What is inventory management?

Inventory management is a critical process of monitoring and controlling a company's inventory levels. It involves optimizing inventory levels to ensure that products are available when needed, while minimizing the cost of storage and holding excess inventory. Effective inventory management involves a range of activities, including inventory ordering, stock tracking, inventory control, and analysis of inventory data. The main objective of inventory management is to strike a balance between customer demand, inventory costs, and operational efficiency, ultimately helping businesses to increase profits and stay competitive in their market.

This mind map was published on 21 May 2023 and has been viewed 108 times.