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Definition of "Inventory or stores management"

The inventory management system is designed with a view to keeping track of materials in the stores. The system is used to regulate the maximum and minimum level of stocks, raise alarm at danger level stock of any material, give timely alert for re-ordering of materials with optimal re-order quantity and facilitate various queries about inventory like total inventory value at any time, identification of important items in terms stock value (ABC analysis), identification most frequently moving items (XYZ analysis) etc.

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