Inventory Management

The secret for how to stay ahead of competitors is not always flashy advertisements or new products. Simple operational procedures, such as good inventory control, can help you to improve your order management, avoid lost goods, reduce downtime and improve efficiency in pulling food or drinks from the shelves. Whether you own a restaurant or…

Inventory management helps you balance your level of stock to ensure you have enough materials to meet demand without having costly excess goods. By properly managing your inventory, you can ensure your stock levels are accurate, evaluate product performance, provide a better customer experience and save your company money. You can manage inventory across five stages,…

Inventory management is the logistical balance companies must achieve to accurately measure how well their supply keeps up with demand. Good inventory management tracks the movement and level of products to increase productivity, cut costs and make the best use of resources.  For many companies, the goal of the inventory management process is simply to…

For a company looking to increase its sales efforts, product bundling is one of the most flexible strategies available. Companies in industries ranging from telecommunications to fast-food chains use product bundling and kitting to encourage customers to buy more products. The practice can create powerful sales results for all types of businesses. Makers of consumer electronics,…

Controlling your inventory — whether you have one facility or dozens — can be a daunting task. With hundreds and thousands of products entering and exiting your site each day, how do you keep track of everything? The best solution is to organize your merchandise via lot tracking and serial numbers to keep tabs on…

Kitting is another word for product bundling. It refers to combining multiple products from a business, usually following a theme, into a singular set to sell to consumers. You likely most often see examples of kitting in your favorite fast-food restaurant’s drive-thru line and in holiday raffles or charity events where you might enter for a…

The hemp compound CBD receives a lot of attention in today’s market. CBD oil and other wellness products containing CBD have rising popularity in consumers looking for natural health remedies. If you want to tap into this emerging market, you need to do your research. This guide will give you an overview of the online…

Businesses rely on various pricing strategies to find the best price for their products to drive sales and maximize profits. After considering production, overhead and marketing costs, a company must then decide what percentage they’ll need to mark up the selling price to cover costs and make a profit.  What Is Markup Pricing? How to…

Inventory management is a complex operation that requires fast and accurate product tracking and a well-organized database of information. Quick response (QR) codes efficiently record product information and trace each item’s path along the supply chain. QR code inventory management is an easy solution to make your warehouse a powerhouse of efficiency. QR codes are squares…

For companies of all sizes, an important part of the business is ensuring that you do not have too little of an item or service to fulfill customers’ wants, but not so much that you don’t sell enough of your products. Understocking and overstocking can harm a company monetarily and can harm its reputation if…

Are you an inventory director or in charge of ordering and managing inventory for your company? Managing inventory is a large task for small businesses and large businesses alike. If you do any e-commerce on Amazon, you’re going to want to know about an Inventory Performance Index score.  Do you want to increase your company’s…

Though it may seem counterintuitive, too much inventory isn’t good. In fact, the costs of bad inventory can be steep for a business — you could lose both money and time to poor inventory management. In serious cases, you could even lose your business altogether. Every company, from small businesses to mega-corporations, can be severely negatively impacted…

Your cost of goods sold is an important accounting metric that can indicate your company’s financial health. You’re also required to report your COGS to the IRS, making calculating your COGS an essential part of doing business. Let’s go over the formula for COGS and talk about why this figure is so important.  What Is…

For retailers, preparing for the holiday season can be daunting. Black Friday kicks off a buying season unlike any other throughout the whole year. Did you know that between Black Friday and Christmas, 30% of all sales for the year occur?  This uptick in sales means stores must shift their operations during the holiday shopping season if they want…

If your business uses a periodic inventory system where you frequently update your stock levels and conduct physical stock takes, the idea of an inventory system that updates automatically in real time sounds pretty enticing. Indeed, transitioning to a perpetual inventory system has many advantages, including saving you time and providing you with more accurate…

To remain competitive and profitable, you need to do more than stock the right products. You need to stock the right product in the right quantity and at the right time. Effective demand forecasting helps you achieve this year after year. If you’re curious about this forecasting for your business, learn what you need to…