Material Management and Inventory Control is the process of overseeing the purchase, storage and use of materials needed to create products or services. It includes identifying, tracking, and analyzing all types of inventory, from raw materials to finished goods, to ensure inventory levels are at an optimal balance for efficiency and cost-effectiveness. It also involves managing supplier relationships, forecasting demand and setting reorder points, organizing warehouses and other facilities, and monitoring stock movements. With efficient material management and inventory control, businesses can reduce costs, save time, and optimize customer service.