Investigation into the Methods and Significance of Inventory Management
Keywords:
inventory, management, Organizations, techniquesAbstract
The purpose of inventory management is to keep track of and control the flow of resources and items within a company. It is an umbrella word for a variety of strategies that try to maximise profitability by meeting customer demand and minimise unnecessary hoarding. The goal of inventory management is to meet customer demand while minimising the time and money spent on retaining surplus material. Having an inadequate amount of inventory may lead to stockouts, unhappy customers, and a decline in sales, while an excess of inventory can raise storage costs and heighten the risk of obsolescence.
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