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Inventory is a term used to refer to the stock of goods or materials that a business has on hand. It is an important part of the supply chain and helps businesses to ensure that they have the right products in the right place at the right time.

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There Are Two Main Types Of Inventory:

Raw materials: These are the materials that are used to make a product.

Finished goods: These are the products that are ready to be sold to customers.

Inventory management is the process of tracking and controlling inventory levels. It involves a number of activities, such as:

Receiving: This is the process of receiving inventory from suppliers.

Putting away: This is the process of storing inventory in a safe and organized manner.

Issuing: This is the process of taking inventory out of storage to be used in production or sold to customers.

Counting: This is the process of physically counting inventory to make sure that the records are accurate.

Reordering: This is the process of ordering new inventory when levels get low.

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