Inventory management is an important part of the supply chain process. It is the process of managing the flow of goods and services from the point of origin to the point of consumption. It involves tracking, ordering, and storing inventory, as well as forecasting future inventory needs. It is essential for businesses to have an effective inventory management system in place in order to ensure that they have the right amount of stock at the right time. This helps to reduce costs, improve customer service, and increase efficiency. Additionally, inventory management can help to reduce waste and increase profits. It is important to understand the official business definition of inventory management in order to ensure that it is being used correctly and effectively.
