What is Inventory Management? Overview, Benefits and Best Practices

The Complete Guide to Inventory Management Software

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Inventory management is the culmination of all the activities done to control inventory. With the right inventory management strategies, you ensure you’re always holding the right amount of stock, while minimizing the risk of bottlenecks and excessive costs. All companies with a physical inventory require an inventory management strategy to ensure consistent cash flow.

What makes inventory management so complex for most people, is there’s no single right way to do it. There are many different techniques of inventory management available, from VMI and MRP, to JIT, EPQ, and EOC, and they all come with unique benefits and problems to consider. The most effective approach will often be determined by future and current marketplace conditions.

The key to successfully managing your inventory with any strategy, however, is ensuring you capture the right data throughout all stages of the product life cycle.

Let’s take a closer look at what inventory management means, and how you can use it in your business.

What is Inventory Management? Covering the Basics

Inventory management is one of the tools that business owners use to evaluate the performance of their organization. With the right software, you can track inventory levels at any moment, and ensure that you’re on the right track to profit, and success.

Small businesses and larger enterprises alike both rely on this kind of technology. However, the larger your company is, the more likely it is that you’ll need particularly advanced analytics software.

With inventory management technology, you aim to ensure that you always have the right quantity and quality of products available for your customers.

In the right circumstances, inventory management can even reduce the costs of carrying excess inventory in your warehouses, while maximizing sales. Many modern software solutions come with predictive analytics strategies built-in. This means that you can potentially plan for increases or reductions in sales volume from one month to the next.

Inventory management software is particularly valuable for companies on a tight budget. You can avoid losing sales in a brick-and-mortar or ecommerce store because you always have the right quantity on hand. At the same time, you avoid problems like spoilage or spending too much on stock that you can’t shift.

Exploring Inventory Management

Inventory management is the culmination of all the activities done to control inventory. With the right inventory management strategies, you ensure you’re always holding the right amount of stock, while minimizing the risk of bottlenecks and excessive costs. All companies with a physical inventory require an inventory management strategy to ensure consistent cashflow.

What makes inventory management so complex for most people, is there’s no single right way to do it. There are many different techniques of inventory management available, from VMI and MRP, to JIT, EPQ, and EOC, and they all come with unique benefits and problems to consider. The most effective approach will often be determined by future and current marketplace conditions.

The key to successfully managing your inventory with any strategy, however, is ensuring you capture the right data throughout all stages of the product lifecycle.

Let’s take a closer look at what inventory management means, and how you can use it in your business.

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Why is Inventory Management Important?

Inventory management dictates exactly how companies run their business, grow sales, and serve customers on a consistent basis. If you have any products top physically move in your company, then you need inventory management. It doesn’t matter if you’re a wholesale distributor or a small retailer, inventory management remains essential.

If your business doesn’t manage inventory correctly, then it will quickly struggle to maintain any kind of consistent income. If you don’t have a strong strategy for inventory management, you can’t ensure you have stock on-hand to deliver to customers when demands are high. If poor inventory management means you can’t predict what’s going to happen next for your store, you may even see a rise in demand you can’t handle, which means lost sales.

If your customers have to wait around for too long to get the items you offer, they’ll usually end up going to a competitor instead. Here are some of the benefits of inventory management:

  • Retain happy customers: Inventory management determines how quickly you can get products to customers, and how reliable you are at fulfilling orders. Customers will usually come back for more when they know your organisation can deliver orders on time.
  • Grow your business: As companies grow in complexity, their inventory management grows too. When you’re adding new facilities, hiring staff, and adding product lines, manually managing your materials and stocks gets harder. An inventory management software will be useful here, to help with getting control over your physical inventory.
  • Improve business visibility: Being able to view the flow of your product lifecycle from start to finish will give you useful insights into your company. You’ll learn which of your products are the most valuable and discover ways of adding new sources of income.
  • Save money: Inventory management makes it easy to add new products and channels to your business, so you can grow revenue. However, you can also use the right techniques to eliminate inefficiencies that would otherwise lead to lost stock, stockouts, high holding costs, and issues with growing margins.
  • Reduce complexity: A good inventory management strategy means you can reduce the time and manpower dedicated to inventory admin, helping you save on staffing costs.
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The Different Kinds of Inventory Management

There are a few different kinds of inventory management system in the business world, just as there are different kinds of inventory. For instance, the initial products that you get from your suppliers are often referred to as raw materials. Once they’re in production, they become a “Work in Progress”, followed by “Finished Goods.”

Some companies also track inventory in the form of MRO items, this basically means that you’re maintaining, repairing, or overhauling products. The kind of inventory you work with will help you to determine the kind of inventory management system that you need.

For instance, you might need a system with barcode management if you’re running a retail store. Retail inventory management tracks your products for you, as well as any purchase order you might take, order quantity, and even “safety stock.”

If you’re in the B2B marketplace, then you might need a special kind of inventory management called wholesale inventory management. Wholesale inventory management tools often measure a lot of the same things as retail software. The difference is that instead of just tracking order quantity and SKU details, you also track various bulk products from different environments.

A wholesale inventory management tool might combine your strategy for managing the inventory of multiple online and offline stores at once. It could also pull in the data from hundreds of point of sale units if you have physical stores too.

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What is an Inventory Management System?

Every business uses at least some level of inventory management system. The best solutions generally keep count of products and available resources for your business. However, they can also offer insights into your business performance, giving you the tools you need to sell more high-performing products, and reduce expenses.

An inventory system will tackle the challenges of ensuring you can maintain the right level of inventory in your organisation. The explosion of omni channel fulfilment and e commerce has created a wide variety of new inventory management tools.

The term “inventory management system” can also refer to the techniques companies use when handling inventory, such as:

Inventory vs. Cycle Counting

Choosing which of these strategies you’ll follow for your inventory management will set the guidelines for how you approach your entire business growth. From infrastructure to technology, full inventory counts will always be completed on a regular basis, and even annually, as part of a comprehensive audit. Retail stores often use this method.

Alternatively, cycle counting involves only counting a portion of inventory regularly. In a retail environment, a single area will be counted on a specific day of the month or week. The next day, the team will count stock in a different environment. Within large warehouses, the most active or valuable items may be counted more frequently. Smaller, more consistent counts can provide better insights into the stage of the inventory.

Manual Inventory Management

Typically, this method of inventory management is not recommended, even for smaller companies. Many small businesses close regularly to handle inventory. However, this often means that you’re missing out on opportunities for sales. At the same time, it’s worth noting that manual inventory management is often rife with chances for human error.

Every mistake can lead to further problems, which means that you end up with an entirely chaotic system and may struggle to deliver on your customer’s requests. The risk of errors and potential downtime is why most companies will use a digital inventory management system, even when they don’t have a lot of stock to track.

Barcode tracking and RFID

This system uses the familiar barcode label affixed to most packaging, products, and pallet to help with inventory tracking, wearable barcode readers often save a lot of time by allowing workers to shave scanning time down to a few seconds for each item. One of the biggest advantages of using a barcode scanner is the data is delivered in a digital format.

Because you’re collecting data in a digital form, the count is easier to keep track of. You can gather information in real-time, then check it on the system later.

RFID scanning is similar to barcode scanning. RFID tags are both active and passive, depending on your needs. Active systems use the tag readers located within a warehouse, providing real-time updates of inventory location and count. Active tags are battery operated and require more signal strength to communicate with a reader.

Passive systems can only be read when someone activates the system with a hand-held device. The inventory is recorded when you read the tag with your technology.

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How Does Inventory Management Software Work?

Effective inventory management software comes in many different shapes and sizes. That’s because different businesses rely on various inventory management techniques. Your technology requirements will depend on your need for things like customer demand measurements, FIFO, finished product tracking, stockouts, and JIT.

In general, inventory management technology is about giving you a deeper understanding of everything from your physical inventory, to your future needs, and customer demand. The right technology will give you an overview of:

  • Types of inventory: This will show you what kinds of inventory you have access to and give you full visibility over those products.
  • Inventory forecasting: This involves using historical data to predict future demand and prevent excess inventory or carrying costs.
  • Purchasing cycles: Inventory management tools should show you when and how to create purchase orders to get more crucial stock.
  • Inventory control: This means figuring out how much of each inventory item you can store, and where you need to send it.
  • Inventory analysis: Analytics to give you a better insight into inventory costs and how to reduce the risk of human error.
  • Handling techniques: So you can quickly collect, put away, and ship inventory when you need to after a reorder point.
  • Inventory accounting: So you can record crucial financial documents for tax and VAT purposes.
  • Inventory management process: So you have the option to automate aspects of your inventory management wherever possible.

These are just the basic elements of an inventory system. The more advanced you go with your software choice, the more additional features you might have. For instance, you might run a first in first out system if you have a company that’s subject to spoilage.

Good inventory management software is all about increasing potential profits, improving the efficiency of warehousing, and reducing holding costs. Some companies find that this technology helps them to avoid shrinkage, because you don’t purchase too much of the wrong inventory.

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Inventory Management Costs

If you want to really get involved with the optimization of your business inventory, then you’re going to need to think about the cost of having certain products available to you at all times. Calculating inventory costs is critical in figuring out how much profit you can make on current inventory. It also helps you to determine if production should be decreased or increased, in order to maintain the desired balance between your incoming and outgoing cash.

Measuring inventory costs helps you to streamline your business strategy and determine exactly where to go next with your business. Some of the common costs that you’ll need to think about when calculating inventory cost are:

  • Capital costs: Capital costs are the expenses incurred for carrying inventory. Examples include everything from money you spend when acquiring goods, to the interest that you lose when cash becomes inventory, and the opportunity costs associated with purchasing inventory too. Capital cost usually makes up the largest amount of the carrying cost in total.
  • Storage costs: Storage costs are the expenses that many people incur to keep inventory safely organized in a specific place, like a warehouse. These expenses generally separate into two components: variable and fixed costs. While your fixed costs include things like renting the storage space, the variable costs might include the costs of handling materials and manpower.
  • Service costs: Service expenses are the costs incurred to protect the inventory that you want to sell against various threats. There’s always a risk that workplace accidents or theft could leave you without access to inventory. Service costs, like insurance payments, taxes paid, and even using an inventory management system all add up to protecting your business.
  • Inventory risk costs: Carrying inventory is a complicated process that presents a lot of risk. This risk translates into cost components made up of various factors, such as shrinkage, which refer to losses that occur after goods and services are purchased. Shrinkage happens as a result of administrative errors, damage in transit, and so on. You could also find that your inventory simply loses value when it’s in storage, due to the launch of new models or products that make your items less appealing.

You can assess the cost of inventory in a variety of ways. For instance, a moving average cost is a costing method that examines the average unit cost of the item after it’s acquired. Moving average cost is a good accounting method if you’re selling a lot of individual items with their own value.

This method is usually something you can calculate automatically when you track your inventory costs using an online tool. There ‘s also the option to use your ERP to optimize your business cash flow, and track costs manually. This method does often lead to issues with potential human error, however.

One popular costing method is First-in-First-Out, which assumes every item is sold in the order it was purchased. Product distributors can sometimes find an inventory management solution with it’s own FIFO costing strategy. Or, you might find a product that offers LIFO costing, which means that you track your products according to the last one coming into your storage being the first to go out.

Finding the right costing strategy for your inventory management strategy can be a complicated process at first. Keeping an accurate eye on your inventory and each product RFID makes it easier to run your store without stocking mistakes. It’s crucial to think carefully about what you can do to keep your inventory information as up-to-date as possible, so as to avoid issues with demand and supply.

When choosing the costing method for your inventory management tool, always select the one that offers the most accuracy possible.

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What is the Best Inventory Management Software?

Managing your inventory in a growing business can be hard work. The more products you sell, the more there is to keep track of. Sometimes, you need a little extra help. That’s where inventory management software comes in. Equipped with tools like automated syncing and just-in-time updates, inventory management tools give you an end-to-end overview of business operations.

You can use the right software for LIFO strategies, updating your sales channels, and even managing the supply chain. Let’s take a look at some of the leading inventory management software on the market today.

1. QuickBooks Commerce

quickbooks commerce - what is inventory management

QuickBooks Commerce is a market leader in inventory management tools. The platform makes it easy for businesses of all sizes to manage retail and wholesale operations in a unified space.

There’s an extensive app ecosystem, so you can unlock new functionality and tools whenever you need them. Other features include tools for supply chain management, operational efficiency, and customer service. Whether you’re selling on Shopify, WooCommerce, Amazon, or somewhere else entirely, QuickBooks Commerce has you covered.

The QuickBooks Commerce platform seamlessly automates the connection between all of your inventory systems, so you don’t have to spend as much time switching between apps. You can even sync your software back-end to a barcode scanner and offline point of sale system. This keeps all the cogs in your business running smoothly.

Pricing: Designed for small and mid-sized businesses, QuickBooks Commerce starts at a price of $39 per month for the founder plan. Extra tools and hardware come with additional expenses.

2. Veeqo

Another top performer in the inventory management environment is Veeqo. This all-in-one software solution helps businesses keep track of sales, orders, and shipping. Everything you need to run a successful company exists in the same back-end, which means it’s much easier for your brand to grow rapidly.

Veeqo comes with access to multi-channel inventory counts, as well as dozens of integrations for your most important business tools. You can align reports across a variety of warehouses and spaces. Plus, there’s support for tracking returns and wholesale orders too.

To make your life even easier, Veeqo provides in-depth reports on everything you need to know about your sales. There are solutions for up to 21 different order integrations for cross-country shipping.

Pricing: Currently Veeqo is completely free.

3. CIN7

CIN7 is a brilliant tool for business owners that need to keep track of all their inventory and sales. This high-performing inventory management tool tracks your product lifecycles for you. This means that you never miss out on an opportunity because of lack of stock. You can even set up automatic reorder schedules if you prefer.

CIN7 makes inventory management easy, which is a great thing for smaller brands who need to reserve as much time and energy as possible for growing their brands. There’s a free trial, so you can try the technology before you sign up. Plus, the back-end environment comes with access to plenty of resources and documentation for support too.

Another major benefit of CIN7 is that it comes with access to various point of sale integrations, automation tools, and warehouse management. The only problem is that this software can be very pricey.

Pricing: Prices start at around $299 per month for the “Starter” package. There’s a free trial to get you started, but you’ll have to contact the sales team for more info on prices.

4. Zoho Inventory Management

Zoho Inventory Management is one of the better-known tools in the current market. This state-of-the-art solution helps companies to increase the sales and unlock new business opportunities. With this software, companies can manage online and offline orders, integrate their system with existing tools, and more.

Zoho Inventory Management works well with solutions like eBay, Shopify, and Amazon. That’s great news if you’re selling on multiple platforms at once. Additionally, you’ll get all the tools you need for keeping track of your sales. There are serial number features, batch tracking, and even a host of shipping integrations to choose from too.

With a wide selection of advanced solutions, such as accounting software, asset management tools, and reporting, Zoho keeps you one step ahead of the competition. There’s even a free plan to get you started if you only take a handful of orders per month.

Pricing: Free option for up to 10 online and offline orders per month. If you need to handle more orders, then the cost goes up to $399 when you pay monthly, or $329 when you pay annually.

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Inventory Management Best Practices

As mentioned above, there are different software systems and strategies available for inventory management. The strategies that you use to track your stock and save money will depend on your requirements as a business.

However, all of these tools are excellent for delivering inventory visibility and showing you what you need to know about your company. The key to success is often learning how to use each essential feature of your software carefully and learning from the experience.

For instance, it’s always a good idea to:

1. Have a plan

A comprehensive strategy is essential for good inventory management. As a business leader, you’ll need to start by considering your company’s needs. Inventory management can include everything from enterprise resource planning to demand forecasting, but to generate the right results, you should always start by considering your customers, your employees, and how your company runs.

Think about how you can use your inventory management system to engage with and track supply chains, to improve customer service and generate repeat purchases from clients. Consider how your business is going to deal with orders (last in, last out, for instance), and what you can do to prepare for seasonality changes.

When setting up your inventory management solution, make sure you have the right tracking system in place for long-term growth. Inventory management isn’t just about tracking the number of units you have available at any given moment. The right reporting can also be ab excellent insight in how you can grow your business and improve your chances of higher revenue. You can even use your reports to predict when you’re going to need a restock, so you never lose a sale opportunity

2. Make the Most of Forecasting

Inventory management software isn’t just there to tell you when you’re running out of stock. You can also use the trends that you discover with this software to make relatively accurate predictions about the future.

However, to do this, you need accurate forecasting systems in place. Most inventory management tools come with projected sales calculations that are based on things like predicted growth, market trends, promotions, the economy, and even your historical sales figures. Find out how your software forecasts result for your company and use it to your advantage.

To boost the accuracy of your forecasting, it might be worth thinking about cloud-based software for your company. Having software on the cloud means that you won’t be limited in the amount of data you can collect. You might be able to connect your system to an AI system that gives you regular alerts to keep you moving in the right direction.

3. Regularly Audit and Track Sock

It’s important to keep track of everything that’s happening with your stock. Even with your inventory management tools to help you, remember to check your inventory, and make sure that everything is accurate every once in a while.

Most companies do this on an annual basis. Once you know your numbers are correct, you can set up a system to track your stock levels at all times. Some advanced tools will allow you to prioritize views on which pieces of stock are selling fastest. You can also find tools that send automatic alerts when your inventory levels drop below a certain point.

When auditing your stock, keep an eye out for products that are struggling to earn any sales. Low-turn stock that hasn’t had any sales in the last six to 12 months might need to be replaced with something new.

4. Use the Right Methods

Inventory management tools help you to keep track of your stock in a way that improves the consistency of your business. For instance, you can use the FIFO approach to keep things moving at the right pace. First in and First out sales mean that you sell your goods in the same order that they were created or purchased.

This is crucial for perishable items, but it can also be helpful for non-perishable goods, because items that sit around for too long might become overly damaged. If you want to keep on top of your company’s reputation, methods like FIFO can also assist with quality control.

Using your inventory management technology, you can ensure that all your products look great and perform as they should. Your tracking system should be able to measure how many of your products end up not being “up to scratch”.

5. Following your ABCs

If you’re running a company that sells a lot of different kinds of product, then it might be helpful to have tighter controls on high-value items. You can do this using the ABC method. Basically, you use your inventory management strategies to group inventory items into A, B, and C segments.

You can also use categories to segment inventory in other ways. For instance, if your company produces and sells some of its own stock, but also delivers items through a dropshipping supplier, you’ll need two different systems to keep track of everything.

Moving to dropshipping entirely can sometimes be a much better option for people who don’t have a lot of space or extra time for inventory management. You don’t have to worry as much about equipment repair times, or getting your items shipped out to a customer straight away. Instead, you work with a middleman that handles the harder parts of inventory management for you.

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Common Terms in Inventory Management

Still unsure about inventory management? Here are some glossary terms to help:

  • ABC method: A strategy for ranking inventory based on turnover rates. You’ll rank the inventory generating the most income as category A, while lower-performing products are categorized as category B and C. Class A products need to be closest to the shipping and fulfilment areas of the warehouse.
  • Two bin method: This is the term used when companies store items in two locations. When  the first bin is empty, the items are moved over from the second bin, helping to track the right amount of inventory.
  • Fixed order quantity: This is the process companies use when a minimum number of products is required within the business at all times. When the inventory reaches that number, a restock order will be established.
  • Fixed period ordering: This is when goods are ordered to refill inventory according to a set time period. This is a more common choice for simplistic inventory management in smaller stores.
  • Vendor managed inventory: This is the term used to refer to when the supplier manages inventory levels and reorders stock based on sales or specific time periods. This is common in retail, grocery, and even healthcare environments.
  • Just in Time inventory: The JIT method involves keeping as little stock as possible in your warehouse to reduce costs. You only order extra stock when you know you’re going to need it.
  • Dropshipping: A common strategy for companies looking to save money, businesses that use dropshipping outsource the elements of managing their stock, so they don’t have to manage their own warehouse and fulfilment strategies.
  • Bulk shipment: This technique involves buying inventory in bulk to ensure you get the best price. Often, companies use this technique when there aren’t concerns with things like sell-by dates and expiration.
  • Backordering: This is what happens when customers places orders for stock that isn’t available yet. It’s important for companies to have a quick way to access backordered stock.
  • Cross-docking: This system helps to reduce the need for holding inventory. Products are delivered into a warehouse where they’re immediately prepared and sorted for shipment, and reloaded into trucks.
  • Consignment: This technique allows a wholesaler or another consignor to give their goods to a retailer without the retailer having to pay for the goods upfront. The consignor owns the goods and the retailer pays for them when those goods sell.
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Warehouse Management vs Inventory Management

Though they may sound like interchangeable terms, warehouse and inventory management systems a little different. An inventory management solution helps you to track the amount of product you have at any given time, so you can maintain a perpetual inventory level. This is an excellent way for any retail business to avoid stockouts and keep track of their total costs of running.

A warehouse management system, on the other hand, supports the entire operation of a warehouse, complete with inventory management included. Warehouse management often addresses the entire supply chain operation and integrates with things like transport management systems.

With warehouse management tools, you’ll have access to features like:

  • Reporting tools for tracking and analyzing warehouse information and keeping an eye on important KPIs for business growth.
  • Yard and dock features to help drivers find the right loading dock and assisting with cross-docking operations.
  • Labor management to track employee performance through key performance indicators.
  • Shipping to generate things like packing lists and invoices for shipments, as well as managing shipment notifications.
  • Packing and picking technology to guide warehouse workers towards picking and packing items for better efficiency.
  • Retrieval and receiving: A solution guiding inventory management and retrieval with pick-to-light or pick-to-voice technology.
  • Inventory tracking with automatic identification and data capturing through tools like RFID scanning and barcodes.
  • Warehouse design for improving inventory allocation and picking logic.

Some of the features of inventory management tools will also have overlaps. For instance, you still get things like picking and packing to help you manage the shipment of goods in a given time. You’ll also have access to shipping tools and services for tracking inventory levels. Other features might include tools for management locations for the placement of items, receiving orders and tracking them for fulfilment operations, cycle counting for up-to-date totals, and barcode tracking.

Reporting tools are also a common feature of inventory management systems, as you’ll still need to collect as much information as possible to run a more efficient business.

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Inventory Management FAQ

Still not sure about inventory management software? Here are some of the most common questions that we often encounter when speaking to business owners.

Can I manage everything in a spreadsheet?

A: You can, but it isn’t really a good idea. You need to update all of your spreadsheet information manually, which means that it takes a lot of time. Plus, there’s a good chance that you’ll make mistakes from time to time. A spreadsheet can’t scale with your business.

Is inventory management software expensive?

A: It depends on the software you choose. There are a lot of different options out there – some are designed for substantial enterprise companies, while others are intended for smaller businesses. The more advanced you want your technology to be, the more you’re likely to pay for your subscription. You may be able to save some money by signing up for annual memberships, however.

What is inventory tracking?

A: Inventory tracking is a process that comes in many different styles. Some people use their own spreadsheet when they first get started then gradually upgrade to a full-blown software solution. The more channels you sell through and the more stock you have to track, the more complicated tracking becomes. It’s important to ensure that you have a tech tool that can keep track of everything.

Why is inventory management important?

A: Managing your inventory is an essential part of running a successful company. You need to know which products and materials you have on-hand, so you can ensure that you’re always delivering what your customers want. Good inventory management helps with delivering a more seamless customer experience and improving cashflow for your team. You can reduce your expenses by spending less on backup stock and things that you won’t have chance to sell.

Is inventory management difficult?

A: Without the right technology, inventory management can be exceedingly difficult, particularly if you have a lot of stock to keep track of. That’s why automated tools and intelligent software is available to help simplify the process of inventory management for all kinds of business.

What are the types of inventory?

A: The most common types of inventory are raw materials, work in progress, or WIP inventory, Finished goods, and MRO or Maintenance, repair, and operations goods. You might also consider things like “packing materials” as a type of inventory if you’re an eCommerce retailer that needs to keep track of that sort of thing.

What is the EOQ model?

A: EOQ stands for economic order quantity, and it involves calculating the ideal order quantity a company should be purchasing to reduce inventory costs like shortage costs, holding costs, and order costs. This production scheduling model has been around since the early 19th century, and it can be a little time-consuming to figure out at first. However, the formula assumes that the metrics of demand, holding, and ordering will remain constant.

What is the EOQ model used for?

A: The EOQ model won’t always be ideal for all wholesalers and business owners. However, some companies find that the economic order quantity is a helpful tool, because it’s used to calculate the optimal quantity that can be produced or purchased to reduce the cost of carrying inventory and processing purchase orders. Production setups are also accounted for in the EOQ model when examining the cost of the total workflow for sending customer orders.

What is permanent inventory?

A: When you’re running your store with inventory management solutions instead of excel spreadsheets, you’ll find it much easier to adjust your orders into various different categories. One way to manage your inventory data is with perpetual or permanent inventory.

This is a method of real-time inventory management that allows you to account for the purchase of inventory immediately through computer POS solutions. Unlike other systems that might allow you to check inventory data through computers and mobile devices from time to time, this solution in warehouse management systems allows you to track your store performance at all times. This can make it easier to predict things like the need for replenishment purchases.

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Making the Most of Inventory Management

Inventory management tools are some of the most valuable solutions you’ll have as a business owner. The only way to stay one step ahead of marketplace demand and ensure that your customers are getting what they need, is to keep a close eye on your inventory.

With the right software, it’s easy to see which of your products inspire the most demand, and how often you need to reorder supplies. You can also use your inventory management tools to track things like spoilage and avoid missing out on profits.

If you’re not using inventory management technology yet, now could be the perfect time to get started.

Rebekah Carter

Rebekah Carter is an experienced content creator, news reporter, and blogger specializing in marketing, business development, and technology. Her expertise covers everything from artificial intelligence to email marketing software and extended reality devices. When she’s not writing, Rebekah spends most of her time reading, exploring the great outdoors, and gaming.

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