Inventory Control

Inventory means stocks i.e. stocks of raw material, stores, consumables, work in progress, finished products etc. In maximum business concerns, a large amount of funds are invested in buying stocks of materials. This not only results in unnecessary blocking of funds in stocks but also an increse in the cost of production due to increased expenditure on insurance and storage of additional  stocks. This increased cost can add to the price of our product and make our product uncompetitive in the market, which can result in lesser sales and hence lower…