Operational efficiency, customer happiness, and profitability are all impacted by inventory management, which is a fundamental component of supply chain management. This research looks at modern methods of inventory management, specifically at tactics that strike a compromise between operational efficiency and cost-effectiveness. The research's overarching goals are to (1) determine what constitutes optimal inventory management practice, (2) examine how methods like Just-In-Time (JIT), Economic Order Quantity (EOQ), and ABC analysis affect company performance, and (3) draw attention to the ways in which technology might enhance inventory control. The research assesses the efficacy of inventory management in lowering costs, minimizing stockouts, and optimizing resource allocation through the use of case studies, data analysis, and interviews with industry experts. Automation, real-time inventory tracking, and predictive analytics are highlighted as key components of modern inventory systems. The article also delves into the difficulties that firms have when trying to incorporate these technologies.