An inventory control system is a system the encompasses all aspects of managing a company’s inventories; purchasing, shipping, receiving, tracking, warehousing and storage, turnover, and reordering.

Inventory management is now considered a prime candidate for automation as manufacturers target opportunities to reduce costs, accelerate product delivery and make the most out of experienced talent.

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...