Inventory Management
The activities related to managing and optimizing inventory levels within the warehouse, including cycle counting, re-slotting, and inventory adjustments.
Implications
The process of overseeing and controlling the ordering, storage, and use of inventory, often used to optimize inventory levels, reduce costs, and ensure that products are available when needed without overstocking.
Example
Example: A manufacturing company uses advanced inventory management software to monitor stock levels in real-time, automatically reordering materials when they reach a predefined threshold, reducing stockouts and excess inventory.
Related Terms
Different from general supply chain management, which encompasses broader aspects of logistics and procurement, inventory management focuses specifically on managing stock levels and flow.
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