Inventory Management
The Inventory Management process step involves tracking and maintaining accurate records of goods, products, or materials held in stock. This process ensures that inventory levels are up-to-date, enabling informed business decisions regarding production scheduling, purchasing, and sales forecasting. The key activities within this process include receiving and storing incoming shipments, conducting regular cycle counts to verify quantities, identifying slow-moving and obsolete items, and implementing just-in-time ordering strategies to optimize inventory turns. Additionally, the Inventory Management step involves managing stockroom conditions, handling returns, and ensuring compliance with regulatory requirements. By maintaining a well-organized and accurate inventory system, businesses can minimize stockouts, reduce waste, and ultimately improve operational efficiency.