Material Management is the systematic process of overseeing and controlling the acquisition of supplies to ensure availability and cost effectiveness.

It is important because it maximizes the efficiency of using resources because it prevents overstocking, and encourages timely acquisition of materials. It also reduces cost-production and ensures that the required materials are available when needed, which helps in minimizing production delays and improving overall productivity.

Material management also ensures that resources are of good quality and helps in identifying potential risks in the supply chain, such as supply disruptions or quality issues, and taking proactive measures to mitigate them.