Inventory is one of the most important assets in any business. It’s a tangible item such as raw materials, finished products, equipment and supplies that are necessary for the production and operations of the business. The functions of inventory help businesses manage their activities more effectively by providing an organized system for tracking items and reducing operational costs. These functions include stock control, ordering, storing, shipping and receiving, as well as keeping track of inventories at different levels. By understanding and utilizing these functions, businesses can ensure their operations run smoothly, remain cost-effective, and maximize returns on investments.