Inventory Management is the art of organizing and managing all aspects of a company’s physical inventory. It requires efficient tracking, supervision, and control of the items, parts, materials, and products that comprise a business’s inventory. A successful inventory management plan will enable a business to know what it has in stock, where it’s located, and when it needs to be replenished. This ensures that customers’ orders are fulfilled quickly and accurately – eliminating delays, boosting customer satisfaction rates, and helping businesses maintain a competitive edge in their industry.