There are 13 different types of inventory that supply chain organizations deal with that call for a robust inventory management system. These include:
Unprocessed materials such as metals, plastics, and oils that aren't recognizable after product completion.
Screws, bolts, hinges, and other parts that are recognizable on their own before and after product completion.
Products currently in production that may include raw materials, parts and components, packing materials and more.
Completed items that are ready to be distributed and sold.
Supplies used either in the manufacturing of products or to maintain the business or organization.
Primary, secondary, and tertiary packaging that protects products during the fulfillment process from manufacturer to end user.
Backup, safety or anticipation stock includes products, raw materials or inventory that an organization carries in order to cover any unexpected or sudden events or to take advantage of sale pricing.
Spare items or works in progress that are kept at production line stations in order to eliminate any work stoppages.
The amount of inventory required to meet customer needs (normal demand) at any given time.
The number of services that can be provided within a specific timeframe.
Products or items that are currently in transit either from a manufacturer, a warehouse or a distribution center.
The minimum amount of stocked products that an organization needs to facilitate an entire process without needing to wait.
Unsold or unused products that aren't expected to sell but need to be kept in storage.