Material Management is a system that effectively controls and manages materials and supplies used in an organization. The goal of material management is to ensure that the right materials are available at the right time and in the right quantities, to support the production process and meet customer demand.

It is important because of the following:
– Cost Reduction
– Improved Quality
– Timely Delivery
– Inventory Optimization
– Efficient Supply Chain

source: https://www.deskera.com/blog/material-management/