What exactly is inventory management, and why is it so important to your business? Download our eBook to learn about proper inventory management. You've been told that inventory management is not a priority and it's easy to ignore but not obsessing over it could doom your business. What was once ignored. This eBook provides ideas and options for eight areas of inventory management that can improve your bottom line. Starting with the basics of having an accurate.
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Editorial Reviews. Book Description. Inventory management is about more than counting what you've got. It's about understanding business realities and making . As of today we have 78,, eBooks for you to download for free. No annoying WAREHOUSING & INVENTORY MANAGEMENT - Cii Institute of Logistics. An eBook discussing a variety of Inventory Management Techniques that highlights how proper inventory management can help grow your business.
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[Free Ebook] Inventory Management: Best Practices for Multichannel Merchants
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Inventory Management and Monitoring
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Vend, for example, lets you create stock orders quickly with CSV uploads or by scanning product barcodes.
Email orders directly to your suppliers through Vend, then easily receive, modify, and bulk print labels when orders arrive. Stock counts — Regularly counting your products helps immensely with inventory accuracy.
So, get yourself a system that has inventory counting features so you can conduct partial and full counts with ease. Vend Tip Looking for an inventory management system that can do all of the above?
Take a tour of our inventory software to see how. Learn More Figure out the best inventory techniques for your store As we mentioned in our post on inventory management techniques , there are various stock control methods out there, and some approaches may be better for you than others. The key is to study these techniques and then determine which ones would make sense for your store.
Basically, the products that were acquired first will also be the first products you sell. This method is commonly implemented in food retail as many of these merchants sell perishable goods.
It entails that the most recent pricing is used to determine the value of the stock that has been sold. JIT entails dealing closely with them and sharing information with vendors so they can make small and frequent deliveries. Economic order quantity EOQ — This method factors in customer demand, ordering cost, and holding cost to figure out the right inventory levels. It uses the following equation: A is the total customer demand over the course of the year, Cp is your ordering cost, and Ch is the carrying cost.
OTB accounts for inventory planning considerations such as sales and promotions, normal customer demand, and current and planned stock levels. You can calculate it using the formula: Ending Inventory Value — Physically Counted Inventory Value Shrinkage can also be expressed as a percentage — i. But the lead time between ordering and receiving the order needs to be taken into account as well. We compiled some of the most important metrics that you should track in your retail business, and put them into easy-to-use spreadsheets that automatically calculate metrics such as GMROI, conversion rate, stock turn, margins, and more.
Learn More Conduct physical inventory counts To maintain inventory accuracy, you need to ensure that the inventory numbers you have in your system match up with the physical stock you have in your store or warehouse. Be sure to notify your staff to get them on board. Step 2: Physically count your products — Count the items and record the number of units you have for each SKU.
Step 3: Check and recheck — Compare the numbers with what you have in your system.
Identify and take note of any discrepancies. This requires going through sales paperwork to see whether certain sales have been overlooked.
If there is no missing sales receipt, then you are left with theft or supplier fraud. Step 5: Update your records — Regardless of the motive for inventory loss, you need to reconcile your inventory records to match the actual number of items you have in your inventory. Doing this requires creating a stock reconciliation statement that overrides your previous figures and represents your current stock accurately. Cycle counting is the process of partially counting merchandise on a continuous basis.
Inventory expert Jordan Lewis recommends factoring in things like sell-through and size when determining what merchandise to count and how often to do it.The Innovators. Not in United States?
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Step 3: Check and recheck — Compare the numbers with what you have in your system. A Using Pareto Analysis for control3. Sycamore Row. So how do you measure the health of your inventory management?