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Inventory Management is a business process which is responsible for managing, storing, moving, sorting, arranging, counting and maintaining the inventory i.e. goods, components, parts etc. Inventory management ensures that the right inventory is available as per the demand at low costs. Inventory Management makes sure that the core processes of a business keep running efficiently by optimizing the availability of inventory.
Inventory management parameters
Inventory management can be efficiently done on the basis of 4 broad parameters:
Number of units in the stock
Cost of managing inventory
Availability of inventory on time
Location for storing inventory