Inventory Management
Inventory management is the process of overseeing and controlling a company's stock of goods, materials, and products. It ensures that the right amount of inventory is available at the right time to meet customer demand without overstocking or running out of items. Effective inventory management balances storage costs and replenishment, optimizing supply chain efficiency. This practice helps businesses reduce waste, improve cash flow, and enhance customer satisfaction by providing timely deliveries. Essentially, it’s about efficiently managing what a company has on hand to support its operations and meet market needs.
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Inventory management refers to the process of overseeing and controlling a company’s stock of goods. It involves tracking inventory levels, orders, sales, and deliveries to ensure that the right amount of products is available to meet customer demand without overstocking. Effective inventory management helps businesses minimize costs, improve efficiency, and maintain a steady flow of goods. This process can include tasks such as ordering new stock, storing products properly, and forecasting future inventory needs, all aimed at balancing supply and demand to enhance customer satisfaction while maximizing profitability.