A great inventory management process saves money and time. When done right it also improves cash flow and the customer experience. As more sales channels and fulfilment options become available its importance is growing too.

Whether you want to take advantage of social commerce make your products available on more marketplaces or implement quick commerce fulfilment, a first-rate inventory management process is essential. Post-pandemic it will also be key to reviving retail and managing the supply chain crisis.

With all of this in mind we'll take a look at everything from inventory control and stock monitoring to the different types of inventory management software available.

See: What is an Inventory Management Process?

Inventory management vs. inventory control

The terms inventory control and inventory management are often used interchangeably. But they actually refer to two different things.

Inventory control is concerned with managing stock that is in storage. Whereas inventory management is a broader term that encompasses the entire process of managing stock - from ordering to shipping.

Inventory control is about storing stock effectively and minimising warehouse costs. It aims to achieve balanced stock levels that prevent deadstock while also avoiding stockouts. When done correctly this saves money and improves cash flow without negatively impacting customers.

However before you perfect your company's inventory control process it's important to put a solid system of inventory management in place. In order to get your warehouse running smoothly you first need to liaise with suppliers and streamline fulfilment.