Inventory tracking means monitoring stock movements to increase visibility in the company’s supply chain. This added transparency helps businesses improve their ordering and overall inventory management practices, ensure traceability, and make sure that goods reach the production floor and the customer at the right time.
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Dead stock consists of inventory items that your business cannot use according to their original purpose. There are many different types of dead stock and various ways to either eliminate it or avoid it in the first place.
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When looking for ways to track your inventory, you will undoubtedly arrive at the dilemma of whether you should use barcodes or QR codes. Even though the basic concept behind the two options is the same, there are notable differences between the two.
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Implementing a barcode inventory system is one of the best ways to improve the efficiency of your inventory processes regardless of whether you are in the manufacturing or the distributing business. Here is a short guide on how to do it.
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Good warehouse organization is key to keeping your inventory processes running smoothly. Here is how to implement warehouse organization best practices.
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Return Merchandise Authorization or RMA is a systemic approach to handling product returns. It allows for better tracking, makes the processes quicker, and could thereby improve customer satisfaction.
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Traceability essentially means having insight into the chain of events that is your business. But how to achieve it and what are the mechanisms that support it?
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Setting up a business in Shopify is an easy thing to do. Properly managing that business, however, takes work. Here are some techniques and apps for effective Shopify inventory management. You can also listen to this article:
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Calculating the Cost of Goods Manufactured is a good way to get an overview of production costs and how they relate to the bottom line of your business. It allows management to identify cash drains, to adjust prices, and to track the development of the business. You can also listen to this article:
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The inventory turnover ratio is a good indicator of the performance of your company. Find a balance between sales and stock by using these formulas and tips.
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Implementing proper materials management methods allows businesses to make sure raw materials reach the shop floor at the right time, in the right quantity and quality. Follow these best practices to get more control over this essential supply chain function.
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Kitting could be a valuable addition to the managing practices of both your raw material and finished goods inventory. There are two types of kitting and numerous instances when either of them could prove useful.
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