This is the 20th video in our Whiteboard Wednesday series! After doing so many videos, we’ve covered an expansive group of inventory management topics. And we are just getting started.
Last time, Kirk Tanner went through the usefulness of having an EDI solution, especially when working with large retailers. This time he goes back to the basics to talk about three inventory metrics that every business should be using.
Those three metrics are:
1. Inventory Levels – How much of each product you have in storage.
2. Inventory Turnover – How often you sell everything you have on hand.
3. Cycle Time – How long it takes to complete an operation, such as fulfilling a customer’s order.
Robert Lockard is a copywriter with Fishbowl. He writes for several blogs about inventory management, manufacturing, QuickBooks, and small business. Fishbowl is the #1-requested manufacturing and warehouse management software for QuickBooks users. Robert enjoys running, reading, writing, spending time with his wife and children, and watching movies.