INVENTORY MANAGEMENT

Abstract

In INVENTORY MANAGEMENT the inventory held by the client holds significant value as it represents a valuable economic resource for the organization in the future. There exist certain instances wherein inventory may become obsolete, spoiled, damaged, lost, or pilfered. In these circumstances, clients employ the practice of inventory write-off as a means of eliminating items from the general ledger, recognizing their null value. In the event that the worth of inventory diminishes, it is recorded as a loss in value, commonly referred to as inventory impairment, as opposed to being entirely eliminated. The aforementioned processes bear financial ramifications for our clients. At present, the inventory write-off/write-down procedure implemented at the client exhibits a hybrid approach, comprising electronic mail-based communication together with the utilization of the Oracle/SAP platform. On the client’s side, the inventory write-off and impairment process is guided by a delegation of authority (DoA) framework that applies to all relevant business units. It also includes a Ticketing System for notifying issues, concerned persons.Also, include a Staff Management System The company have a different set of staff for warehouse management This system manages those staff. Also, have an Intelligent Task Management System-ITM for managing all tasks