Inventory management Literature review Example | Topics and Well Written Essays - 500 words

Inventory management - Literature review Example In scientific meaning, the inventory management finds the way of maintaining the stock to meet the demands for production in order to provide the right product at the right time at the competitive prices with right quantities. Objectives of inventory management include as the best services for customers, minimizing the cost of the inventory, optimized use of the machine and men, and achieving the best production targets. According to Waters (2003) inventory management works for three main objectives as it manages the flow of material or products through the entire chain of supply. Inventory management helps the logistic in order to achieve the aims of the organization. Inventory managers support the managers to be sure about availability of the needed goods. The main aim of inventory management is the arrangement of all material of library in a proper manner. The books must arrange in accurate order. The librarian periodically checks for missing books (Xavier University Library 2013). Inventory management like many other activities of the company contributes the welfare for the company. Logistic operations of the company contribute to profit in marketing services and financial requirements of the company. Inventory management meets the demands of the customers at the minimum cost. Inventory management optimizes the support in the three main areas as inventory cost, customer services and operating costs (Wild 2002). The book by O’Neil (1998) is based on the management of library and archival security. The author focused on the management of the library as well as the security. Libraries are the treasures of knowledge and information, so security is very important. The libraries of universities are mostly having donors. If there is a lack in management of the library, it will give a bad impact of university in front of donors. The proper inventory management system is required to follow for the maintenance of library. The investment