. This involves calculating (or estimating, if necessary) the difference between the amounts originally paid for the devalued inventory still on-hand, versus the present value of the same inventory.

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