Inventory Management

Inventory Management refers to the process of overseeing and controlling the ordering, storage, and use of a company's inventory. It involves tracking the quantity of goods, managing stock levels, and ensuring that the right amount of products is available to meet customer demand while minimizing costs. Effective inventory management aims to balance supply and demand, reduce excess stock and shortages, and increase operational efficiency. It includes activities such as forecasting demand, monitoring stock levels, conducting audits, and implementing inventory control systems and technologies. The goal is to ensure that inventory is maintained at optimal levels to support business operations without tying up excessive capital in unsold goods.