What is inventory management ?

Inventory management is the process of managing stocks. This includes buying, storing, and tracking inventory. Inventory management is used in many industries, including manufacturing, farming, and retail. It can be done manually or with a computerized system. Some companies use a combination of both methods to manage their inventory. Manual ways to manage inventory include vouchers or tickets that detail when goods need to be restocked. Computerized systems are the most common method of inventory management because they can update stock levels in real-time, automatically reorder when stocks run low, and help track costs associated with goods.