Inventory management is an integral part of a company’s ongoing internal activities. It allows a business to keep track of spending on inventory and also providing an accurate account of inventory or stock on hand. Although, most of us see this concept as something that we might not encounter often, it in fact affects us on a daily basis.
Last class we learned about this vital business concept. This made me think about my experience as a consumer dealing with poor inventory management. It all started last week when I went to a store to purchase a new flat screen TV. Prior to doing so, I had went on the company’s website to look up the price of this item and to see if they had it in stock at the store location nearest to my job. According to them, they did. However, when I was there I could not find the product on display or on the shelf. Fortunately, I printed the item information in advance and proceeded to ask for assistance. The customer service representative looked up the item and found that there were 3 remaining. Although it appeared to have been in stock, we look all around the electronic department and we had no luck finding the particular flat screen TV I wanted. Perhaps, it was misplaced or lost in the huge store? Regardless of where it went, the fact of the matter is I left the store with nothing. As a result, this cost the business money and a potential customer.
This experience along with what I learned in class made me realize the importance of inventory management. Not only can managing inventory help a company run things smoothly, but it can also provide customer satisfaction. By having an accurate account of products in stock and be easy to locate, items can be identified and given to the customer. Although inventory management software is important to have, it is also crucial to be able to know how to use it in order to be effective and efficient. Has anyone experience this situation before? If so, was it at a large or small store?