Related Articles. An inventory strategy is a day-to-day methodology to follow for ordering, maintaining and processing items in your warehouse. For a small operation, inventory management is a fairly straightforward job to handle, but as your volume increases, you need a more established plan.What is inventory control procedure?
One common operating procedure for inventory control is the FIFO method, which essentially means first-in, first-out. The procedure involves removing items from the inventory in chronological order, which means removing the first item entered into the inventory system.What is an inventory policy?
An inventory policy is a standard set of rules/boundaries and guidelines that provide the framework for an organisation to make better informed and timely decisions on which stock to purchase or manufacture, how much stock to purchase or manufacture and where to store and distribute to customers.