Internal inventory management is the process of tracking materials and components necessary for production, understanding where they come from, ensuring their availability, maintaining accuracy in the inventory count, and controlling the cost associated with procuring, producing, and storing these materials. It’s a critical part of any successful business plan, allowing a company to increase its efficiency while minimizing costs. By proactively managing its inventory, a business can ensure that it has the right supplies on hand at all times – allowing it to maximize its output and deliver better products and services to customers.