Inventory Management Process
For managing inventory in an optimum way a right process is required and our
essential guide shares all that you need to know about it.
- Inventory Management Basics
- What are the basic functions of inventory?
- Types of Inventory
- What is Inventory Management?
- Inventory / Product Tracking
- Why is Inventory Management important?
- Methods of Inventory Management
- Perpetual Inventory Management
- Periodic Inventory Management
- ABC Analysis
- Just In Time Inventory
- FIFO & LIFO
- Economic Order Quantity (EOQ) Formula
- Vendor Managed Inventory
- Two Bin Inventory Control
- Inventory Cycle Count
- FSN Inventory
- Popular Processes of Managing Inventory
- Challenges in Inventory Management
- Best Practices for Inventory Management
- Maintaining Safety Stock
- Demand Forecasting and Planning
- Merchandise Planning
- Retail Visual Merchandising
- Inventory Turnover Ratio
- Stock Replenishment
- Product Bundling
- Important Inventory Management Terms
- Cost of Goods Sold
- Bullwhip Effect
- Reorder Point
- ABC / Pareto Analysis
- Lead Time
- Big Data
- Bundling and Kitting
- Last-In-First-Out (LIFO)
- Current Demand Inventory
- Demand Override
- Days of Inventory on Hand
- Black Box Forecasting
- Inventory Shrinkage
- Moving Average
- Economic Order Quantity
- Cycle Count
- Consignment Inventory
What is Inventory Management Process?
A good process provides you good results. It is primarily the process that makes you end right where you are meant to be at the right time. So is true for the inventory management process.
A right and modern approach will enable you to manage your inventory, orders, shipping, returns in such a way that you will be able to track your items easily and efficiently at any given point.
There are primarily two popular processes for managing inventory. Gone are the days when everything was handled on pen and paper! Technology has allowed us to record all the important data in easy to access digital ways.
Let us take a look at them in detail here:
Managing Inventory on Excel Sheet
“Tracking your inventory can become a complicated task if it’s not managed properly with a proper tool.”
Spreadsheets are the simplest way to manage your inventory and related data like stock, sales, purchases, orders, suppliers, and basic level reports for free!
With the help of advanced mathematical capacity, excel sheets can comfortably be used to organize and operate different aspects of inventory and business management with ease. You can also use excel with other apps to get through challenging situations in business that require exceptional calculation skills.
Create group sheets, use filter search results, and get the information on the changes in inventory instantly. It’s pretty much easy to figure out the flaws and correct them quickly without wasting much time and money.
Read More about Managing Inventory on Excel Sheet
Inventory Management Software
As mentioned earlier, inventory is the backbone of any commodity business, and therefore, managing it properly becomes important.
Using excel sheets for inventory management is a fair process for small businesses with limited products but what when you expand your business and start selling online?
You need a better tool for obtaining accurate inventory count, stock taking, tracking the inventory in real-time, locating inventory, managing orders, shipping and receiving the orders, etc. that’s when it is crucial to use inventory management software.
Inventory management software is efficient in not just handling inventory-related tasks but it can automate the entire eCommerce operations process. You can conveniently manage back-end operations of selling your products across multiple channels, multiple locations, and in multi-currency by using one single software.
To learn more about Inventory Management Software sign up here.