Tally Questions & Answers Series - 21

28.12.21 05:45 PM By eStaar
1.What is the purpose of Inventory Management's introduction?
An inventory is a collection of items utilised by a company. An inventory system keeps track of inventory levels and sets order timelines and quantities. Holding, ordering, and shortage costs are only a few of the inventory-related expenses. These costs can be reduced with a good Inventory Management system.

2.What is the significance of inventory in Supply Chain Management?
Inventory management's key goal is to keep the products safe. It is also necessary for identifying the top supply chain vendors and successfully managing them in order to increase sales. Excess stock can also be handled by keeping inventory under control.

3.What are the different types of Inventory Management?
Raw Materials (Suppliers), Production (Finished Goods), Storage (Raw Material, Work in Progress & Finished Goods), Transportation (Distributors, Retailers & Consumers), Goods Returns (Damaged, Low Quality, Replacement).