What is Inventory?
Inventory- a list or catalog of goods or services that are available for sale or use in a business. It helps businesses keep track of their stock levels, sales, and profits. Without inventory management, it would be difficult to know what products are popular and when to restock.
In the world of business, inventory plays an important role in determining the success of a company. Understanding how inventory works is essential for companies looking to maximize their profits and minimize waste.
Effective inventory management involves keeping track of all items related to production, including raw materials, work-in-progress goods, finished products ready for shipping or sale, as well as any returns or unsold items. By monitoring this information on a regular basis and making adjustments as needed, companies can avoid overstocking and understocking issues that can lead to lost revenue.