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Explain Inventory Management 

A product goes through multiple stages within the supply chain before reach the consumer. Stock piling resources such as raw material and inventory of finished product is essential while safeguarding a company from the risks of the varying market. Inventory in particular, servers as backup resources during crisis and fulfills the resource management cycle irrespective of market fluctuations. Finished goods and raw materials are stock piled in warehouses to fulfill any immediate surge in demands, while acting as an insurance measure any untimely crisis.  Inventory management serves as a record function of all goods moving in and out of the organization.

In the modern day and age, with ERP integration, inventory management becomes an integral part of a production unit. Each finished product goes through one or the other form of stock-piling before distribution. Digitization of solutions enhances the profitability by automating resource management in such a way that the overall distribution chain is optimized for a constant supply for finished goods. Considering an example, a factory produces 10,000 mobile phones for a month. The demand in the market is 8000 units per month. 2000 units is supplied the warehouse as an insurance for any surge in demand. The 2000 units is replenished every month with new stock while the old ones are sent for distribution. The cycle continues with every distribution cycle with new stock replacing the old one, while maintaining a constant 2000 of stock units each month.

Raw material and inventory stock always balances each other according to the supply and demand observed in the market. An unprecedented event accounts for any change in the balance of resources. Inventory management accounts for the allotment of warehouse space while compensating the overall bill of materials in the resources available. Automation strategies achieve maximum utility from inventory management by scheduling stockpile and balancing of resources according to the requirements. 

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