An inventory is a formal and complete list of goods or articles that can be found in a particular place such as things for sale in a shop or furniture or belongings in a house.
Also known as a stock-take in England and inventory is an important aspect of a business and inventory management is a vital skill. It is primarily about specifying the shape and percentage of stocked goods. It is required at different locations within a facility or within many locations of a supply network to proceed the regular and planned course of production and stock of materials.
An inventory will include the raw materials, work-in-process goods and completely finished goods, that are considered to be the portion of a business's assets that are ready or will be ready for sale. An inventory represents one of the most important assets that most businesses possess because the turnover of inventory represents one of the primary sources of revenue generation and subsequent profits for the company's shareholders/owners.
Owning a large amount of inventory for long periods of time is not usually good for a business because of inventory storage, obsolescence and spoilage costs. However, possessing too little inventory isn't good either because the business runs the risk of losing out on potential sales and potential market share as well.
Inventory management forecasts and strategies, such as a just-in-time inventory system, can help minimise inventory costs because goods are created or received as inventory only when needed.
There is even a Canadian-based magazine named Inventory, which they say was created as an extension of the culture and lifestyle they are a part of. The magazine claims to value products and clothing for more than just their appearance, admiring how they're made, by whom and why.