What is material management and its importance? What are the functions of production management and material management? Why is material management important for production? Why materials management is important in any business? Materials management connotes controlling the kind, amount , location and turning of the various commodities used in and produced by the industrial enterprises. It is the control of materials in such a manner that it ensures maximum return on working capital. Material Management is very important for any successful organization as lots of money, space and other resources get blocked into it. For any firm it is necessary to make the cash flow right by releasing any kind of inventory. This might include Raw Materials, Work in Progress, and Finished Goods. A major part of materials management is ensuring that materials going into production are correct and of high value. This helps to keep production running smoothly and improves overall finished goods quality, right? Do you think that any firm can perform well, if their production and material management is not efficient? Absolutely, not! Let’s get to know more about the topic with the help of the presentation, shall we?

Saranya R Kurup

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