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Dear Sir,
I think BIN card is very important tool for any business that have the need to store products for these reasonns,
1. To avoid the situation of under stocking- i.e, to provide continuous
supply of required inventory so that the activities of production,
service and sales departments may not be held up.
2. To avoid over stocking, i.e., to maintain optimum investment in
inventory considering the operating requirements and financial
resources so as to reduce carrying cost.
3. To ensure the procurement of materials and stores of the required
quality at minimum cost from a reliable source.
4. To minimize the total cost ( purchase cost, ordering cost, carrying
cost).
5. To avoid wastage and losses due to defective or long storage or
from obsolete.
6. To manage proper and up to date records of inventories.
YES! Stock Control/Inventory Control/inventory balance in the case that If ever automation on inventory process failed/Failure then you can go back to your BIN card as your basis for your current Inventory records.
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