Inventory Management is Business Management

Inventory management as the branch of business management concerned with planning and controlling inventories. Inventory management is a critical management issue for most companies - large companies, medium-sized companies, and small companies. For the manufacturing companies, carrying an inventory of wide spread variants is a huge task because it has direct link with the cost factor, additionally inventory turnover has the great impact on company’s revenues, which finally positioned the company's overall financial health and working capital management.

With the advent of IoT and AI companies have become more customers oriented because of the drastic change in needs and demands of each and every customer. Companies are focusing on two major parts i.e. to reduce cost and generate additional value to the final product for the customer to get the competitive edge over their competitors.