Inventory control, also called stock control, ensures the right amount of supply is available in an organization. The practice ensures the company can meet customer demand and deliver financial elasticity with the appropriate internal and production controls.
-Inventory control enables the maximum profit from the least amount of investment in inventory without affecting customer satisfaction.
-Inventory is described as a matrix when the products each have multiple attributes and configurations—such as size, color, weight, material, imprint, placement of features, process, finish, or packaging. A 2-dimensional or 3-dimensional grid, or “matrix,” would be required to represent all the possible configurations.
Orders and inventory counts are prone to errors when companies track thousands of possible combinations as separate items numbers in their inventory management software. A matrix inventory system simplifies this to a manageable number of products by allowing one item number to offer the entire product’s attributes and prices for ordering and detailed reporting.
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