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This paper aims to introduce the latest innovative approaches to inventory management, which can be successfully implemented in both domestic and international supply chains. The basic scientific methods used in the preparation of this article include analysis, comparison and problem synthesis as a key source of information. Secondary research was conducted on the basis of studying domestic and foreign publications on the subject. Among the factors that were also taken into consideration by the authors was practical experience drawn from business. The authors of the paper first briefly the characterize the supply chain and the concept of supply chains within the context of their development. Subsequently, an insight is given into inventory management with a key focus on innovations. Nowadays, supplies constitute a major problem in managing supply chains. Making improvements to the way supplies are managed significantly improves the quality of the overall supply chain management. The innovations investigated for this purpose include the application of advanced inventory management and the technological implementation of Vendor Managed Inventory (VMI) and Collaborative Planning Forecasting and Replenishment (CPFR). The aforementioned models and logistical management technologies are within the author´s main fields of interest. An analysis of the proven advantages and disadvantages of each follows, and where relevant examples are given of companies in which these innovations have already been implemented.