What is Product sourcing?
Inventory Management: The practice of ordering, storing, tracking, and controlling inventory to ensure the right quantity of products is available at the right time.
Inventory Management: The practice of ordering, storing, tracking, and controlling inventory to ensure the right quantity of products is available at the right time.
Introduction: Inventory management involves the oversight and control of a company's inventory levels, ensuring the right products are in the right place at the right time. It encompasses order management, stock control, and forecasting to minimize costs while fulfilling customer orders effectively. Advanced inventory management utilizes technology and data analytics for demand forecasting, automated reordering, and real-time visibility across the supply chain. Effective inventory management strategies can lead to improved cash flow, reduced holding costs, increased sales, and enhanced customer satisfaction.
Strategies for Effective Inventory Management:
Challenges in Inventory Management: