1. Inventory Management

2. What is inventory management?
Inventory management is a systematic approach to obtaining, storing, and profiting from non-capital assets (raw materials and finished goods). The right stock, at the right levels, in the right place, at the right time, and at the right cost.- Tradegecko
As a part of your supply chain, inventory management includes aspects such as controlling and overseeing purchases — from suppliers as well as customers — maintaining the storage of inventory, controlling the amount of product for sale, and order fulfillment.

3. Benefits of Inventory Management
Reduce costs
Optimize fulfillment
Provide better customer service
Prevent loss from theft, spoilage, and returns

4. Retail Inventory Management (B2C)
Online retail (digital purchases)
Offline retail (through sales person)
Wholesale Inventory Management
B2B selling

5. Inventory Management Techniques
Stock Review
Regular review of stock at hand vs projected future needs
JIT (Just In Time)
Stock arrives as needed
ABC Analysis
Divide stock in into high-value/low quantity, moderate value/quantity, and low value/high quantity
Different divisions are managed seperately

6. Inventory management types
Raw material
Ex: Steel
Work in progress material
Ex: Car Chassis
Finished goods
Ex: Car
Maintenance, repair and operations (MRO) goods
Ex: Welding torch used to make car

7. SKU: Storage Keeping Units
Stock availability
Products location and types
Sell rates, margins, profitability
Inventory shrinkage due to theft, spoilage or other loss