From the course: Operations Management Foundations
Join today to access over 23,200 courses taught by industry experts.
What is inventory? Why do companies need it?
From the course: Operations Management Foundations
What is inventory? Why do companies need it?
- Inventory. Most people think of inventory as stuff that stores buy, put on their shelves, and then sell. Yeah, that's inventory. But there are so many other types of inventory, too. Inventory that companies never really intend to sell. Banks, landscapers, cleaning companies, hotels, schools, they all have inventory. Not quite sure what I'm talking about? Well, let's think of ourselves, even you, those of you that don't sell anything at all. At your house, you have inventory. What kind of inventory? Clothes, furniture, appliances, electronic devices, cleaning supplies, food. That's your stuff. That's your inventory. Why do you have that stuff? Some of it, because you need it now. Some of it, because you'll need it soon. Some of it, you have just in case you need it. I mean, what happens if you need to staple something? Good thing you had a stapler and staples. What happens if friends drop by and they're hungry or…
Download courses and learn on the go
Watch courses on your mobile device without an internet connection. Download courses using your iOS or Android LinkedIn Learning app.