Procurement and purchase are frequently perceived as the same and are often used interchangeably. However, it is vital to understand that procurement and purchasing are two separate processes, and despite their similarities, they perform different…

Investopedia defines the just-in-time (JIT) inventory management strategy as a system that arranges raw materials, finished goods, and other types of inventory with production or retail schedules. The main initiatives of applying just-in-time inventory management methods…

Before we dive deeper into specific strategies of stock control and inventory management system, let’s first define stock controlling.  Stock control or inventory control, is the act of having the precise amount of stock on…

Inventory control helps you keep track of your inventory levels. This helps you to make the most of your resources, satisfy consumer demand, and avoid product deterioration while reducing costs.    It aims to manage…

Customers have a wide array of new channels with which they get familiarized with various products and services and make purchases. They can utilize many channels simultaneously when shopping; search on one channel, and purchase…

Wonder what is a good inventory turnover ratio for your company and whether your company’s current balance is good or bad? We got the answer!   Inventory turnover, often known as stock turnover, measures how…

Physical inventory counts are usually tedious and time-consuming tasks for employees. It usually requires business operations to stop because no inventory movement should happen in warehouses or stores. Thus, both business owners and employees are…

Inventory management is crucial for minimizing and controlling inventory-related costs and meeting customer demands. There are many tools and techniques that businesses apply to improve inventory management processes. One of these is calculating and analyzing…

Choosing the best-fitting inventory control technique is a complicated decision for a business. With the business growth, inventory management becomes a more challenging task. Thus, it is crucial to set a well-informed and proper foundation…

Cycle counting is an essential tool when it comes to ensuring accuracy in inventory management. It helps to estimate the accuracy between the physical inventory and accounting recordings.    What is inventory cycle counting?  …

When it comes to inventory tracking, you hear a lot about QR codes and barcodes. Both of them hold data about an item that a scanner can read. However, before deciding which one is a…

If you want to find a way to keep track of your company’s inventory and ensure that you don’t run out of products, then a barcode system is the way to go. Barcode inventory systems…

Economic Order Quantity, also known as EOQ, is a production-scheduling model, which was first developed by an American production engineer Ford Whitman Harris in 1913. The purpose of EOQ is to determine the perfect order…

Generally, the purpose of auditing is to assure a fair and accurate representation of the company’s financial reports. Audits can can be under the responsibility of the internal resources,  or by third-party organizations. Auditors have…

  According to Wikipedia, safety stock is a phrase used by logisticians to indicate a quantity of excess stock kept on hand to avoid out-of-stock cases caused by market demand fluctuations. With sufficient volumes of…