Inventory Management

Applicable Industries
Applicable Functions
Enabled Capabilities

Feature New Record

DESCRIPTION

Formal

Quality control is a vital aspect of stock control - especially as it may affect the safety of customers or the quality of the finished product.

Practical

Efficient stock control should incorporate stock tracking and batch tracking. This means being able to trace a particular item backwards or forwards from source to finished product, and identifying the other items in the batch. Goods should be checked systematically for quality, faults identified and the affected batch weeded out. This will allow you to raise any problems with your supplier and at the same time demonstrate the safety and quality of your product. With a good computerised stock control system, this kind of tracking is relatively straightforward. Manual stock control methods can also use codes to systematise tracking and make it easier to trace particular batches. Radio Frequency Identification (RFID) can be used to store information about a product or component's manufacturing date, to ensure that it is sold or processed in time. The system can also be used to trace faulty products quickly and efficiently. See the page in this guide on using RFID for inventory control, stock security and quality management.

MARKET SIZE

Inventory Management Software Market size was estimated at over USD 2 billion in 2017, growing at a CAGR of over 6% from 2018 to 2024.

Source: Global Market Insights

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