The term “stock keeping unit” refers to a number (typically eight alphanumeric digits) merchants assign to items to monitor stock levels internally. SKUs should include data on a product’s most significant features, such as price,…

Ending inventory refers to the monetary worth of a product that is still available for purchase at the end of an accounting period.    It is an essential component for calculating the Cost of goods…

Cost of Goods Sold is essentially the cost of manufacturing the products that the company ends up selling.    When it comes to tangible commodities, it usually comprises the value of current inventory and any…

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…