Any company that maintains inventory for sale or as part of a raw material supply must have defined inventory control policies. For most small businesses, inventory functions as the largest investment ...

Inventory planning and control are functions relating to inventory management. Business owners pay close attention to inventory as it usually represents the second largest expense in their businesses.

An inventory control system is a system the encompasses all aspects of managing a company’s inventories; purchasing, shipping, receiving, tracking, warehousing and storage, turnover, and reordering.