Inventory management is the process of managing and controlling of the purchasing, storage, warehousing as well as utilization of parts, raw materials, products and items which an organization use in the sales and/or manufacturing of the products and services it will market along with the management of completed products available for sale.
What is Work in Process Inventory? Work in Process Inventory: When manufacturing products you are always going to have partially finished products in your inventory. That is waiting to be finished over a period of time. These products can be … Continued
ABC Inventory Management Tools and Techniques ABC Inventory Management technique is also known as Selective Inventory Control. ABC Inventory Management is a categorization method that involve dividing items into three categories namely A, B, and C. A consists … Continued
Warehouse Inventory Management Tips and Strategies Warehouse inventory management is important for business operations, logistics and supply chain management. However when a business adopts a new warehouse inventory system, they are faced with new technology filled with adverse possibilities. Warehouse … Continued
The Logic and Decision Making Process in the Life of an Inventory Manager In the simplest description, inventory management is actually control on the flow of products in and from a stock of products. Inventory management is vital in production … Continued
Inventory Management for Small Business You Need To Know As a small business owner, you have certainly put some thought into inventory management for small business, specifically your business. If you haven’t, then you definitely need to start. … Continued
The 5 Inventory Metrics You Should Use Daily There are key inventory metrics that are required by small business owners and entrepreneurs to take their businesses to the next level. Although most business owners have the wherewithal needed to build … Continued
Inventory Turnover Ratio Formula How to calculate inventory turnover ratio for your business: Inventory Turnover Ratio Definition and Why it is important? Inventory turnover ratio can be a powerful performance ratio which displays exactly how efficiently inventory is actually … Continued
ABC inventory Analysis is a simple approach to creating categories for your inventory For example: The category A items will be the inventory which requires very strict control and management with accurate tracking and reporting. The category B items in … Continued
The objective of any inventory management program or inventory system should be to minimize cost, maximize profit while being able to meet customer expectations (orders). Just like in any business discipline tracking, monitoring and measuring metrics is crucial for effective … Continued