Inventory Management
Inventory management is the process of efficiently overseeing the constant flow of units into and out of an existing inventory. It involves controlling the transfer in of units in order to prevent the inventory from becoming too high, or dwindling to levels that could put the operation of the company into jeopardy. Inventory management is also responsible for determining the right level of inventory to keep on hand, tracking existing inventory, and ensuring that products are always in stock and ready to ship to customers. In the context of data science, inventory management can be optimized using predictive analytics and machine learning algorithms to forecast demand, identify trends, and optimize inventory levels.
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