Inventory management is the practice of overseeing and controlling the ordering, storage, and use of company assets. It plays a critical role in improving business efficiency and overall profitability. By setting clear objectives and monitoring stock levels, businesses can ensure that their inventories are sufficient to meet customer demands while avoiding costly overstocking or understocking scenarios. Additionally, proper inventory management strategies enable businesses to identify opportunities for cost savings and adjust their procurement practices accordingly. Improving inventory management means understanding your current stocking habits, regularly reviewing your stock levels, taking into account market trends when making purchasing decisions, and ensuring you have the right systems and processes in place to keep track of inventory accuracy.