Inventory And Inventory Control System

Insufficiently determined the types of inventories these companies currently manage; Insufficiently described their essential inventory characteristics.

In addition increases the costs due to out of date and damage lots of inventory, which are also leading to high shrinkage level for the retailer. It is possible to overcome these barriers and enhance the company’s reputation, increase customer satisfactions including high level of profitability by practising good inventory management system in place (Warren, Reeve, & Duchac, 2013).

This then translates to a 50% chance of not having inventory available during job opportunities. Therefore, opportunity costs might occur. The indifference of the production managers' in these aspects of inventory control is alarming and should be acted upon.

If there is too little production of inventory then you will have unhappy customers. And if there is too much inventory produced then you will have an excessive amount of inventory in storage. These factors happen when the projection for a project is wrong and the data used is incorrect.

St. Bonaventure University Inventory Management Nordstrom Christian Artuso Research Paper November 17, 2017  Abstract This paper looks to go in-depth looking at inventory management as a whole, how it works and how it can benefit a company. Due to their seemingly revolutionary change in recent years, Nordstrom will be the example used to examine the importance of proper inventory management. After probing the history and gaining an understanding of the company, this research paper will be able to compare and contrast Nordstrom to its competitors in the retail industry and discuss how the way that the company deals with inventory makes it able to compete and survive.

Independent: the demand for the item is independent for the demand for any other item in inventory (EOQ)

When dealing with inventory management it’s been an “age-old problem” to balance correctly demand versus stock overages and outages, especially when demand

The data in the reports produced by the inventory system can be used to support

Inventory becomes obsolete quickly thus having inventory that cannot be sold. Inventory could be overstated also if it has become impaired. Increase in property plant and equipment for a growing company is normal but for one that should be past it rapid growth it may not be a good idea. Inventory turnover is decreasing over time confirming inventory is becoming harder to sell or they are producing too much in a market that is not purchasing it quickly.

Nowadays, in an era that has advanced technology and a place in the world. Everything can be linked only at your fingertips in the times of rapidly developing with the sophisticated technology of today. Therefore, an inventory system is also not lagging behind in introducing a method of keeping an inventory data systematically and safely. The system plays a very important role in improving the competitiveness of a business. Usually, organizations today face too many challenges to achieve the cost, speed and reliability. Efficient inventory system really help in order to make sure the store’s performance and data record is always in good condition and secured from abusers. The system basically to ease the admin to manage the

Inventory management has two very different, but effective methods: Vendor managed inventory, and consignment inventory. A company may choose to utilize either of these two methods to manage inventory. If a company is able to manage inventory, they will be better able to work the company's capital to the fullest extent. The following paper will identify the differences between the two as well as identify what type of company is best suited for each method.

With excess inventory, it could lead to potential problems with the quality of the product.

Secondly, a natural disaster could be a big issue. As natural disaster such as flood or storm, suppliers may not be able to deliver the stocks are compulsory to stop temporarily. This may also influence the sales amount due to limited stocks held, and lost of loyalty

Inventory management seems intuitive at first. Avoid stock outs by making sure you have enough inventory and you should be fine. After a few minutes into our discussion, it was evident that I had grossly underestimated the science behind it. Figuring out how much inventory to order, when to order it, and how to maintain it was something that never crossed my mind. Having “too much” inventory was a problem I didn’t think could hurt any company. Throughout our discussions, I quickly learned that inventory management could be a course of its own. Companies need to strategically prevent inventory disasters, but also discover how their management of inventory can be a competitive advantage.

SF does not want the product overproduced, provide timely reporting of product sales in order to avoid this problem. For this reason, the company's inventory becomes a serious problem.