If your profession is related to the present-day eCommerce scene, terms like inventory management, inventory optimization, and logistics management become a part and parcel of your daily life. A fulfillment logistics company offers different services like inventory and warehouse optimization, and order management. Though the terms might seem similar, they are drastically different in reality. It is seen that people often confuse inventory management and handling with related processes that are equally significant but are not quite the same. The eCommerce fulfillment procedures are pretty complicated and involve multiple factors. If you are interested in understanding the difference between inventory management and other related processes read on to find out.
What are the processes linked to inventory management?
Managing the stocks, restocking the finished products, and their warehousing all come under inventory management. That being said, procedures like order management and supply chain management are equally important for completing the customer's orders. Some of the other closely linked processes include the following.
Inventory Control: Inventory control is a part of the main inventory management process. It deals with moving the items and finished products stored inside the storage unit or the warehouse.
Inventory Optimization: Inventory optimization is one of the most crucial processes that go into managing the stocks and stored goods. This process deals with how efficiently and effectively the fulfillment services can manage the inventory in the first place. This helps in cutting down the costs and the expenses incurred along with more organized and methodological management.
Order Management: Tracking the placed orders and marking out the stock the moment the supply vehicle reaches the warehouse is of paramount importance when it comes to fulfillment of the online orders placed by the customers. Fulfillment logistics companies spend the bulk of their resources on receiving and delivering the orders along with taking the help of the software systems for the same for the best results.