ECONOMICS

Detailed explanation-1: -The two main benefits of inventory management are that it ensures you’re able to fulfill incoming or open orders and raises profits. Inventory management also: Saves Money: Understanding stock trends means you see how much of and where you have something in stock so you’re better able to use the stock you have.

Detailed explanation-2: -Regardless of the size of your company, having a proper inventory management system is very important for any business. It can help you keep track of all your supplies and determine the exact prices. It can also help you manage sudden changes in demand without sacrificing customer experience or product quality.

Detailed explanation-3: -The management of inventory is necessary for any company so that excess stock is not stored at the company while simultaneously ensuring demand for customers is met. The optimal balance, however, is often achieved through properly planned and managed inventory.

Detailed explanation-4: -Inventory managers oversee the inventory levels of businesses. They lead a team of inventory or warehouse employees to receive and record new stock as its delivered and shipped out. Their duties include recording daily deliveries, evaluating new shipments, and analyzing different suppliers.