Inventory management processes are the official business processes that are used to track and manage the ordering, storage, and use of items that a company has in its inventory. This includes the tracking of raw materials, components, and finished products, as well as the management of the supply chain that brings these items to the company. Inventory management processes also involve the management of inventory levels, the forecasting of future demand, and the optimization of inventory to ensure that the right amount of inventory is available at the right time. This helps to ensure that a company can meet customer demand and minimize costs associated with holding too much or too little inventory. Additionally, inventory management processes help to reduce the risk of stock-outs, which can lead to customer dissatisfaction and lost sales.
