Inventory management is not just about monitoring the level and movements of the inventory you have on hand. This process also includes frequently checking for, managing, and reducing obsolete inventory, also called dead inventory. The longer inventory is stored, the more likely it is to become obsolete. Dead inventory is inventory that has not been […]
An important part of successful inventory management is the regular monitoring of the movement of stock and devising strategies to sell it quickly. Holding excess inventory is a common and expensive problem faced by businesses of all sizes. Even the most reputed and successful businesses often find it difficult to sell all of their inventory, […]
Excess inventory is the part of a business’s inventory that it has not sold yet. It is more than what the business needs to fulfil the demand for that product and is stored in a warehouse until it is sold. There are a few reasons why businesses that deal with inventory buy it in excess. […]
Any business that is looking to make the most of any technology should use its latest version. However, most businesses hesitate to pay a hefty sum to buy the latest software and refrain from adopting new technology. When new technologies are introduced, the old ones become obsolete. Cloud-based inventory management systems are experiencing a rise […]
Any business that sells goods and services, irrespective of its size, aims to achieve deliveries without glitches like delays and inventory loss and damage. Timeliness is crucial for the success of businesses that use inventory, and an inventory management system helps businesses to deliver the right goods to the right customers on time in a […]
The ongoing global coronavirus pandemic changed the way businesses operate. With most businesses across sectors working from home, the adoption of cloud-based software is becoming the norm. If you are an ecommerce business looking to incorporate technology, a cloud-based inventory management system is a good place to start. This system helps you to manage your […]
Inventory management is the process of ordering and maintaining a business’s raw materials and finished goods, and tracking their movement from the warehouse to customers’ locations. The aim of inventory management is to make sure that a business has enough inventory to fulfil all orders at the lowest possible cost. This process is important for […]
Inventory is a group of goods that a business makes and sells with the intent to earn a profit. To ensure a smooth warehouse operation, you should have a clear understanding of the movement of your inventory. A common issue with inventory is shrinkage, which is a loss of unsold inventory. Inventory shrinkage results in […]
Every business that deals with stock needs to have a system in place to keep a tab on it. Businesses that track their goods manually and maintain the data on spreadsheets can experience frequent stock outages, or overstocking which causes inventory wastage and losses. An inventory management system is software that automates the tracking process […]
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