IStock

iStock is a systematic approach of ordering, storing and issuing an organization inventory. This includes raw materials and finished goods. iStock aims at ideal stock level at any point of time at any place at right cost. This monitors and controls the resources that are put into use and the resulting outputs from this process. The key components of inventory management include the time it takes for a supplier to process and execute a delivery; buffer stock which is the additional stock above the standard minimum that is required to maintain the level of production; and real-time tracking of materials as they are used in production.