1. Introduction What’s the biggest nightmare of any business? Having orders in line but not having enough inventory to fulfill them. One of the main reasons for this is not having a particular or poor inventory management system in place. Around 43% of small businesses…
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4 Min Read
Forklifts are vehicles that are used in warehouses or other storages to lift heavy products. Sometimes, they automate the process and eliminate the need for labor. There are several types of forklifts, each designed for a different purpose. Let’s explore the many types below. Types…
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9 Min Read
Introduction How many businesses do you think manufacture their own products? Only a small percentage – 20%. The major 80% rely on third-party vendors to fulfill their business needs. Every business, whether small or large scale, has multiple vendors. If you are a business that…
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In manual inventory management, businesses manage inventory with little to no use of technology. This means that inventory operations are carried out by employees/staff. As the business purchases and sells inventory, the staff updates the inventory records manually. This is opposite to what automated inventory…
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An inventory count sheet is a document that physically records the inventory levels. By looking at this document, businesses can know the quantity of the products that are in stock. Readers may encounter some confusion between an inventory count sheet and a stocklist. Even though…
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9 Min Read
“Your product is only as good as your manufacturer.” The manufacturer you choose for either producing the raw material or getting the finished product directly determines the quality of your product, which ultimately impacts your business reputation and growth. According to the 2018-2021 data report…
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ABC Analysis (also known as the ‘always better control’ method) is an inventory control technique that classifies products into three main categories: A, B, and C. This classification is based on which products are valuable to the business and generate the most income. Category A…
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5 Min Read
Inventory Control, also known as Stock Control, is the process by which a business controls and manages the inventory to ensure that the right amount of stock is available in the warehouse. Here’s an example to better understand this concept. Suppose during inventory counting, a…
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4 Min Read
An inventory management system performs functions like managing inventory, tracking product movement and orders, etc. The streamlining of inventory management also ensures that the right amount of inventory is available at the warehouse for order fulfillment. For this, there are multiple types of inventory management…