Inventory Management: Techniques & Importance
Keywords:
Inventory Management, Inventory Management techniques, In ventory management types, customer satisfactionAbstract
There are many different types of inventories, and this study focuses on inventory management, which involves determining the best techniques for buying stock in order to fulfil future demand for a certain product. It is possible to think of inventory as the sum total of a company's inventories of different sorts. Thus, inventory management takes care of projected demand, bulk purchases, absorbing waste, and over-ordering. To put it another way, inventory refers to the amount of merchandise that a retailer has on hand at any particular moment for sale. Maintaining adequate stock levels is made easier by an inventory management system, which keeps tabs on the amount of each item available for sale. The term "inventory" does not always imply a focus on tangible products or those that can be sent right away. The importance of inventory management is shown via a variety of approaches.
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