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Common Techniques for Planning and Controlling Inventory

Inventory control varies from one organization to another. This simplifies that the nature of firms and the nature of the businesses determine the size and category of inventory control systems and techniques to adopt. The respondents shall include all personnel who have been assigned to carry out stock control functions and all related activities. Inventory Control can also be defined as a “coordination and supervision of the supplies, distributions, storage and also recording of materials to maintain the quantities.

A Well-Designed Inventory Plan

A well-defined inventory optimization strategy should include the support of the senior sales or buyer in the team because inventory optimization can affect all functions and processes within the organization. Inventory optimization shall include periodic evaluations of the organization’s supply chain itself so that inefficiencies can be well-addressed. Organizations shall develop a partnership with suppliers so that they can work to improve on inventory replenishment speed and efficiency. A kick starts with the alignment of internal and external roles, responsibilities, and accountabilities. Organizations should then map and structure their processes to determine areas for improvement and establish standardized processes that can be adopted by stakeholders.

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Nur Afiqah Bte Ismat, DPSM
Nur Afiqah Bte Ismat, DPSM
Nur Afiqah Bte Ismathas several years of experience in the specialized field of procurement, specifically in the Oil and Gas Industry. She is a member of the Singapore Institute of Purchasing and Materials Management (SIPMM). Afiqah completed the Diploma in Procurement and Supply Management (DPSM) on September 2020 at SIPMM Institute.

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