A Peak Into the Deterministic Model of Inventory Control
The intention of inventory management is to be able to correlate the ordering quantities and frequency of products with demand so that there are always just enough products on hand, never too many and never too few. In the real world, it can be extremely difficult to predict these ordering parameters when there are uncertainties […] ... Read More
July 16, 2019 inventory control, inventory management, inventory turnover, stock controlThe Importance of Stocktaking for Measuring Inventory Turnover
As a business owner selling goods, knowing how much you are selling is key to understanding how well your business is doing. While many new business owners make the mistake of assuming they are doing okay simply by observing that customers are still buying, doing so can be fatal for your business. A successful business […] ... Read More
June 22, 2019 inventory control, inventory turnover, stock control, stocktakeThe Importance of Accurate Stock Taking for Measuring Inventory Turnover
Inventory control is not just about what products you have on hand at any given time. Good inventory control should also consider how quickly that inventory stock moves into and out of your business. Sales revenue alone is not enough to measure the success of a business if expenses exceed your revenue, then the business […] ... Read More
June 7, 2019 inventory control, inventory management, inventory turnover, stocktakeHow Stocktaking Can Shed Light on Inventory Turnover
An accurate stock take ensures that the inventory turnover ratio is going to be a reliable tool. If the numbers are right, business owners can plan for the future. It is a powerful part of inventory management and allows the business to make smarter decisions on what parts of the inventory stock they should invest […] ... Read More
May 21, 2019 inventory control, inventory management, inventory management software, inventory turnover, stock takeInventory Control Impacts Profit: Make It A Positive Impact
Inventory control is something that all businesses need to get right, particularly as it is directly correlated to influencing business profitability. Factors such as how you source and store inventory stock and your approach to inventory control impacts profit. Therefore, effective inventory control is vital to maximising operational efficiency an ... Read More
April 4, 2019 business growth, inventory control, inventory turnover, profitabilityIs Your Inventory Management Helping Your Bottom Line?
Do you know where your wallet is right now? Sure, every so often you misplace your wallet. It might end up in the pocket of a pair of jeans on the floor, but it’s safe to say that 99% of the time you know where it is. This is because wallets are our important personal […] ... Read More
March 22, 2019 inventory cost, inventory management, inventory turnover, profitability, stock turnoverHow to Measure If Your Inventory Control is Working Efficiently
As a successful manufacturer or distributor, you understand the importance of managing inventory to ensure the business has enough stock on hand to meet customer demand. You’ve invested considerable time and effort into streamlining and enhancing your inventory control, but now you are unsure how to measure if these efforts have been effective. T ... Read More
March 11, 2019 business growth, inventory control, inventory management, inventory stock, inventory tracking, inventory turnover, stock control5 Ways SMEs Can Improve Inventory Turnover
To ensure your small business is operating efficiently, effectively managing inventory and meeting customers’ needs, you should aim to improve inventory turnover. This, in turn, will help optimise business cash flow and maximise profits. Inventory turnover is the number of times a business sells and replaces inventory within a specified timeframe ... Read More
November 30, 2018 inventory levels, inventory management, inventory turnoverGauge Your Business’ Health with these 5 Inventory Metrics
For busy manufacturers and wholesalers, inventory metrics are a fast and reliable way to gauge the performance of the business. Although there are higher-level metrics, like the current ratio or the debt-equity ratio, there’s particular value in checking in on inventory performance. Inventory stock is often one of the largest assets on a business ... Read More
March 20, 2018 inventory control, inventory management, inventory turnoverTwo Approaches to Tracking Inventory
Accurate inventory control is a serious business and organizations are increasingly recognizing the importance of implementing sound inventory management practices within their organizations. How then do we go about tracking inventory? There are two approaches, the traditional method of manually tracking and recording the flow of goods into and out ... Read More
June 2, 2017 automated inventory control, automated tracking, inventory management, inventory turnover, manual tracking, tracking inventory