Inventory Management

Inventory management is the critical stage in supply chain management because it helps to establish inventory and sales patterns, increase working capital, and turn inventory in cash. Inventory management involves various metrics and forecasting. It also involves how firms move their inventory and maintain accurate records.
Inventory carrying costs are major expenditures in any business.
To keep inventory at appropriate levels and ensure customer satisfaction, supply chains must maintain accurate records. Also, keeping accurate record helps firms in planning, controlling, and organizing inventory. As well as achieve economies of scale and reduce inventory costs.