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Inventory is the accounting of items, component parts and raw materials a company uses in production, or sells. Inventory is an important part of the business cycle as it contains information about the current state of production for products and services. It is used to help companies to plan for future needs, and to measure their progress towards meeting these requirements. Inventory is an important part of inventory management. This Tutorial will talk about how to manage inventory in a company that has multiple products and components, like manufacturing or retail. The verb “inventory” refers to the act of counting or listing items. As an accounting term, inventory refers to all stock in the various production stages and is a current asset. By keeping stock, both retailers and manufacturers can continue to sell or build items. Inventory is a key asset for most companies. You don't have to worry about inventory if you know how to plan it properly. Inventory planning is a very important asset for any business. A proper inventory system can be a very effective tool to manage the cost of goods sold and ensure quick turn around of the inventory.

We need to be able to manage our inventory. Inventory is that part of our business which we don't want to invest too much time and money into but still need to keep track of it. It helps us assess the value of our assets and will help us increase sales if we are able to accurately identify the value of our products or services. While most businesses use CRM systems or CRM software, there are actually several different solutions used for inventory management in companies like Google, Microsoft, Salesforce, etc. An example is Google's Vault system, which can be found on Google's website . After all these years with customer data being one of the most important sources for business intelligence (BI), companies like Google are now adding AI powered tools for inventory management.

The basic formula for calculating ending inventory is easy:  Beginning Inventory + Net Purchases – COGS = Ending Inventory Inventory is used to measure the volume of output from the company's operations. This volume is used for planning purposes and to determine the amount of money that should be invested in new equipment or in improving the efficiency of existing equipment. In business, inventory is often measured as a unit performance index (UPI) - this means that it represents the percentage increase/decrease in sales during a certain period.

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