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Inventory management refers to the task of knowing the inventory mix of an organization and its various needs on that inventory. The needs are mainly affected by internal and external factors and are thus balanced by the generation of buy order requests to maintain supplies at a certain or prescribed rate. Inventory is used for many different purposes, the primary one being inventory management of stocks to meet future requirements and sell the stocks that have already been bought to meet current demands. This process also involves the storage of inventories that are in transit, to ensure timely delivery. These are some of the reasons why inventory management is crucial to the smooth functioning of any business.