Inventory management strategy is the process of overseeing the balance between product replenishment and customer demand. It is an important practice for companies to monitor, buy and store parts that are essential for their business operations. With the right inventory management strategy, companies can create the most efficient system for ordering, stocking and distributing goods while minimizing costs. It also helps predict when stocks are low and allows companies to have steady access to items they need in order to successfully meet customer needs.