Inventory performance metrics are essential to your business. They help you measure how well you are doing at managing your inventory. Here are three major ones you need to know to equalize your inventory levels in the long term. (more…)
Category: inventory control
How to Classify Your Inventory
How do you classify all of the parts and products in your inventory? It’s important to come up with a good inventory classification system because this helps you keep everything well-organized.
Choose between these four inventory classification systems to ensure your products don’t get mixed up. (more…)
5 Ways to Evaluate Your Inventory
This isn’t the first time I’ve talked about FIFO, LIFO, etc. on the Fishbowl Blog. But these are extremely important concepts that deserve to be addressed again because they are so essential when it comes to evaluating your inventory.
Without further ado, here are the five main ways to evaluate your inventory: (more…)
Calculating Inventory Costs
There are a number of costs that an advanced inventory management solution will help you calculate. Here are two of the big ones, along with all of the costs that they are made up of: (more…)
The Purpose of Holding Inventory
What is the purpose of holding inventory? To be responsive to consumer demand. (more…)
Whiteboard Wednesday: What Is Inventory Control?
In an earlier episode of Fishbowl’s Whiteboard Wednesday, Kirk Tanner answered the question: What is inventory management?
Well, now James Shores is here to answer the equally important question: What is inventory control?
Believe it or not, inventory management is not the same as inventory control. I wrote extensively about the difference between the two in this article, simple entitled “Inventory Control.”
Inventory control involves tracking your items, inventory counts, and generating reports to help you cut costs, increase inventory turnover, and save money. There’s quite a bit more to it than this brief overview, so I’ll let James explain the rest in this week’s episode of Whiteboard Wednesday!
Inventory Genius: How to Ensure You Maximize Your Hottest-Selling Products
Keeping inventory at the right levels helps to control costs while satisfying customers. But your hottest-selling items may move so fast that it’s hard to keep enough on hand in peak times. Luckily, there are some ways to manage ordering and shipping of fast-moving product. (more…)
Loss Prevention – How Can Your Business Reduce Theft?
In today’s business world, theft is a bigger problem than ever. In fact, recent statistics show that businesses in the United States lost an estimated $33 billion last year due to theft. While some of this comes from customers, the vast majority unfortunately comes from employees. Even though experts acknowledge that all theft cannot be eliminated from businesses, they do agree there are many steps business owners can take to substantially reduce theft from occurring. (more…)
How to Keep Your Warehouse Organized Like a Pro
According to Entrepreneur magazine, inventory management is one of the most important parts of a business, but it is often the least understood. Here are four ways to keep your warehouse continuously organized. (more…)
Business Distribution Services: Does Your Warehouse Have Everything it Needs?
Regardless of whether you’re a distributor about to launch a new product in your market, or the established business looking for viable distributors, in the end, you need to make sure your warehouse is set up right the first time. After all, if your business needs to provide time-sensitive goods to a customer base that considers on-time delivery a critical performance indicator, then properly setting up your warehouse isn’t just good for customers, it’s essential to your survival. So, what does your warehouse need to be ready? (more…)