What Are You Going to Do Differently in 2018? In a few weeks, we’re going to hit another New Year and list yet another year’s worth of resolutions. What goals do you have in mind for your business in 2018? How about taking a hard look at...
Warehouse management is always evolving, and companies must keep up with new happenings in the industry if they hope to outlast their competitors. The following are three major supply chain management trends that are helping companies meet their logistical challenges: 1. The World of IoT More than ever...
Inventory is necessary for many businesses including retail and manufacturing facilities. Maintaining appropriate inventory levels is crucial, as too much inventory can be costly. An inventory management system helps to control and balance the flow of incoming and outgoing merchandise. For most businesses, a strong...
It's still possible to operate a business without a computer, but it would have to be a very small business and you'd definitely be doing things the hard way. Since you've likely got computers in your business anyway, it makes sense to maximize the value...
Inventory Management Inventory management is a very important function that determines the health of the supply chain as well as the impacts the financial health of the balance sheet. Every organization constantly strives to maintain optimum inventory to be able to meet its requirements and avoid...
What is 'Inventory Management' Inventory management refers to the process of ordering, storing and using a company's inventory: raw materials, components and finished products. BREAKING DOWN 'Inventory Management' A company's inventory is one of its most valuable assets. In retail, manufacturing, food service and other inventory-intensive sectors, a...
Inventory management, or inventory control, is an attempt to balance inventory needs and requirements with the need to minimize costs resulting from obtaining and holding inventory. There are several schools of thought that view inventory and its function differently. These will be addressed later, but...
Inventory is defined as a stock or store of goods. These goods are maintained on hand at or near a business's location so that the firm may meet demand and fulfill its reason for existence. If the firm is a retail establishment, a customer may...
Inventory systems are tracking systems that inform you of the amount of raw materials, supplies or final products you have readily available. The inventory system is updated each time you sell an item or use raw materials to create a product, so you know what...
Six Questions to Consider Before Answering: Is there a Compliance Standard/Organization for your industry? Is Enterprise Asset Management (EAM) a factor in your success? Are Competitive Pressures growing in your industry? Is this pressure squeezing Operating Budgets? Are you being challenged to find and retain competent Skilled Personnel? Is protecting your investment in...
