Inventory Management Automation is a growing trend. This is because it brings many benefits to firms. What exactly are these benefits? Well to name a few, it increases efficiency, improves accuracy, and is scalable to company growth. It has proven to be effective for many organizations ranging in size and complexity. Despite these benefits, many companies are […]
Inventory Management
9 Signs you Need a New Inventory Management System
Your inventory management system isn’t going to last forever. Think about it. The world is constantly changing and technology is evolving with it. Your business is growing, but can your inventory system keep up? Your current system or spreadsheets might get the job done now, but can it grow with you? Is your system still efficient? […]
The Benefits of Vendor Managed Inventory (VMI)
What is VMI? Vendor Managed Inventory (VMI) is when suppliers manage their customer’s inventory. This occurs through physical counts or using data from their customers. Once inventory levels reach their reorder points, vendors will replenish their customers’ stock for them. The primary goal of this is to cut down on costs and be more efficient. How does this happen? Vendors can […]
Top Ten Benefits of Inventory Management
Managing inventory is important in all aspects of a business. This can help you gain visibility across your entire supply chain. With an inventory management solution in place, your business will enjoy many benefits. Here are the top 10 perks: 1) Increased Sales Businesses who actively manage their inventory report a 2-10% increase in sales. […]
Ten Tips For Improving Your Inventory Management
Managing inventory is important if you’re looking to identify problems before they start. You can ensure you never miss a sales opportunity, minimize costs to maximize profits, and conduct accurate trend analysis. Here are some tips for improving your inventory management: Don’t miss sales due to out-of stock items Keeping track of inventory is vital for […]
FIFO vs. LIFO – Making The Smart Choice For Your Business
There are two main methods of inventory valuation. First-In, First-Out (FIFO) and Last-In, First-Out (LIFO). These can help you determine how much money your firm has tied up in finished goods, components, and/or raw materials. FIFO and LIFO pick inventory by the age of the item. This ensures the rotation of products, so you are picking items before their expiry dates. When […]
