Buyback is a practice in which a supplier agrees to repurchase a predetermined amount of inventory from a retailer/wholesaler, at a predetermined price. Retailers or wholesalers return this inventory if it goes unsold. The buyback agreement decides the terms and conditions of this transaction. It…
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4 Min Read
Inventory procurement cost is a set of all the costs that a company incurs in acquiring inventory. Procurement cost can serve as an effective KPI to measure the cost-effectiveness of the business. Before learning about the different types of inventory procurement costs, it is essential…
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A skid is a warehouse equipment made of a single deck platform. This platform is supported by stringers or runners which provide stability to the whole structure. Skids and pallets are often used interchangeably but there are slight differences in their making and functionality. Difference…
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A virtual warehouses is a digital solution that stores and manages the inventory. These also allow the businesses to holistically monitor and control the warehouses from one seat. Virtual warehouses can be used by businesses across industries to streamline their operations, especially inventory management. However,…
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11 Min Read
Introduction Direct procurement or direct spend involves acquiring goods or raw materials that directly contribute to producing the goods you sell. Indirect procurement involves acquiring anything other than goods or raw materials that are directly involved in the production of your product. It is more…