Inventory Management Basics and Best Practices

An insightful guide to inventory management, covering its strategic significance, impact on finances, types of inventory, and objectives for optimization. It explores the role of effective practices, financial implications, common errors, and modern tools like ERP systems. Emphasis is placed on understanding costs, accurate forecasting, and leveraging methodologies like EOQ, JIT, and ABC analysis for strategic control and efficiency. The content highlights the balance of operational...