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Vol 28 - No 10 - December 2002/January 2003 The First Steps To Inventory Management Holding inventory is often interpreted as carrying an asset but also means carrying risk in terms of obsolescence, deterioration and quality faults. In financial terms inventory impacts the balance sheet, cash flow and profit and loss accounts. Operationally inventory affects production efficiencies and on-time delivery. In his book "The Goal" Goldratt identifies inventory as a key component for measuring business performance in a manufacturing environment. In short, good inventory management is essential to achieving business objectives and building competitive advantage. Yet the traditional techniques most often used to manage inventory do not always provide optimal solutions. Driven by a greater emphasis on customer service and cost control and the advent of new technologies, inventory management is rapidly moving to a higher level of sophistication. Page number: 18 Word count: 3515 Related Topics: Inventory management
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