Understanding Work in Process Inventory Work in Process (WIP) Inventory: In manufacturing, there are always partially finished products in inventory. These are products waiting to be completed at various stages of production. Such scenarios are common and can arise from different operational circumstances. Common Causes of Work in Process Inventory Material Shortages: Running out of … Read more
What is ABC Inventory Management? ABC Inventory Management, also called Selective Inventory Control, classifies stock into three groups – A, B, and C – based on their monetary impact. A‑items represent the most valuable 15‑20% of SKUs but account for about 80% of total inventory value. B‑items are moderate‑value items (30‑35% of SKUs, ~15% of value). … Read more
Welcome to Mr Dashboard Weekly | July 18 First time here? Join Mr Dashboard Right Now. It’s Free! Welcome back to our weekly roundup! Last week, we shared Mr Dashboard Weekly [July 11], and the response was fantastic. Due to the sheer volume of business insights we want to share, we’re excited to bring you … Read more
Understanding Inventory Management and Its Importance Inventory management is the systematic control of the flow of products in and out of stock. It plays a critical role across industries—whether in manufacturing, retail, or office settings. Poor decisions regarding inventory can halt production, restrict sales, increase holding costs, and hurt customer satisfaction. Efficient inventory management balances … Read more
Understanding Inventory Management for Small Businesses As a small business owner, effective inventory management is crucial for your success. This involves not only tracking your stock levels but also managing orders, sales, and suppliers. If you haven’t yet developed a systematic approach to inventory, it is essential to start now. Why is Inventory Management Important? … Read more
What Is the Inventory Turnover Ratio? The inventory turnover ratio measures how many times a company sells and replaces its inventory over a specific period. It is a clear signal of inventory efficiency and sales performance. Why The Ratio Matters for Your Business Cash‑flow insight: Faster turnover means cash is returned to the business quicker. Stock‑holding … Read more
Warehouse Management System (WMS): Enhancing Supply Chain Efficiency A Warehouse Management System, often abbreviated as WMS, is a powerful software solution designed to optimize the daily operations of warehouses and distribution centers. It supports tactical management of inventory, order fulfillment, and labor coordination by automating and streamlining critical warehouse processes. What Is a Warehouse Management … Read more