To define inventory in simple terms, it's the collection of unsold products waiting to be sold.
For instance, if a restaurant that sells biryani has prepared 100 Chicken Biryanis to be sold, 100 will be the inventory for the item.
Why is maintaining inventory important?
While handling short shelf-life products, it is important that the inventory managers hold the ability to trace, track and account for each inventory item at any time.
Complete visibility into inventory of each item in the supply chain helps to develop greater efficiency for demand forecasting, purchasing, manufacturing, distribution, and sales. Maintaining the inventory in real-time leads to a reduction in the loss as a result of misplaces, mismanaged and mishandled inventory.
The system used to manage the inventory is termed as an Inventory management system. An effective Inventory management systems allow you to control and organize each and every aspect of the stock, maintains a smooth flow of supply and also helps you boost your overall profit.
Inventory Update for UrbanPiper is the process of enabling/disabling items on the aggregators.
Poor inventory management in aggregators will result in increase in order cancellations and eventually result in a low business rating on the aggregator platform.
Here's a document to understand how inventory is updated on aggregators.