Daily Insights, Trends and Solutions for Professionals, Experts, Students and Society
Inventory is often the single largest asset in most companies across any industry. It consumes a lot of cash, impacts return on investment and profitability, enables or impedes growth and customer satisfaction, and requires a tremendous amount of resource to manage it. Inventory Management is critical. Yet a lot of companies big and small, well … Continue reading “Featuring Our 10 Best Inventory Management Articles!”
There are many terms for inventory shrinkage: warehouse shrinkage, product shrinkage, loss of product. They all amount to the same thing — your merchandise is missing from the warehouse shelves. For businesses that sell physical things, some amount of shrinkage is unavoidable. At point of sale, stores can experience retail shrinkage from breakage and shoplifting. … Continue reading “What is Inventory Shrinkage?”
Inventory management is a holistic and logical methodology for handling both raw materials and finished products. It encompasses several manufacturing SMBs processes such as tracking stock levels, planning production schedules, and liaising with vendors. Raw material inventory management represents a vital stage in the successful supervision of any manufacturing company’s supply chain. Without it, the … Continue reading “5 Inventory Management Tips for Manufacturing SMBs!”
Inventory management is a critical area for most companies. And breakthrough improvements require a process based inventory turnover improvement strategy. Too much inventory, especially the wrong inventory, can negatively impact cash flow, return on investment, customer satisfaction, and profitability. Too little inventory, especially the wrong inventory, can result in lost sales, inability to delivery to … Continue reading “Process Based Inventory Turnover Improvement!”
Inventory management might not seem thrilling, but with 2024’s tech advances, it truly becomes fascinating. Tools leveraging AI forecasts and reporting solutions enhance how we track stock and anticipate demand. Consider WinForms’ ActiveReports offering customization like never before. Understanding these tools can transform inventory headaches into streamlined operations. Join the exploration of essential tech tools … Continue reading “5 Essential Tech Tools Revolutionizing Inventory Management!”
Work in process (WIP) inventory is a crucial part of inventory management for businesses, yet many face complex challenges that impede smooth operations, create bottlenecks, and increase costs. However, with the right strategies and tools, businesses can overcome these obstacles and streamline their WIP inventory management processes. In this post, we explore how inventory management … Continue reading “How to Streamline Your Work in Process Inventory Management!”
Our latest “Featuring” series article covers the topic of Warehouse and Distribution Centre order fulfillment. With the exponential growth of E-Commerce and online shopping the backbone of activity that makes it all happen is order fulfillment. Every time you place an online order someone somewhere is picking up those items and placing them in a … Continue reading “Featuring Our 10 Best Warehouse Order Fulfillment Articles!”
Most of the pre-pandemic Inventory Management strategies were centred around improving inventory turnover, keeping inventory levels as low as possible, and reducing the amount of cash tied up in inventory. The backbone of all long-standing philosophies such as Just-In-Time, Lean manufacturing, and Kanbans were all designed around minimizing the amount of inventory on hand in … Continue reading “Post Pandemic Inventory Priorities: High Turnover or Extra Inventory?”
A part of a construction company’s success hangs by the thread of inventory management. This industry’s inventory includes all materials and supplies needed to complete a project. Examples would include tractors, screws, heavy machinery, power drills, and more. In 2023, the US construction sector was valued at $2.3 trillion. Going forward, it is experiencing a … Continue reading “4 Inventory Management Tips for Construction Companies to Lock Project Success!”
Effective inventory management is crucial for businesses of all sizes and industries. Balancing supply and demand, minimizing carrying costs, and ensuring adequate stock levels are just a few challenges faced by inventory managers. Traditionally, manual inventory management processes were labor-intensive and prone to errors, resulting in inefficient operations and increased costs. However, the rise of Artificial … Continue reading “AI-Driven Inventory Management: Reducing Costs and Maximizing Efficiency!”
Many overwhelming strategies, processes and techniques will come your way if you have to learn and perform inventory management. It can be hard to make sense of the overall framework you need to use for any of the small business inventory management tips and techniques. But it’s certainly possible to deal with them with some … Continue reading “10 Small Business Inventory Management Tips!”
Due to the intense competition and quick pace of the apparel industry, it’s no surprise that new apparel trends and styles appear with each passing season. This essentially means that companies that operate in the apparel industry must be able to quickly change and update their latest apparel collections to stay relevant to their prospective … Continue reading “4 Reasons the Apparel Industry Needs an Inventory Management System!”
Ensuring your inventory management processes are streamlined and efficient is key to the success of your business operations. Having your customers receive their products on time should be one of your biggest priorities as an organisation. In this article, we’ll be discussing how best to navigate the complexities and challenges of mastering inventory management and how to … Continue reading “Mastering Inventory Management!”
Inventory management is a crucial part of any business, but it is especially important in the health and wellness industry. Here, products must not only be delivered on time, but also in perfect condition to ensure quality and effectiveness. In this article we discuss the do’s and don’ts of efficient inventory management, with a special … Continue reading “Do’s and Don’ts for Efficient Inventory Management in the Health and Wellness Industry!”
Supply chain leaders are continuously looking for inventory management best practices, and the role of technology in the supply chain offers significant advantages. Instead of relying on traditional, outdated inventory management best practices, supply chain leaders should follow these 11 steps to leverage technology and improve inventory management at last.
