A Review on Inventory Control Techniques of Various Industries

In any supply chain, it is very important to control the inventory because every industry has an objective to fully customize its customers and deliver their products to the customer on time so that the customer remains satisfied. To do all this, the industries should have a sufficient inventory of raw materials, machines, tools, etc. Inventory management is used to keep the inventory in sufficient quantity because keeping the inventory high, increases the carrying cost of the inventory and if the inventory is kept below sufficient quantity then the backorder cost increases and sometimes the industries have to increase the number of orders, due to which the ordering cost also increases. Hence, the cost is minimized by the inventory management and the production rate is optimized to the minimum cost so that the material flow in the supply chain is maintained and the customer is satisfied. But in today’s era, inventory control is a big problem because inventory depends on many factors. This problem is increasing due to uncertainty and variation in demand of the market or customer. This paper provides a review of inventory control methods used by various industries.