What is inventory management? - Definition from Whatis.com

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inventory management

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inventory management

Inventory management is the supervision of non-capitalized assets (inventory) and stock items.

A component of supply chain management, inventory management supervises the flow of goods from manufacturers to warehouses and from these facilities to point of sale. A key function of inventory management is to keep a detailed record of each new or returned product as it enters or leaves a warehouse or point of sale.

Inventory control, a similar term, is the area of inventory management that is concerned with minimizing the total cost of inventory while maximizing the ability to provide customers with product in a timely manner. In some countries the two terms are used as synonyms.

See also: logistics management

Related glossary terms: Demand signal repository (DSR) , process manufacturing, work in progress (WIP), advanced shipping notice (ASN), demand-driven manufacturing (DDM), demand flow scheduling system, supply chain planning (SCP), bar code (or barcode), vendor-managed inventory (VMI), advanced planning and scheduling (APS)

Contributor(s): Brenda Cole

This was last updated in September 2011

Editorial Director: Margaret Rouse

Dig Deeper

Mobile inventory management brings visibility, flexibility to the warehouse

Managing goods on the go can give workers a real-time view of stock and supplies, both in the warehouse and into retail spaces.
New technologies have flash, but brawn still in SCM hardware

Foundational technologies like barcodes, RFID, and mobile computers are fueling next-generation SCM systems, helping manufacturers mitigate risk and achieve end-to-end visibility.
Deploying supply chain management software hinges on breadth, depth, integration

Choosing between on-premises and SaaS delivery models or niche and integrated SCM suites eventually boils down to what’s best for the business, industry watchers say.

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