Inventory management is the process of overseeing the flow of goods and materials within an organization. It involves the tracking of inventory levels, monitoring of stock movements, and optimization of inventory turnover. Effective inventory management ensures that the right products are available at the right time, in the right quantities, and at the right cost. It also helps to minimize the risk of stockouts, overstocking, and obsolescence. Inventory management requires a comprehensive understanding of the organization’s supply chain, including suppliers, production processes, and customer demand. It involves the use of various tools and techniques, such as demand forecasting, safety stock analysis, and inventory control policies. Effective inventory management can lead to improved customer satisfaction, increased profitability, and reduced operational costs.
