So what is inventory management?
The basic definition of inventory management is just the process of ordering, storing, and using stock for your business. The goal is to always know where your stock is at any given time - these are your inventory levels.
What inventory you have depends on your business - for my own boutique that’s clothing and garments, but for example if you design and manufacture your own products, then it can include raw materials processing, as well as storage of those items in a warehouse. It might even be that your inventory is stored and fulfilled from somewhere else. But essentially, it’s all the stock you are carrying and how you manage it.