7 Inventory Control Practices That Save You Money
Not only will effective inventory control save you money, but it can also improve cash flow in other ways. It’s important to factor inventory stock into your cashflow management because it represents money spent that won’t generate cash until your inventory has been sold. The longer inventory sits on your shelves, the more it costs, […] ... Read More
February 12, 2019 inventory control, inventory management, inventory stockHow Can I Make Sure My Business is Ready for Action in the New Year?
You’ve had your Christmas party, you’ve shipped your final orders for the holiday season and you’re enjoying your time off. But it’s never too early to start thinking about the following year – and there’s plenty to think about when it comes to making the year easier on yourself and your employees. One of the […] ... Read More
February 8, 2019 inventory control, inventory management, inventory management software, stock control, stock takeIs Using Excel for Inventory Management Really That Bad for My Business?
If you run a small business – or if you used to run one and your business has gotten bigger – you’re probably familiar with Excel. This versatile little piece of software is great for budgeting, accounting, scheduling, project management, customer relationship management and more. In particular, Excel can be a really handy tool for […] ... Read More
February 7, 2019 cloud-based software, inventory control, inventory management, inventory management software, spreadsheetsImprove Your Financial Health with Better Inventory Control
There is a positive correlation between the quality of a company’s inventory control and its financial performance. Many financial ratios incorporate inventory values to measure aspects of a business’ financial health. For example: Inventory turnover ratio helps a business to plan and to more accurately forecast the cash necessary to reinvest i ... Read More
February 5, 2019 business costs, inventory accounting, inventory control, inventory costOverhauling Your Inventory Management System as the New Year Rolls In
With the first quarter of the new year in full swing, it is vital that you establish and follow resolutions for your business. Perhaps one of the most important areas of your business to overhaul and revitalise is inventory management. However, for this to be a success we must visualise what the end goal is […] ... Read More
February 1, 2019 excess inventory, inventory control, inventory management, inventory management softwareHow To Improve Your Business’ Financial Health with Inventory Management
Since inventory is one of the biggest assets for a company, it’s no wonder that it can impact on a company’s financial health. If inventory is poorly managed, there can be a domino effect on the company’s financial statements. For instance, if you have old stock sitting on the shelves, taking up space and not […] ... Read More
January 26, 2019 inventory control, inventory management, inventory management software, inventory tracking, online inventory management7 Tips to Manage Seasonal Inventory and Product Demand Fluctuations
Inventory management requires an initial effort to get right, but once you’ve established effective inventory control, ongoing management is much easier, particularly for businesses prone to seasonal spikes or significant periods of peak demand. Seasonal fluctuations affect both eCommerce and brick-and-mortar businesses equally. If a product is i ... Read More
January 23, 2019 eCommerce, inventory control, inventory management software, seasonal demandMake Online Inventory Management a New Year’s Priority
A new year hints at a fresh start and it is the perfect time for businesses to improve their inventory control in preparation for the business year ahead. Effective inventory control can mean the difference between a profit or a loss. Mishandled inventory leads to unnecessary wastes of time, money and ultimately, the profitability and […] ... Read More
January 21, 2019 cloud-based software, inventory control, inventory management software, online inventory managementMake Optimising Inventory Control Your New Year’s Resolution
Now, this is one resolution you should not only make but also keep. You’ve survived Black Friday; the Christmas rush and Boxing Day sales and you just have the January sales to contend with. Many things can go wrong for retailers during this busy peak period and the majority of issues stem from inventory control, […] ... Read More
January 9, 2019 inventory control, inventory management softwareOnline Inventory Management: When to Move Inventory Control to the Cloud
Spreadsheets have been around for years and admittedly there are still some situations where using spreadsheets can be a good option for an SME’s inventory control. It’s a low-cost choice for businesses with a small number of SKUs and where you have just a couple of people dealing with inventory stock management. If you hold […] ... Read More
January 5, 2019 inventory control, inventory management, inventory management software, online inventory management, spreadsheets3 Simple Tips to Prep Your Business for Peak Periods
It’s very common for a business to earn a substantial amount of their revenue over a short period of time. Peak periods lead to an influx of sales and it seems to happen relatively quickly. These fluctuations are important to prepare for and even more important to capitalise on. Don’t miss out on the peak […] ... Read More
December 24, 2018 inventory control, stock control, supplier relationship, suppliers, supply chainOptimum Omnichannel Inventory Control
Omnichannel retail is certainly where it is at, however it is not without its own challenges which must be overcome for long-term business success. As with any retail company, inventory represents a large amount of tied up cash, or assets as it were, and if mismanaged, this can be a significant area for loss. Therefore, […] ... Read More
December 20, 2018 inventory control, inventory management, omni-channel, retail, safety stockFSN Analysis – How It Can Be a Useful Tool for Inventory Management
FSN analysis is yet another acronym used in inventory management, however, rather than just being a buzzword, it really does hold a lot of merit to the stock manager. It is one of several useful analyses of inventory that facilitate accurate control and should be considered by anyone wanting to better understand the delicate nature […] ... Read More
December 19, 2018 inventory control, inventory management, inventory management software, inventory valuationThe Ins and Outs of SDE Analysis in Inventory Management
Inventory control encompasses all aspects of managing a business’ inventory stock, from purchasing, shipping, receiving, tracking, warehousing and storage, turnover, and reordering. Inventory control is such a critical function for many businesses spanning every industry. Without effective inventory control methods, the supply chain can suffer, y ... Read More
December 15, 2018 inventory control, inventory stock, inventory valuationShould Your Business Be Using the Weighted Average Cost Method?
The weighted average cost method is an accounting method that businesses use to value inventory. This method of valuing inventory involves proportional treatment of both the cost of goods sold (COGS) and the inventory item in stock at the time of valuation. This means that both are treated the same when it comes to determining […] ... Read More
December 14, 2018 average landed cost, business costs, inventory control, inventory management, inventory valuationUsing ABC Analysis to Make Your Inventory Work For You
Whether you’re a manufacturer, a retailer or a trader, it’s important to keep on top of your inventory. Everything in your inventory has value – you’ve invested time and resources and money into each and every item, and you’ve done that because each and every item is worth something to someone else. If you aren’t […] ... Read More
December 13, 2018 abc categorisation, inventory classification, inventory control, inventory managementOvercoming the Challenges of B2B Order Fulfilment
B2B commerce is expanding exponentially and with this growth, there’s been a significant shift in the way companies manage their sales and B2B order fulfilment processes with greater focus in the areas of inventory control, speed and the ability to meet order deadlines. In an increasingly eCommerce environment, the necessity for companies to eff ... Read More
December 10, 2018 B2B, inventory control, order fulfillment, supply chainInventory Optimisation for Greater Inventory Control
The biggest challenge of inventory control is getting the balance right, to meet the challenge of matching supply volumes to customer demand and with any good enterprise or activity, it usually pays to start with the basics. Inventory optimisation basics There are many different inventory control techniques out there, knowing what to stock and the ... Read More
December 10, 2018 inventory control, inventory management, inventory management software, supply chainHow To: Improving Your Inventory Turnover Ratio
If you’re in business, you may have heard of something called inventory turnover. So, what exactly is it and why is it important for business owners? In this article, we explore the ins-and-outs of inventory turnover and how you can improve your inventory turnover ratio to maximise the success of your company. The basics Essentially, […] ... Read More
December 7, 2018 excess inventory, inventory control, inventory levels, inventory management softwareAs Easy As ABC: Categorising and Managing Inventory
ABC analysis is an inventory management principle which stands for Always Better Control. It is based on the Pareto principle (20% of a commodity accounts for 80% of the net result) and can be very useful for management of a company’s inventory. In this article, we consider what ABC analysis is exactly and how it […] ... Read More
December 6, 2018 abc categorisation, inventory control, inventory managementOptimising Inventory Control in Multichannel Businesses
For business owners, keeping up with the changing demands of customers can be challenging, especially when these demands require considerable changes to the way your business operates. With better inventory control and optimised management, your multichannel operation can perform at a higher level and meet customer expectations. Integrating invento ... Read More
December 5, 2018 inventory control, multi-channel