What are the objectives of material management?

1. To ensure the availability of materials required for production or operations at the right time, in the right quantity, and of the right quality.
2. To minimize inventory holding costs while maintaining adequate stock levels to prevent stockouts.
3. To optimize the use of resources and reduce wastage by efficiently managing material flow.
4. To improve supplier relationships and negotiate favorable terms to reduce costs and improve quality.
5. To streamline processes and improve efficiency in material handling, storage, and distribution.
6. To ensure compliance with regulations and standards related to material handling and storage.
7. To support strategic business goals by aligning material management practices with overall organizational objectives.