INVENTORY POSSESION SYSTEM AND METHOD

• Main Authors: Ives, Milton Edward, Rampone, Joseph
• Format: Patent
• Language: English
• Published: 25.05.2023
• Subjects: CALCULATING; COMPUTING; COUNTING; DATA PROCESSING SYSTEMS OR METHODS, SPECIALLY ADAPTED FORADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORYOR FORECASTING PURPOSES; PHYSICS; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE,COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORY OR FORECASTINGPURPOSES, NOT OTHERWISE PROVIDED FOR

In some aspects, an apparatus may include one or more processors configured to identify at least one of a holding company, a manufacturing company and a customer; identify the steps of an inventory management cycle including any of a raw material procurement, a raw material inventory, a work in process inventory, a finished goods inventory, a shipping inventory and accounts payable and provide an inventory possession model configured to allocate ownership of the raw material procurement, the raw material inventory, the work in process inventory, the finished goods inventory, the shipping inventory and the accounts payable amongst any of the holding company, a manufacturing company and a customer and allocate physical possession of the raw material procurement, the raw material inventory, the work in process inventory, the finished goods inventory, the shipping inventory and the accounts payable amongst any of the holding company, a manufacturing company and a customer.