Stock and Inventory Management are Important Functions in Every Business, Industry, Government Organization or other Enterprises. Goods are procured either for the consumption, manufacturing processes, to provide services or for other down the line business purposes. For the success and growth of a business, it’s vital that the goods procured are accounted for, either through business transactions or use in manufacturing and service processes. It is desirable that the inventory (procurement) of goods and their use in processes is reflected in the system. A robust stock system will always have ready and available good irrespective of the use/consumption/business transaction rate.
It will replenish and maintain the stock of goods at optimum level as per the current and future needs.
For example, an enterprise may procure 100 items, however half of these turnovers could be very fast and may need replacement almost every week. On the other hand, some items are needed less frequently and replacement may be desired only after a month. The stock management system should be able to incorporate all these needs.