Inventory tools and techniques are strategies used by businesses to manage their inventory levels. They help ensure that companies have the right amount of goods on hand at the right time, so they can respond quickly to customer demands and industry shifts. The most commonly used inventory tools and techniques include demand forecasting, reorder points and safety stock, ABC analysis, just-in-time inventory system, cycle counting, vendor-managed inventory and barcode scanning. By utilizing these methods, businesses can maximize their resources, increase productivity and reduce costs.