Inventory control means, the process of maintaining sufficient inventory measures to meet customer needs, weighted against the cost of carrying inventory to determine an appropriate inventory level or else in a broader manner it is, the tasks and activities related to the maintenance of a company's inventory levels. Inventory can include the companies’ products, assets, supplies, and other physical items. One of the most important tasks involved with inventory control is that of keeping detailed statistics on the quantity and value of a company's inventory for tax purposes. In the case of manufacturing firms, inventory control can become quite complex. This is due to the requirement that the inventory of supplies needed to create the product also need to be managed.
Inventory
Control Softwares
In the 1960’s inventory control assumed prime importance and most of the
software at that time were designed to help in inventory management. Typically,
these were handled by tools called BOM processors (Bill of materials). The power
of IT can be used to manage your inventory. Inventory control is an essential
part of ERP systems. But there are lot of Inventory control software available
which can be used to manage your inventory alone