5 Ways to Enhance Your Data Quality
Not all data is created equal. Although it can be informative and helpful to your business, poor quality data can also drag you down. It’s important to keep on top of the data and to make sure it’s working to your advantage. Good quality data can help your business look at market trends, cultivate satisfactory […] ... Read More
July 9, 2019 accurate data, cloud-based software, inventory, inventory management6 Signs Your Business is Achieving Efficient Inventory Management
Did you know that better inventory management and control is one of the biggest parts of running a successful business and yet it is one that is often put on the back burner for misconceptions of that it is not a major profitable pursuit? Business owners know that holding inventory stock ties up a lot […] ... Read More
March 19, 2019 inventory, inventory control, inventory management, inventory management software, inventory management systemUse These Inventory Management Tips to Save You Money
Inventory stock can earn you money or cost you money depending on how you manage it. If your inventory stock is managed properly, it will allow you to move products quickly and efficiently, earning you money faster. However, if you have shelves of dead inventory stock taking up space throughout your warehouse and other obstacles […] ... Read More
February 4, 2019 inventory, inventory forecasting, inventory management, inventory management software, stock take, supplier relationshipThe Ins And Outs Of Inventory Shrinkage
Inventory management is an extremely important part of running a successful business, but it can be a complicated task. Theft, damage, miscounting, incorrect units of measure, evaporation and other issues can cause what is known as inventory shrinkage. In this article, we explain what inventory shrinkage is and how you can avoid it. What is [&helli ... Read More
September 28, 2018 inventory, inventory control, stock countThe Differences Between Pipeline Inventory and Decoupling Inventory
Inventory is a basic component of any retail or wholesale operation, so getting your inventory management right is essential to the success of your business. However, there is more than one type of inventory; in this article we explain the ins-and-outs of both pipeline inventory and decoupling inventory, to ensure your inventory management is succe ... Read More
September 22, 2018 inventory, inventory typesDon’t Overlook These Differences Between Inventory and Fixed Assets
Especially at the beginning for small businesses, it’s easy to get inventory and fixed assets confused. Inventory and fixed assets are sometimes treated as assets on a business’s balance sheet, though not all assets are inventory. Knowing the essential differences between inventory and fixed assets helps for better tracking, as well as to h ... Read More
September 14, 2018 inventory, inventory accounting, inventory balance4 Tips to Manage Inventory in a Seasonal Business
For many small, independent businesses, managing inventory is one of the most challenging aspects of running a business. Unfortunately, inventory management can be even more challenging when firms operate seasonally. Here are four ways to make sure you are well placed to manage stock throughout the ups and downs of the year. Forecasting is critical ... Read More
June 21, 2018 inventory, perpetual inventory, seasonal demand, stock controlAchieving Sustainability in the Supply Chain
As there is a general shift towards lessening our carbon footprints and becoming more environmentally friendly, there is a growing pressure on industries to focus on their level of environmental, social, and economic impact. When it comes to manufacturing inventory, sustainability has become a buzzword for enticing customers to purchase your produc ... Read More
April 24, 2018 inventory, logistics, manufacturing, supply chain, supply chain managementDealing with Seasonal Inventory
Inventory forecasting is critical for the smooth operation of any stock-based business. Managing demand can be tricky, however, if a large part of your inventory is subject to seasonal demand. Seasonality essentially refers to inventory with repetitive or predictable supply and demand patterns over a period of time. Manufacturers, distributors and ... Read More
October 4, 2017 inventory, inventory management, JIT, just in time inventory, lean manufacturing, stock control, stock takeBreaking Down Types of Inventory
Every business has different types of inventory depending on what goods they sell. There are different ways to account for inventory and different systems to keep stock levels at an optimum balance. By breaking down the types of inventory, it will make it easier to see what can go into the process of producing, storing, […] ... Read More
August 25, 2017 food manufacturing, inventory, inventory types, stock takeImproving Inventory Management
Inventory management processes can be continuously improved. Many businesses fail to adequately organise inventory in a way that will effectively reduce costs and improve efficiency. Below, we summarise some key factors which can improve inventory management. Categorisation of operating inventory In order to make well-rounded decisions regarding in ... Read More
July 12, 2017 efficient inventory management, excess stock, inventory, inventory management, safety stockControlling Inventory Costs: Ordering, Holding and Shortage
Impact of inventory costs Inventory is likely to be one of your biggest assets. Given the size of inventory on a typical business’ balance sheet, significant inventory costs are to be expected. Although the cost of procuring stock is the most obvious component, a range of other inventory costs (such as ordering costs, holding costs […] ... Read More
May 27, 2017 cloud computing, holding costs, inventory, inventory cost, inventory management software, ordering costs, shortage costsThe Importance of Inventory Control
Inventory control is essentially about reducing costs and improving service. It is also how you manage your working capital to maintain consistent and adequate cash flow. Achieving effective inventory control is accomplished by having the right product, in the right place, at the right time. Maintaining the stock necessary to meet customer’s need ... Read More
May 26, 2017 inventory, inventory control, inventory levels, inventory reportingDo you know the basics of inventory management?
Inventory is a vital part of any retail or manufacturing business, yet inventory management often doesn’t get the attention it deserves. If you think about it, even in our homes there is some semblance of order to how we store our groceries. Instinctively undertaking basic inventory management, we generally place tea, coffee and sugar together [& ... Read More
May 25, 2017 business efficiency, inventory, inventory management, traceability