
Stock control: While inventory and stock are often used interchangeably, they actually have distinct meanings. Inventory forecasting: This is the science of determining future stock orders, such as amount of stock and reorder point. Effective inventory control lessens the stress on optimization experts because they have accurate and reliable predictions for future production cycles. Inventory optimization: This is the balancing act of managing (and meeting) capital objectives with stock supply and consumer demand. Inventory control is related to supply chain management because it impacts the production line and is a large part of the overall production budget. Supply chain management: This is the oversight of all materials and information throughout the entire production cycle - from supplier to manufacturer to consumer. Inventory control is often talked about among larger business operations. So, while inventory management systems aim to understand and monitor a company’s inventory, inventory control systems are focused on eliminating excess (cost, labor, etc.) from the process to maximize efficiency. Inventory control, on the other hand, uses the information gathered by inventory management specialists and puts that knowledge into practice. Inventory management is a high-level assessment and is used as a reporting tool for the entire inventory cycle. While related, inventory control is distinct from inventory management. In essence, inventory control is about cutting as much as possible without sacrificing quality (and by extension, profit). Therefore, effective inventory control requires careful attention to and reporting of demand and production history, as well as the many aspects of customer satisfaction - from product quality to delivery speed. Inventory control systems aim to find the “sweet spot” where a company can reduce its waste without decreasing profits (this is often referred to as the “inventory control problem”). Inventory control is a management system that seeks to maximize efficiency within an organization’s inventory cycle. Managing Work Collections of actionable tips, guides, and templates to help improve the way you work. Solution Center Move faster with templates, integrations, and more. Events Explore upcoming events and webinars. Content Center Get actionable news, articles, reports, and release notes. Partners Find a partner or join our award-winning program. #Inventory control program professional
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