SIM (Sourcing and Inventory Management)

Sourcing and Inventory Management (SIM) refers to the processes businesses use to acquire goods and manage their stock. Sourcing involves finding suppliers and negotiating terms to purchase products or materials needed for operations. Inventory management focuses on tracking and controlling the stock levels to ensure there is enough product on hand to meet demand without overstocking. Together, SIM helps companies optimize costs, improve efficiency, and ensure they can deliver products to customers on time, ultimately contributing to better business performance.