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Inventory refers to all the items, goods, merchandise, and materials held by a business for selling in the market to earn a profit. Example: If a newspaper vendor uses a vehicle to deliver newspapers to the customers, only the newspaper will be considered inventory.
The primary purpose of inventory management is to ensure there is enough goods or materials to meet demand without creating overstock, or excess inventory.This article will explain the benefits of strong inventory management practices. It explains what an inventory management system does and offers tips for picking the best system for your business.
* The purpose of inventory management
* Inventory management benefits
* Tips for selecting an inventory management system
The most basic definition of inventory is the materials or “things” your business owns. These can be tangible (products and raw materials) or intangible (e.g., software). In most cases, when we refer to inventory, we simply mean all the materials the business has kept in stock—to sell.
