Inventory management is the ongoing process of moving goods into and out of a company’s locations. It includes such tasks as placing new orders for products and shipping orders to customers. Business leaders must have a firm grasp of everything involved in the inventory management process to find the right solutions to inventory challenges.
1. Proper allocation of resources
2. Defining groups/ units/ list of items
3. Complete stock status summary
4. Recording inventory transactions
5. Availability of stock