5 key stages of Inventory Management Process

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Inventory management is keeping track of and controlling stock as it moves from suppliers to warehouses to customers. The following are the five major stages to follow:

Purchase: This can refer to purchasing raw materials to transform into products or purchasing ready-to-sell products that don’t require any assembly.
Produce: The process of assembling your finished product from its component pieces. Not every business will engage in manufacturing; wholesalers, for example, may choose to skip this step entirely.

Stock: Keeping your raw materials in storage before they’re manufactured (if necessary) and your final goods in storage before they’re sold

Sell: Getting your inventory into the hands of customers and collecting payment.

Report: Companies must know how much they are selling and how much money they are making on each sale.

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