What is Inventory Management? | Inventory Types and Major Challenges | SafetyCulture

What is Inventory Management?
Inventory Management is a system that ensures production and consumer demands are met throughout the process of (1) ordering, (2) storing, (3) product sales, and (4) managing stock and raw materials. It is an important asset of every business that helps prevent profit loss and operation disruption when managed properly.
In this short video, we'll explain what Inventory Management is, its importance, types, and some major challenges in managing inventories.
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Chapters:
0:21 What is inventory management?
0:47 Main types of inventory
1:01 Raw materials
1:14 Work-in-progress inventory
1:32 Maintenance, repair, and operating supplies inventory
1:47 Finished goods
1:58 Why is inventory management important?
2:17 Overstocking or understocking of goods
2:32 Inefficient inventory visibility
2:50 Inability to determine market demands
3:07 Supply disruptions
3:39 SafetyCulture (Formerly iAuditor)
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