What is Inventory Management.

Inventory management refers to the process of ordering, storing and using a company's inventory: raw materials, components and finished products.

Inventory management is the management of inventory and stock. As an element of supply chain management, inventory management includes aspects such as controlling and overseeing ordering inventory, storage of inventory, and controlling the amount of product for sale.

The definition of Inventory Management is easy to understand. Simply put, inventory management is all about having the right inventory at the right quantity, in the right place, at the right time, and at the right cost. But how do you implement the best inventory management techniques to ensure the best results? Read on to find out our insights for inventory management best practices.

How do I calculate the “right amount” of inventory to stock?

Stocking the right amount of inventory is crucial. If you order too little, your customers will start looking elsewhere. If you order too much, there’s a chance you’ll be stuck with lots of extra stock that you’ll be forced to sell at clearance prices, or risk having them become obsolete.

In a poll by GetApp, business owners were asked how they decided when to reorder inventory. A resounding 46% of them decided based on information from previous months. If you’re part of that 46%, you want to make sure you’ve got the right inventory data - which means looking for a solution that’ll automatically track your inventory movements as much as possible.

In fact, even if you chose to use inventory forecasting software (15%) or Excel formulas (13%), you’re still going to need information from the previous months. (If you’re wondering about the remaining 26%, they selected “Other” - we’re still betting information from previous month’s factor in somewhere though!)

What is MIS (Management information systems )

Management Information Systems (MIS) is the study of people, technology, and organizations.

A management information system (MIS) is a computerized database of financial information organized and programmed in such a way that it produces regular reports on operations for every level of management in a company. It is usually also possible to obtain special reports from the system easily. The main purpose of the MIS is to give managers feedback about their own performance; top management can monitor the company as a whole. Information displayed by the MIS typically shows "actual" data over against "planned" results and results from a year before; thus it measures progress against goals. The MIS receives data from company units and functions. Some of the data are collected automatically from computer-linked check-out counters; others are keyed in at periodic intervals. Routine reports are preprogrammed and run at intervals or on demand while others are obtained using built-in query languages; display functions built into the system are used by managers to check on status at desk-side computers connected to the MIS by networks. Many sophisticated systems also monitor and display the performance of the company's stock.

If you enjoy technology like iPhones, iPods, and Facebook, you have what it takes to major in information systems. All you need is an interest in technology and the desire to use technology to improve people's lives. Many people think that MIS is all programming. However, programming is just a small part of our curriculum and there are many, many jobs in MIS where you do not program. 

Everyone who works in business, from someone who pays the bills to the person who hires and fires, uses information systems. For example, a supermarket could use a computer database to keep track of which products sell best. And a music store could use a database to sell CDs over the Internet. 

Information isn’t worth much if it doesn’t serve a purpose. MIS students learn how businesses use information to improve the company’s operations. Students also learn how to manage various information systems so that they best serve the needs of managers, staff and customers. MIS students learn how to create systems for finding and storing data and they learn about computer databases, networks, computer security, and lots more.  

 All of these are great majors, however MIS is the ONLY major that focuses on both business processes and information technology. If you are interested in business and technology, like theory but not too much, like technology enough to want to keep up with what's hot but don't want to be writing programs or putting together chips all your life, then MIS is for you.  We believe that the most upwardly mobile career path for those who like to work with business and technology is definitely in MIS.