The present invention is directed to a process for monitoring production of a target composition, such as an automotive paint or an architectural paint and a monitoring device used therein. The process includes (a) identifying one or more formulas associated with identification criteria of the target composition, the formula providing a required inventory for making a desired amount of the target composition; (b) generating a current inventory; (c) terminating the process if the current inventory does not match with a stored inventory; or (d) continuing the process if the current inventory matches with the stored inventory. The process further comprises (d1) comparing the current inventory against the required inventory to ascertain whether said current inventory fulfills said required inventory; (d2) generating a supplementary inventory if the current inventory partially fulfills the required inventory; (d3) dispensing required items listed in the required inventory from current items listed in the current inventory, supplementary items listed in the supplementary inventory, or a combination thereof to make the desired amount of the target composition; and (d4) generating an updated inventory. The process can be also used to control the inventory by shipping just in time any components required to produce target compositions, such as refinish tints used in automotive refinish paints.