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.
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
