Inventory Management
Inventory management is a systematic approach to sourcing, storing, and selling inventory—both raw materials (components) and finished goods (products). It involves tracking stock levels, orders, sales, and deliveries to optimize supply chain efficiency, reduce costs, and prevent stockouts or overstocking. In business contexts, it ensures products are available when needed while minimizing holding costs.
Developers should learn inventory management when building e-commerce platforms, warehouse systems, or supply chain software to implement features like real-time stock tracking, automated reordering, and demand forecasting. It's crucial for applications in retail, manufacturing, and logistics to maintain accurate data, improve customer satisfaction, and streamline operations. Understanding this concept helps in designing databases, APIs, and algorithms for inventory control.