Most businesses market their products to the end consumers or other firms to satisfy the needs of their customers. Product means a single good developed that is distributed via various distribution channels.
Inventory management is a system that allows us to track and supervise the flow of acquiring the goods from manufacturers to warehouses to the final point of sale. The functionality of inventory management is to keep a precise record of products entering and leaving the warehouse.
To track the inventory efficiently, you’ll need to supervise the stock from time to time and know when to re-order, how much quantity to order, and where to store the products to ensure there’s no shortage of stocks in the warehouse