Functions of Inventory Management

The functions of the inventory management are as follows: 

 1. The manager of the inventory has to take great care of time. He should be well aware that how much time a unit will take in processing and reaching the inventory so that the material does not get short in inventory.

 2. Inventory management is also fed with the cost of all the raw items and their subsequent costs in finished form. Inventory management makes sure that the price of an item does not get too high after including all the taxes. It has to be attentive to all costs from production to packaging so that the prices should not get higher. 

 3. Inventory management is also responsible for observing the availability of all raw materials which to be used in completing all the orders. Managers have to make sure that all material is available so that all orders could get complete in time. 

 4. It is also a duty of an inventory manager that he keeps account of all raw materials and makes order for their reach in time so that the processing operation does not come to halt/stop. 

 5. Inventory management is also liable for keeping all records of the ready products which has to be shipped. They have to be very clever in making calculation. The items for shipping should not be shorter than demanded by the clients. If it happens, inventory management can wreck the reputation of the organization.