Streamlining Supply and Demand
Optimizing Inventory
Inventory management refers to the process of overseeing and controlling the flow of goods and materials within a company. It involves the acquisition, storage, tracking, and distribution of inventory to ensure efficient operations and customer satisfaction. Effective inventory management is crucial for businesses as it directly impacts profitability, cash flow, and customer service.
One of the key goals of inventory management is to maintain optimal inventory levels. This means having enough inventory to meet customer demand without excessive stock that ties up capital and increases carrying costs. By implementing inventory control techniques such as just-in-time (JIT) inventory or economic order quantity (EOQ) calculations, businesses can strike the right balance between stock availability and cost efficiency.
