ENTREPRENEURSHIP

Detailed explanation-1: -Inventory control is closely associated with the function of purchasing. Ordering products, storing, and maintaining them are the main goals of any inventory control manager.

Detailed explanation-2: -Managing purchases and inventory helps companies to better allocate resources and manage cash flow. It ensures the right amount of goods in stock without letting you waste money and human resources.

Detailed explanation-3: -Efficient purchasing also means having inventory control. Businesses need to know what they have in stock and what they don’t in order to make the right decisions when it comes to procurement.

Detailed explanation-4: -While there are many types of inventory, the four major ones are raw materials and components, work in progress, finished goods and maintenance, repair and operating supplies.