Discuss the objectives of inventory management.

Main objectives of inventory management are -

Fulfilling the orders

You can’t meet a received order if you don’t exactly know how many of those products you have in hand. To fulfill the orders, you must have the right products available in times of need. Otherwise, orders might put you in chaos.

Assume that you are selling toys; you received an order of 100 boxes but when you check out, there are in fact only 50 boxes available in the warehouse. The sales representative takes the order of toys without knowing the situation in the warehouse and here comes the mess. To not experience this, an inventory management system should be used and team members should be knowing the inventory situation.

Having sufficient supply

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