Inventory control and inventory management are the systems which deal with the different process of buying materials from suppliers and handle all these working effectively and efficiently by the use of different techniques, tools or systems.
Difference between Inventory Control and Inventory Management
What is Inventory Control
Inventory control is the system that provides solutions to the inventory tasks of the organizations. These tasks include shipping, buying, receiving, storage, warehouse, and turnover, tracking, and reordering. To control all these tasks by providing solutions to the companies for better working is possible only by the use of this system.
This system is also known as stock control which means that it helps in regulating the company’s warehouse inventory by maximizing it through different practices. To maintain industry in a successful way, inventory control is the major requirement for better outputs of the company.
The main purpose of this system is to generate the maximum profit with the minimum amount of investment in the company. It is used by retailers and distributors to make the big differences in their profits and shares of the organizations positively.
What is The Inventory Management
Inventory management means to manage the process of inventory of the company. This system manages when to order the products, and in which quantity it is ordered, through which channels and sources are used for supply effectively. The main function of this system is to ensure that when the item is required by the distributors and provide them in a proper amount or quantity at the right time and at the right location.
Those activities which include the forecast of product and renewal of it are included in the systems of management. Inventory management is basically involved in the maintaining and management of the inventory goods of the organization efficiently. It ensures the availability of the product at right time which ultimately increases the chances of more profits and does not affect the productivity of the company.
Inventory Control VS Inventory Management
It confuses the people mostly about the differences between them. Though they often sound similar they vary in terms of their uses or applications. Both serve different distinct objectives of the organizations according to the need requirements of the systems.
Different retailers used these systems for enhancing their profits or boost up their business. The requirement of the software or system also varies according to the size or nature of Business. Small businesses are mostly using only one system it is either inventory control or control management.
Inventory management is the management while inventory control is the action for controlling the goods or stocks in a proper way efficiently. Inventory management focuses on the right quantity while inventory control is focusing on the inventory which is present in the inventory.
Knowing about the recorder point of the inventory and ensuring them is considered in the inventory management while having the knowledge about the right product and placed at the right time and fulfill the demands of buyers by providing the goods in a proper way is included in the inventory control.