Inventory management refers to the process of overseeing the flow and storage of goods and materials within a business. Effective inventory management involves optimizing inventory levels to balance supply and demand, reducing excess inventory, and avoiding stockouts. Inventory management can include tasks such as forecasting demand, ordering and receiving inventory, tracking inventory levels, and managing inventory storage and distribution. Proper inventory management can help businesses reduce costs associated with excess inventory, improve customer satisfaction by avoiding stockouts, and increase overall efficiency by streamlining the inventory process. Inventory management software can provide businesses with real-time inventory tracking and data analytics to help optimize inventory levels and improve decision-making.
