Inventory management is an important aspect of a business and the accounts and finance department have to work in close coordination to achieve effective and efficient management of inventories. In order to explain the concept of inventory and efficient inventory management an article from the October 2008 issue of Business Week has been selected. The article under study deals with the efficient management of inventory and the various aspects of inventory management to achieve higher profits and cash flows in a company.
The article implies the importance of inventory management even though it may seem as an unattractive business operation. The various ways in which inventory should be managed and the importance of keeping optimum levels of inventory in an organization are highlighted throughout the article. The advantages of using software for efficient inventory management and increasing the inventory turnover rate in organizations form an integral part of the article (Quittner). The concept of inventory, inventory management and use of inventory management software with reference to the article are discussed in the following sections.
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