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Inventory Management

Inventory management is the process of overseeing and controlling the flow of goods and materials into and out of an organization’s inventory storage locations. In academia, inventory management is studied within the fields of operations management, supply chain logistics, and inventory control systems. Researchers investigate inventory management principles, including demand forecasting, inventory optimization, and supply chain visibility, to balance inventory levels with customer demand, minimize stockouts and overstock situations, and improve order fulfillment performance. Inventory management best practices may include inventory classification, ABC analysis, economic order quantity (EOQ) modeling, and just-in-time (JIT) inventory replenishment strategies to optimize inventory costs, reduce carrying costs, and improve inventory turnover ratios. By implementing effective inventory management practices, organizations can enhance operational efficiency, increase customer satisfaction, and maintain a competitive advantage in dynamic and uncertain market environments. Academic studies on inventory management also explore emerging technologies such as RFID tagging, barcode scanning, and inventory tracking systems, as well as sustainability considerations, such as green logistics and circular economy principles, to support lean and resilient inventory management practices in diverse industry sectors and supply chain networks.

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