Here are the advantages of managing inventory:
· It helps in saving a lot of money
· The inventory management avoids wastage of the products.
· There will be no dead stock if the inventory is controlled as per the demand.
· The storage cost is saved as there would be less inventory to store it.
The inventory management is important due to:
1. It speeds up the fulfilment of the stock
2. There is fewer chances of fraud.
3. It helps in reducing the cost of production.
4. The right amount of stock is maintained by inventory control.
5. It also helps in satisfying the demands of the customers in proper time.