Inventory Management Models

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inventory management models

Every business should make the effort to continually optimize its inventory quantities and keep a healthy supply chain. This is vital to having a positive balance sheet because having an overabundance or shortage of inventory can be extremely harmful to the financial health of an organization.

There are countless ways to manage inventory. This is largely due to different business models and types of goods and services that are sold across the world. Given that every business has a unique location, infrastructure, and logistical layout; it can be difficult to find an inventory management model to align your process with. You might begin your journey to finding the perfect inventory management model for your business by asking the following questions about your business:

  1. Do you use QuickBooks? If so, does it fully satisfy your company’s inventory management/control needs?
  2. Do you have a lot of parts, products, or transactions to keep track of?
  3. How many people does it currently take to manage your inventory and will this number increase as your company experiences growth?
  4. Do you have multiple location tracking needs within your warehouse(s)?
  5. Would a mobile scanning device be of great use?
  6. Are you a manufacturer or distributor?
  7. Are there multiple stages in your manufacturing process?

The list of questions could go on and on; however, if you answered yes to any of these questions, you most likely could save a lot of money in the long run by investing in inventory management software.

Fishbowl is the #1 requested manufacturing and warehouse management software for QuickBooks users. It is compatible with a wide range of businesses. Users of Fishbowl range from dairy producers to fastener makers, and from military weapon manufacturers to medical companies. To read more about what types of businesses benefit from using Fishbowl, visit the Fishbowl Case Studies page.

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