Inventory encompasses all the goods and materials a business holds for the purpose of resale, use in production, or other operational purposes. It is a crucial component of supply chain management, ensuring that products are available to meet customer demand without excessive surplus.
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The oversight of materials, information, and finances as they move from supplier to manufacturer to wholesaler to retailer to consumer.
Just: in-Time (JIT) Production - A strategy that companies use to increase efficiency by receiving goods only as they are needed in the production process, thereby reducing inventory costs.
Stock Keeping Unit (SKU): A unique identifier for each distinct product and service that can be purchased in business, allowing for easier tracking of inventory levels.