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Inventory control systems

Inventory control or stock control can be broadly defined as “the activity of checking a shop’s stock.”[1] However, a more focused definition takes into account the more science-based, methodical practice of not only verifying a business’ inventory but also focusing on the many related facets of inventory management (such as forecasting future demand) “within an organisation to meet the demand placed upon that business economically.”[2] Other facets of inventory control include supply chain managementproduction control, financial flexibility, and customer satisfaction.[3] At the root of inventory control, however, is the inventory control problem, which involves determining when to order, how much to order, and the logistics (where) of those decisions.[3]

An extension of inventory control is the inventory control system. This may come in the form of a technological system and its programmed software used for managing various aspects of inventory problems[4] , or it may refer to a methodology (which may include the use of technological barriers) for handling loss prevention in a business