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…)
Tag: inventory
How to Make Your Manufacturing and Shipping More Streamlined
Every day, small and medium-sized manufacturers search for ways to streamline their processes. From constant headaches in the shipping department to bottlenecks in the production line, plant managers never seem to find a constant way to trim costs and save time. Here are some tips that will help managers streamline their manufacturing and shipping departments from top to bottom, according to Manufacturing.net. (more…)
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…)
What Are the 3 Types of Inventory?
What is inventory? Inventory is everything you possess in all of your warehouses, stores, and other locations. It includes not only the finished products you intend to sell, but also two other key types of items that are necessary to keep your business running.
Here are the three types of inventory: (more…)
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…)
How to Choose the Best Building for Your New Warehouse
Choosing the right building for your new warehouse can make or break your success. If the building does not function effectively to meet your business needs, that will be a big barrier on your path to success. Likewise, if the location is too far out of reach, you’ll waste unnecessary time on traveling and shipping products. So, before you set up shop in a new location, be sure to consider your business’s needs, the physical location of the building, accessibility, and cost. (more…)
5 Things to Look for When Hiring a Warehouse or Distribution Manager
Properly managing a warehouse and running a distribution center is by no means a simple task. It ultimately requires a certain skill-set, one where the individual has the competencies to properly manage and protect inventory in storage, while also ensuring that products are shipped on time to customers. Here are five things to look for when hiring your next warehouse manager. (more…)