Managing Material Requirement is a complete solution for Planning, Approvals, Procurement, Receipts & Inspections, Storage & Preservation etc and controlling the flow of materials from their initial purchase through internal operations, to the service point through distribution.
Materials management is concerned with management functions supporting the complete cycle of material flow, from the purchase and internal control of production materials to planning and control of work in process, to warehousing, shipping and distribution of the finished product. An effective materials management process ensures that the right kinds of materials are at the right place whenever needed.
Making available (supply) of materials in specified quantity and quality at economic cost and maintaining the continuity of supply. Minimization of investments in materials and inventory costs, and assuring high inventory turnover
The Scope of Materials management encompasses all the aspects of the materials i.e. material costs, material supply and material utilization.
The main advantage better accountability for materials and material concerned costs and better co-ordination within the materials functions and also other functional areas of business.