What is the overall purpose of inventory management?
Inventory management’s major goal is to make ordering, stocking, storing, and using inventory as simple and efficient as possible for firms. You’ll always know what things are in stock, how many there are, and where they are if you manage your inventory correctly.
Furthermore, good inventory management helps you to see how you use your inventory over time, as well as how demand changes. You can pinpoint exactly what you require, what isn’t as critical, and what is simply a waste of money. Inventory management is being used to conduct inventory control in this way. Inventory control, by the way, is the delicate balancing act of having enough stock to meet demand while spending as little money as possible on ordering and carrying inventory.