Supply And Inventory Management Definition
Supply and inventory management definition can be stated as follows: It is the proactive process of ensuring that necessary supplies and materials are available when needed, while also maintaining an appropriate level of stock to avoid over- or under-stocking. In other words, it’s all about having the right stuff, in the right place, at the right time – and avoiding costly excesses or shortages.
This process encompasses everything from forecasting and ordering to receiving and storing inventory, and finally to issuing supplies when needed. An effective supply and inventory management system will not only save you time and money, but will also help to keep your operations running smoothly.
