What is material management?

Material management is the process of planning, organizing, and controlling the flow of materials from their initial purchase through internal operations to the service point through distribution. The goal is to ensure that the right materials are available at the right time, in the right quantity, and at the right cost, while minimizing waste and storage costs. It involves procurement, inventory management, warehousing, and distribution, all of which contribute to the efficient functioning of supply chains in industries such as manufacturing, construction, and healthcare.