Inventory management is a specialist subject. It’s not easy to determine an optimal inventory level – businesses need to increase their inventory in response to seasonal demands or price increases in raw materials. On the other hand, the stock of certain commodities may need to be reduced due to changes in consumer preferences. There are many factors influencing inventory levels with the devil being in the details. The quality of inventory management may well affect your sales performance. Therefore, whether your business is in manufacturing, retail or e-commerce, it is extremely important to understand the concept of inventory management.
