Streamlining Inventory Management Strategies In The Petroleum Refining Industry At Chennai

This study explores the principles, practices, and challenges of inventory management within modern business operations.Inventory management plays a crucial role in maintaining the balance between supply and demand, optimizing storage costs, and ensuring customer satisfaction.The research focuses on various inventory control methods such as Just-In-Time (JIT), Economic Order Quantity (EOQ), and ABC analysis, examining their effectiveness across different industries.Through a combination of qualitative and quantitative analysis, the study evaluates the impact of inventory strategies on operational efficiency and financial performance.It also addresses the role of technology, including ERP systems and AI-based forecasting, in enhancing inventory accuracy and responsiveness.The findings suggest that a well-structured inventory management system not only reduces costs but also improves service levels and supports strategic decision-making.This research contributes valuable insights for businesses aiming to streamline their supply chain processes and gain a competitive edge.