BUSINESS ADMINISTRATION
MARKETING MANAGEMENT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Manage the amount of products
|
|
|
Theft
|
|
|
Errors
|
Detailed explanation-1: -An inventory control system is a technology solution that manages and tracks a company’s goods through the supply chain. This technology will integrate and manage purchasing, shipping, receiving, warehousing, and returns into a single system. The best inventory control system will automate a lot of manual processes.
Detailed explanation-2: -Four popular inventory control methods include ABC analysis; Last In, First Out (LIFO) and First In, First Out (FIFO); batch tracking; and safety stock.
Detailed explanation-3: -Inventory control is important because it helps to create an efficient supply chain, prevent product shortages, optimize customer service, reduce waste, and save money on inventory costs. It also enables businesses to better forecast customer demand and plan for future orders.