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 […]
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Managing Inventory: Barcodes vs. Radio Frequency Identification
When managing your inventory, it is vital to consider which data collection method is best for you. Both barcode and RFID scanning (radio-frequency identification) are used for this purpose. However, these methods greatly differ. Not all companies are the same and this post will help you decide which scanner will be the best fit for your needs. Barcode […]
5 Ways to Improve Your Inventory Management
Do you know how to avoid mismanaging your inventory? Here’s five ways you can improve your inventory management, whether your business is small, medium, or large. Track Inventory Accurately It is vital to make sure that you have the correct inventory levels at all of your storage locations. An inventory management system has tools to help you do this. […]
8 Industrial Vending Machine Facts You Should Know
Industrial vending, dispensing, and customer managed inventory systems are becoming more and more important for organizations looking to do a better job at managing their inventory. Industrial Vending Machines can help you lower and control costs, and also increase sales in some cases! Here are 8 vending facts you should know: 1.Vending is a […]
