Research on the Methods and Categories of Inventory Management

Abstract

Management of inventories and other supply chain activities is critical to a business's financial line and the satisfaction of its customers. The several components of inventory management will be the subject of this research, which will centre on the standard methods of categorising the area. The study begins with a comprehensive literature analysis that covers a wide range of subjects, including prior research, inventory management techniques, and the effects of technology. The article breaks down the inventory management process into its component parts and discusses important factors to keep in mind at each stage, from demand forecasting to inventory optimization. Various inventory categorization approaches, including the ABC and XYZ analyses, are also discussed and evaluated in the paper. Our understanding of inventory management techniques and classification systems is enhanced by this work, which draws on pertinent empirical data. Discussed are the consequences for companies seeking process improvement, with an emphasis on the role of inventory management in modern supply chains. Some potential directions for further study in this area are suggested.