The Basics of Material Management
Materials management refers as a function, which aims for integrates the activities involved in the acquisition and use of material in an industrial undertaking. Its function includes several important aspects connected with material, such as, purchasing, storage, inventory control, material handling, standardization etc. Its main objective is cost reduction and efficient handling of materials at all stages and in all sections of the undertaking.
The advantages of Material Management:
• Better accountability - through centralization of authority and responsibility.
• Cost Reduction- through elimination of waste
• Better inventory planning
• Faster inventory turnover
• Increased productivity and higher profits
• Effective communication and coordination