ENTREPRENEURSHIP

Detailed explanation-1: -Inventory management helps companies identify which and how much stock to order at what time. It tracks inventory from purchase to the sale of goods. The practice identifies and responds to trends to ensure there’s always enough stock to fulfill customer orders and proper warning of a shortage.

Detailed explanation-2: -Explanation for the answer: Inventory control refers to the process of managing a company’s inventory levels, whether it may be in their own warehouse or its spread over other locations. It is also called stock control.

Detailed explanation-3: -Inventory management saves you money and allows you to fulfill your customers’ needs. In other words, it enables successful cost control of operations. Knowing what you have, what is in your warehouse, and how to manage the supply chain properly is the backbone of business.