Modern Inventory Control

Inventory control or stock control can be broadly defined as “the activity of checking a shop’s stock.” However, a more focused definition takes into account the more science-based, methodical practice of not only verifying a business’ inventory but also focusing on the many related facets of inventory management (such as forecasting future demand) “within an organisation to meet the demand placed upon that business economically.” Other facets of inventory control include supply chain management, production control, financial flexibility, and customer satisfaction. At the root of inventory control, however, is the inventory control problem, which involves determining when to order, how much to order, and the logistics (where) of those decisions.

An extension of inventory control is the inventory control system. This may come in the form of a technological system and its programmed software used for managing various aspects of inventory problems , or it may refer to a methodology (which may include the use of technological barriers) for handling loss prevention in a business