Inventory practices are the strategies, processes, and tools employed to efficiently manage stock levels – from ordering and stocking to maintaining an accurate record of what is in-stock and the costs associated with it. By integrating these strategies into a business’ operations, companies can maximize their profits by establishing an optimal balance between inventory availability, storage costs, and delivery times. With efficient inventory practices, businesses can ensure that they have the right product available to meet customer demand while avoiding overstocking or depleting their reserves too rapidly.