Batch, Serial and Item based modes for Inventory Management

In retail industry, on any vertical, it is imperative to buy or sell things either to other businesses or end consumers. These things or items form the part of an inventory of an organization. So inventory management may be defined as procuring, keeping, using, and selling of the same.

The inventory is a company’s most important asset but it can also become it’s biggest disadvantage due to the risk of variations in demand, deterioration, pilferage, or corruption. Inventory management is a most important activity.

There are various modes of inventory management employed in retail industry - the Batch based, Serial based and Item based inventory management are most important among them.

Batch based Inventory Management