Inventory management is the process with which a business organises and controls its inventory or stock. It may be a manual or computerised system depending on the type and structure of the business.
From a simplified level, it involves receiving an order from a customer, having stock available to fulfil the order, invoicing the customer and replenishing stock as required. Businesses which have a higher turnover rate will potentially order more stock or inventory at a time than businesses which have a lower turnover.
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