Publisher's Synopsis
Inventory management involves overseeing the acquisition, storage, and tracking of a company's goods and materials. It aims to maintain optimal stock levels, ensuring products are available when needed while minimizing excess inventory. Effective inventory management includes strategies for demand forecasting, order fulfillment, and utilizing technology for efficient tracking. It plays a critical role in preventing stockouts, reducing carrying costs, and enhancing overall operational efficiency. Successful implementation of inventory management practices contributes to improved customer satisfaction, reduced holding costs, and increased profitability for businesses.
