Inventory Management is the process of tracking and managing the stock of materials used in a business. It involves the tracking of goods from the point of purchase or production to the point of consumption during maintenance activities. It also includes the management of stock levels, ordering of new stock, and the tracking of stock movements. Inventory Management is an important part of Maintenance Operations and Management, as it helps to ensure that the right amount of spare parts are available when needed, and are properly stocked. It also helps to reduce costs associated with ordering and storing stock, and can help to improve maintenance efficiency by ensuring that stock is available when needed. Proper inventory management lowers costs by avoiding expensive rush orders and losses due to depreciation and theft.
