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Topic: accurate inventory

How to calculate safety stock – with formulas and examples

To calculate safety stock, work out your average daily use for a product and multiply it by its average lead time – how long it takes, in days, to arrive once you place an order. Then subtract this number from your maximum daily use times your maximum lead time. The result is the safety stock […] ... Read More

  November 27, 2020     

Understanding What Is Inventory Management

As a component of supply chain management, inventory management oversees the flow of goods or components from manufacturing to warehouse, and ensuring goods are tracked and well stocked. This includes determining when to order products, in what quantities and from which supplier. Efficient inventory management ensures that your business will always ... Read More

  November 23, 2017     

Barcode Scanning to Track Every Moving Part

Small businesses sometimes struggle with inventory control but, unfortunately, many of these businesses consider that they do not have the time or capital to spare to implement a solution. In reality, an effective stock control system is likely to save both time and money. An automated or semi-automated inventory management system that combines bar ... Read More

  August 25, 2017     

Designer and manufacturer The Pillow Collection embraces efficient cloud-based inventory management system with Unleashed

Now into its fifth year, The Pillow Collection designs and manufactures designer throw pillows for sale through online channels all over the world. Karl Tager, one of the owners of The Pillow Collection, comes from a background of interior design. Karl and his team saw a void in the marketplace. This challenged them to take […] ... Read More

  July 11, 2017     

Accurate Inventory Costing: Why It’s Critical for Success

For most stock-based businesses, inventory is likely to be the business’ biggest asset. Even if a business has some other, high value, assets such as factory plant, inventory is likely to be essential to the business’ ability to trade profitably. Because inventory is so critical to a business’ success, it is useful for business owners [&helli ... Read More

  July 4, 2017     

Conducting a Successful Stocktake

A stocktake is a record of the inventory a business has on hand, which is commonly done at the end of the year. However, some businesses may perform stocktakes more regularly. An accurate stocktake is essential for making informed business decisions relating to inventory management and control. A successful stocktake gives you valuable insight into ... Read More

  July 1, 2017     

The Benefits of the Just-In-Time Approach

In inventory management, the Just-In-Time or JIT system reduces wastage, improves efficiency and productivity, and contributes to smoother production flows. A shorter production cycle can decrease financial costs, inventory costs and labour costs. Below, we summarise the key features of the JIT approach. But first, check out our quick explainer on ... Read More

  June 29, 2017     

Why Accurate Inventory Levels are Essential

Inventory is vital for any goods sector business; retailers and wholesalers rely on inventory for sales, while manufacturers need inventory to keep the production process running. Being able to accurately determine inventory levels is important – too little and your business can’t function; too much and your business risks being swamped ... Read More

  June 28, 2017     

Accurate Inventory Records are Crucial for Success

Without keeping an accurate record of your company’s inventory, you risk dissatisfying your customers and ultimately, losing profit. Below, we summarize precisely why keeping accurate inventory records is crucial for the success of your business. Be Prepared An accurate inventory record first and foremost means that you are more likely to be able ... Read More

  June 5, 2017     

When is Stock Considered Inventory?

For many businesses, inventory is one of the largest items on the balance sheet, so it is important to understand what constitutes inventory. In essence, inventory refers to the stock that a business has on hand – whether that stock is raw materials or a finished product. A more nuanced understanding can be difficult – […] ... Read More

  May 13, 2017     

4 Reasons Why Accurate Inventory Is Critical For Success

Knowing your inventory is critical. Here are four reasons why access to up-to-date, accurate inventory will keep you trading and protect your bottom line. ... Read More

  May 5, 2017     

The Benefits of Correct Inventory Levels

Maintaining accurate inventory levels is a crucial part of a business. Here are five benefits of having correct inventory levels. ... Read More

  March 9, 2017