What is Materials Management?

Materials management involves anticipating and planning the materials required for a production process. The key objectives are to obtain the best value for purchased materials and ensure supplies are available when and where required. The initial stages of this process are vital and, if done properly, provide opportunities for cost savings.

Related Terms

What is Manufacturing Resource Planning (MRP)?What is Master Vendor Data Management?What is Material Requirements Planning (MRP)?What is MRO in Procurement?What is MRO Inventory?