Glossary of Terms

What is Inventory Management?

Inventory Management Definition

Inventory Management involves overseeing the flow of goods from the moment they are received until they are sold or used. Inventory management is all about finding the right balance between supply and demand.

Part of an effective inventory management strategy involves tracking inventory levels in real-time, utilizing technology tools that help automate the process. This is where an inventory management system comes into play. By maintaining accurate and up-to-date data, businesses can make informed decisions that keep their inventory levels optimized, their customers satisfied, and their bottom line healthy.

Inventory Management Definition

Related terms

Dropshipping is a method of retail fulfillment where you don't keep any inventory in stock.
A warehouse management system (WMS) is a software application that helps businesses manage and control their warehouse operations.
A Vendor Management system keeps track of vendor-related activities in one place.
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