What is Inventory Management

Inventory Management is the overseeing and controlling of the ordering, storage and usage of components used in production or finished products for sales.

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Inventory Management is the overseeing and controlling of the ordering, storage and usage of components used in production or finished products for sales.

Inventory Management is one of the most important aspect of supply chain and uses a variety of data to keep track of stocks as they move through the supply chain. Inefficiencies in the process can be detrimental to business operations as a result of 2 key issues:

  • Overstocking (excess of inventory) can increase warehousing cost, causing profit margin to decreases.

  • Understocking can lead to stock-outs due to a shortage of supply. This can cause delays in fulfillment or lost of sales and have a negative impact on consumer experience.

 


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