Inventory Management

Inventory management is the process of overseeing and controlling the flow of goods and materials within a business. It involves the planning, procurement, storage, tracking, and distribution of inventory to make sure that the right amount of stock is available at the right time, in the right place, and at the right cost. Many businesses use different inventory management techniques depending on their industry and specific needs. Some common methods include the Just-in-Time (JIT) system, or the ABC classification system. Effective inventory management balances ideal inventory levels to meet customer demand to minimize excess or low inventory. This means smooth operations and reduces costs for businesses.