What is inventory management and PI?

Question

Accepted Answer

Inventory management is the process of overseeing and controlling the flow of goods into and out of a company's inventory.

Inventory management involves tracking inventory levels, ordering new stock, and managing stock rotation.
Physical Inventory (PI) is the process of physically counting and verifying the quantities of items in stock.
PI helps ensure accuracy in inventory records and identify discrepancies or shrinkage.
Effective inventory management and PI are crucial for minimizing stockouts, reducing excess inventory, and improving overall efficiency.
Examples of inventory management tools include barcode scanners, inventory software, and RFID technology.

Accepted Answer

PI represented as physical inventory or Perpetual inventory  . here i have to use WMS - ware house maintenance system - which is system vs physical.

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