Inventory management strategies in supply chain and procurement focus on utilizing the best practices for stocking, tracking, and storing goods. At its core, inventory management is about making sure your business has the right supply of goods on hand at any given time. It’s an ever-evolving challenge that requires close monitoring and careful analysis to identify areas where improvements can be made and adjustments should be implemented. The ultimate goal is to have an optimized inventory system that allows you to optimize costs while meeting customer demands as efficiently as possible.