What does inventory mean?
The quantity or value of the current stock of a retailer. The managing of inventory is vital for the smooth running of a business, and the science of inventory management is required to ensure that your supply network will work without hiccups.
Inventory management will involve not just controlling the amount of stock that you have but the time necessary for replenishment of stock, asset management, carrying costs of the inventory, forecasting, visibility, physical space for inventory, the return of faulty goods, valuation, and future price forecasting. When you take care to ensure that all these details are taken care of, your inventory will always be balanced and you will never run out of stock.