Why is inventory management important for your business?

Inventory is one of the most important assets for manufacturing, logistics, and supply-based enterprises. It deals with the elements of the supply chain. Whereas inventory management is the practice of planning the buying, storing and selling of raw materials as well as finished goods. Organizations with complex supply chains and manufacturing processes must find the right balance between not having enough inventory and having too much inventory on hand. Inventory Management in Microsoft Dynamics NAV 2018 Course gives us an overview of the elements of the supply chain converges. It helps the professionals in improving warehouse structure, effectively dealing with warehouse productivity, improving customer retention, and improving the accuracy of inventory orders. Before we talk about the benefits, you need to check out the types of inventory management below. 

  Types of inventory management

• Raw materials and components
• Works-in-process inventory
• Maintenance, repair, and operations goods
• Finished goods 

Benefits of inventory management

• It helps the companies to track what is in stock and what is on backorder.
• It enables the companies to carry costs including transportation fees, insurance, employee salary, and storage handling costs. 
• It enables the professionals to know what is in stock and order only the amount of inventory required to meet demand.
• It gives the insight required to solve stockouts in our “Essential Guide to Inventory Control.
• It helps to avoid carrying too much inventory.
• It enables large-scale enterprises to save time that could be spent on other activities.
• It enables large-scale enterprises to introduce an efficient warehouse with items organized based on demand.

Who can pursue the inventory management course? 

Inventory management training is designed by Microsoft for those professionals who want to get expertise in inventory management features and capabilities. The professionals with trade-in Microsoft Dynamics NAV 2018 course, are likely to get an extra edge in pursuing this course. It gives an insight of order tracking, inventory control, reservations, and assembling items, and helps in managing inventory in different locations. Having general knowledge of accounting and a basic understanding of Microsoft Windows is required for you to pursue this course.read my more blogs