Inventory management

Inventory management is the process of ensuring a company has enough products on hand to meet customer demand, while avoiding overstocking, which can tie up valuable resources and negatively impact cash flow. Effective inventory management involves forecasting demand, setting optimal inventory levels, tracking stock levels, and reordering when necessary. By optimizing inventory levels, companies can reduce costs, improve customer satisfaction, and increase profitability. It is a critical aspect of supply chain management that requires diligent planning, accurate data, and effective communication between all stakeholders.

This mind map was published on 21 May 2023 and has been viewed 84 times.