Inventory Management and Warehouse Management are often used interchangeably, but they actually refer to two distinct concepts. Inventory Management is the process of tracking and monitoring inventory or stock levels across an organization, while Warehouse Management refers to the physical movements of goods within a warehouse. To simplify, Inventory Management deals with the quantity of goods available for purchase, and Warehouse Management focuses on the quality of goods being stored and how those goods are stored.
At its core, Inventory Management is all about manipulating data – purchasing and selling records, stock levels, stock locations and so on. Warehouse Management goes a step further by ensuring that inventories are stored securely, efficiently and safely in the correct areas of a warehouse. Both are essential components to any business operating with physical products, from small-scale retailers to large-scale manufacturers.