What is Inventory Management, Defined, Plus Methods and Techniques

What is inventory management, types, models, and Examples

 

Inventory management is the process of carrying out various activities so that the company can improve everything related to the organization and the planning and management of all inventories. Efficient use of resources, including inventory, is essential for businesses to achieve maximum profit margins.

The company’s assets are the material components purchased by the owner for processing (raw materials, packaging, boxes, etc.). , among other tools and items)

Inventory Management

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We Adapt to Your Package Size and Technical Needs:

 

  • Manage multiple warehouses in multiple locations.
  • Stock holding of commissions and lots
  • Even with a graphic map of your inventory by items or locations.
  • Identifying objects by method or symbol.
  • Write down the material using a pen or smartphone device

And You Don’t Have to Worry About:

  • A product can be registered in more than one packaging category.
  • It can also be registered on a lottery, LOT number and unique serial number.
  • You can isolate individual packages, but your list is still valid.
  • You can limit inventory based on FIFO, LIFO, or weighted average cost.
  • You can save interest on the exchange.
  • The impact of your inventory management process and finances on the success of your online business

We invite you to learn more about the key aspects you need a financial and accounting system for your online store:

1. Avoid overdoing it

If you do not keep a clear record of products in stock, you may end up importing too many units of some or all products. Items left in stock require storage, incurring additional costs.

In addition, especially with seasonal products, the accumulation of too much inventory can mean that at the end of the season you have to sell the goods at a lower price or collect them.

2. Avoid stocks that are too small

An effective inventory management system can collect data from the previous year to help you know exactly how much inventory you need at any given time. The feature is especially useful during busy times like Black Friday or winter holidays.

3. Avoid supply chain issues

You know there are global supply chain issues that affect most industries. Some product shipments are blocked indefinitely, while others can be delayed for months.

That’s why it’s important to know which products you need right away. With the help of a strong inventory management system, you can avoid some popular products in your store from being “Out of Stock”.

Stock Management

  • You can set an inventory order for a sales order.
  • This program supports features of non-journal services.
  • You can quickly find your objects by attributes or group memberships, even with an object tree view.
  • You can print proof of purchase.
  • You can manage minimum and maximum stock levels.
  • You can request a calculation of the best stock level.
  • You can manage your customers, suppliers of each article, and use article codes for each supplier and each customer (foreign codes).
  • You can also manage and measure your items in different units of measurement.
  • You can monitor the rotational velocity of each element.
  • You have the option to enable negative inventory if requested by customer service.
  • You can monitor quality rooms.
  • You can do different types.
  • You can print labels with barcodes.
  • There is a bar function.
  • Appropriate collection and storage routes can be planned. Special trays can be provided for fast-moving ingredients.
  • The activation will make transportation arrangements more transparent.
  • Your storage and storage problems have been solved.
  • You can track the expiration date of your items.

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