Inventroy management is an interest topic, the basic working principle incldes MRP and JIT system. JIT work well in a repretitive environment, MRP suits for product line manfacturing. For the most SMEs, JIT system is a better choice.
In my personal life, I don't have many experience in organizational inventory management, but everyone is invtory controller at home, we need to manger our food, cloths and other things. a good storgage can makes life easier and increase the quality of life. For example, we can put fruit in the icebox to extend expriation date. the place put in right place could reduce damge. JIT system is I only buy the food when I needed, it means I can eat more fresh food. MRP system is buy lagre amount of food from super market, and keep enough reserve for a week. In china, my life style is much like JIT system. But I use MRP system in the UK.