Inventory Management is the process of overseeing and controlling the ordering, storage, and use of products and materials. It ensures that a business has the right amount of inventory at the right time, minimizing costs while meeting customer demand. Effective inventory management helps prevent stockouts and overstock situations, which can lead to lost sales or increased holding costs. By utilizing various techniques and technologies, such as Just-In-Time (JIT) and ABC Analysis, businesses can optimize their inventory levels. This not only improves operational efficiency but also enhances customer satisfaction by ensuring that products are available when needed.