Inventory control

Inventory control or stock control can be broadly defined as "the activity of checking a shop's stock".[1] It is the process of ensuring that the right amount of supply is available within a business.[2] However, a more focused definition takes into account the more science-based, methodical practice of not only verifying a business's inventory but also maximising the amount of profit from the least amount of inventory investment without affecting customer satisfaction.[3] Other facets of inventory control include forecasting future demand, supply chain management, production control, financial flexibility, purchasing data, loss prevention and turnover, and customer satisfaction.[4]

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,[5] or it may refer to a methodology (which may include the use of technological barriers) for handling loss prevention in a business.[6][7] The inventory control system allows for companies to assess their current state concerning assets, account balances, and financial reports.[2]

  1. ^ "stock control". Macmillan Dictionary. Macmillan Publishers Limited. Retrieved 21 June 2018.
  2. ^ a b Schwarz, Lisa (18 September 2018). "Essential Guide to Inventory Control".
  3. ^ Lewis, C. (2012). "Chapter 1: Demand forecasting and inventory control". Demand Forecasting and Inventory Control. Routledge. p. 3–20. ISBN 9781136346835.
  4. ^ Axsäter, S. (2015). "Chapter 1: Introduction". Inventory Control. Springer. p. 1–6. ISBN 9783319157290.
  5. ^ Axsäter, S. (2015). "Chapter 2: Forecasting". Inventory Control. Springer. p. 7–35. ISBN 9783319157290.
  6. ^ Hayes, R. (2014). Retail Security and Loss Prevention. Butterworth-Heinemann. p. 30. ISBN 9781483296005.
  7. ^ Wesley, R.L.; Wanat, J.A. (2016). A Guide to Internal Loss Prevention. Elsevier. pp. 81–3. ISBN 9781483135731.