What types of items do stores and warehouses typically hold?

Stores and warehouses typically hold a comprehensive range of inventory types necessary for the supply chain and retail operations. This includes raw materials, components, and finished goods.

Raw materials are the basic materials that are processed or transformed into finished products. Components are the parts or elements that, when assembled, contribute to final products. Finally, finished goods are the completed products ready for sale to consumers. Holding this diverse inventory enables businesses to meet customer demand efficiently, manage production processes, and maintain sufficient stock levels to avoid interruptions in sales or manufacturing.

By integrating raw materials, components, and finished goods, businesses can ensure they have the necessary resources for production, optimize inventory turnover, and respond effectively to market changes. This holistic approach is essential for effective asset management in the context of the CIPS Whole Life Asset Management framework, aligning inventory management practices with overall strategic objectives.