Inventory Control and Just-In-Time (JIT) Management Effective inventory control is a critical component of operations for any company that purchases and resells products. Managing inventory efficiently helps businesses reduce costs, meet customer demand, and optimize cash flow. Key Objectives of Inventory Control Minimize Inventory Holding Costs: Reduce expenses related to storage, insurance, and obsolescence. Meet … Read more
Keeping your physical stock in line with the numbers in your system is essential for preventing loss, detecting fraud, and producing reliable financial statements. Below is a practical, step‑by‑step workbook you can use to audit, correct, and maintain your inventory records. Automated Excel Financials – free inventory tracking template Why Regular Inventory Reconciliation Matters Frequent … Read more
Understanding Inventory Turnover Ratios Metrics The Inventory Turnover Ratio is a crucial metric for measuring how efficiently a business manages and sells its inventory. This ratio plays a vital role in analyzing operational effectiveness and optimizing inventory management. Holding inventory ties up capital and can add significant costs, including storage, insurance, and potential obsolescence. Inventory … Read more
What is Inventory Rotation? Inventory rotation is a crucial process of managing stock to minimize losses and improve efficiency. While it is often associated with perishable goods like food, inventory rotation benefits all industries, including manufacturing, retail, and warehousing. An effective inventory rotation strategy ensures products are used or sold in the order they arrive, … Read more
Introduction to Monitoring Manufacturing Processes Effective monitoring of the manufacturing process is essential for achieving operational excellence. It involves tracking the various stages of production, managing inventory, and ensuring quality control. Key Aspects of Monitoring Manufacturing Process Track Production Flow: Understand the specific stages of production and the flow of products through each stage. Manage … Read more
First time here? Join Mr Dashboard Right Now. It’s Free! Management Tips and Tools This Week Welcome to this week’s edition of Mr Dashboard Weekly! Here you’ll find essential insights, practical business strategies, and useful resources that can help you optimize your operations and drive growth. Each section covers key management topics with actionable … Read more
Understanding Inventory Turnover Rate Inventory turnover measures how many times a business’s inventory is sold and replaced over a specific period. The formula to calculate this metric is: Inventory Turnover Rate = Cost of Goods Sold (COGS) / Average Inventory A higher inventory turnover rate indicates effective inventory management and sales performance, allowing businesses to … Read more