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What Is Inventory Management?

What Is Inventory Management?

23 August 2021

By: Suresh Wadhwani

Having over 35 years of experience as a CFO in various multinational companies, I cannot over-emphasize the importance of asset management in any professionally run organization. With an increased focus on corporate governance, multiple agencies like auditors, tax authorities, investors, shareholders strongly consider the quality of asset management as a key criterion in determining the professionalism of the organization.

As part of asset management, inventory management is the most important area of control. Having been an auditor myself during my earlier career years, I remember at year-end audits, the time and effort spent by us along with the client’s staff on counting inventory and ensuring that the physical inventory matches with the book inventory.

Countless hours were spent on this activity by us as auditors and many more by the client’s staff throughout the year.
With the advent of RFID technology and solutions made available through it, the advantages are enormous. It is now extremely simple to count, track and reconcile inventory in an ongoing manner.

The mundane task of physically counting each item of inventory which could run into hundreds of thousands of individual items is now possible to be automatically done by the press of a button. At Intellistride, we are in touch with some of the largest Audit firms, showcasing the technology and our various Solutions whereby such inventory management is possible creating a superlative control environment.

These firms are in turn showing huge interest in proposing these solutions to their clients. In case any of you would like to take advantage of this technology at a fraction of the cost that your clients would otherwise incur on inventory management, you could get in touch with us at [email protected]

IntelliStride

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