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inventory cost management

What is inventory control? Inventory control, also known as stock control, is regulating and maximizing your company’s warehouse inventory. The goal of inventory control procedures is to maximize profits with minimum inventory investment, without impacting customer satisfaction levels.

Inventory control definition

At first glance, inventory control and inventory management seem similar. After all, they both cover similar bases revolving around the question, “How much stock should I order?”

Although these two terms are often used interchangeably, they actually deal with different aspects of inventory optimization.

Inventory control involves warehouse management. This includes:

  • Barcode scanner integration
  • Reorder reports and adjustments
  • Product details, histories, and locations
  • Comprehensive inventory lists and counts
  • Variants, composite variants, kitting, and bundling
  • Syncing stock on hand with sales orders and purchase orders

Inventory management, on the other hand, is a boarder term that covers how you obtain, store, and profit from raw materials and finished goods alike. The right stock, at the right levels, in the right place, at the right time, and at the right cost.