| Inventory management is seeing, controlling, and managing inventory levels to maximize efficiency and profitability. Inventory management controls how efficiently resources are consumed in producing products and services for customers. Inventory management interacts with warehousing, transportation, demand planning, and other areas. Since the late 1980s, companies operating domestically and globally have reduced their levels of inventory and their inventory carrying cost; these are ongoing trends that make the management of inventory important in the supply chain function. Today, technology is used to a greater extent to meet customers’ needs with high levels of service and lowered costs.
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