What is stock management?

Stock management, also known as inventory management, is the process of efficiently monitoring, controlling, and organizing the stock of goods within a business. It involves tasks such as tracking inventory levels, replenishing stock, and ensuring a balance between supply and demand. Effective stock management involves accurately forecasting demand, optimizing storage space, implementing inventory control systems, and minimizing stockouts or overstocks. By effectively managing stock, businesses can minimize costs, fulfill customer demands, improve cash flow, and maximize overall operational efficiency.

This mind map was published on 4 August 2023 and has been viewed 127 times.