Inventory Management

Responsible departments:

Supply Chain, Inventory and Warehouse Teams

Inventory control is the governance and oversight of stock monitoring stock-outs, identifying surpluses, reconciling variances, and ensuring the ERP or materials management system master data is updated accurately and in real time.

Inputs

Materials, inventory records, training and safety standards

Outputs

Receipted and stored inventory, stock counts, regular stock reports

Benefits

Accurate stock levels, reduced stockouts and surplus stock

Warehousing keeps materials physically moving; inventory control ensures the data, financial records, and planning information remain correct, so decisions are made on a true picture of available stock. Both must work together to keep materials accessible, traceable, and cost-effective.

Demand Planning & Forecasting

Spare Parts for Assets

Strategic Sourcing & Contracts

Procurement & Vendor Management

Logistics & Shipping

Cataloguing

Repairable Item Process

Inventory Master Data

Warehousing Management

Inventory Management

Fulfill Customer Requirements

Obsolete Review, Revalue or Write Off

Continuous Improvement

Cost Control

Analyse Performance

Materials Management Framework

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"Materials Management is the process of planning, acquiring, handling, and controlling materials used in production or operations. It ensures that the right materials are available at the right time, in the right quantity, and at the right cost."