Inventory Management involves tracking and controlling stock levels, ensuring that products are available for sale without overstocking. It includes forecasting demand, reordering products at the right time, and optimizing storage to make efficient use of space.
Effective inventory management helps prevent stockouts, which can lead to lost sales, and overstocking, which can result in excess inventory costs. It also ensures that orders are fulfilled on time, enhancing customer satisfaction. By balancing stock levels and streamlining the supply chain, businesses can reduce costs, improve cash flow, and ensure a smooth and timely product delivery process.
