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The Importance of Real-Time Inventory Tracking

inventory tracking

Inventory tracking is one of the most challenging aspects of running a successful and efficient eCommerce business. It can be akin to moving furniture with a grocery cart. Ideally, a logistics system can show you exactly how much inventory you have, allowing you to excel in supply chain management planning. … Read more

Understanding the Cold Chain Management Process


Restaurants need their ingredients fresh to serve delicious dishes. Vaccines have to be chilled for them to work effectively. Nobody wants to receive a bouquet of wilted flowers. These items, from food, vaccinations, fresh flowers, and more, have one thing in common. They must be transported chilled to reach you … Read more

What is Phantom Inventory and How Can You Avoid It?


Running a business requires managing inventory, especially if you’re in the retail or eCommerce. Making the best choices for your company will be made easier by using effective inventory management strategies. These methods can also aid in preventing phantom inventory.  Most online merchants will plan and manage store layouts, merchandise, … Read more

IoT in Inventory Management: Advantages and Challenges


In today’s very competitive eCommerce landscape, online businesses constantly look for ways to boost productivity and reduce costs. IoT in inventory management is one area with much space for development. Traditional inventory management, which is manual and time-consuming, can result in erroneous data and stockouts. The Internet of Things (IoT) … Read more

Beginning Inventory Formula: How to Calculate


A company’s financial health and prospective profitability are understanding how much of a product or material is available at any one time and how much it is worth. Inventory is a valuable quantity that may be measured at many points during the accounting process. Beginning inventory is what your business … Read more

The Pros and Cons of Vendor Managed Inventory


Consumer expectations for product availability have increased as omnichannel shopping has become more popular. Items must always be in stock for customers, regardless of where or how they purchase them. Your business could lose profits if a product is out of stock. Customers will go to a competitor instead. Online … Read more

AI Inventory Management: What You Need to Know


Online businesses must manage their supply chains efficiently to maintain a competitive edge in the face of globalization and technological advancement. Companies now consider AI inventory management more due to the variety of client demands, international competitiveness, and market competition. There is an urgent need to improve inventory management as … Read more

Economic Order Quantity: Definition and Formula


Managers and retailers sometimes have difficulty finding the best amount for stock replenishment for a particular item in daily operations. Order quantity is serious. Ordering fewer things might lead to an out-of-stock situation, while ordering fewer items raises your holding costs. Both are detrimental to any business and ought to … Read more

Aged Inventory Report: What It Is and Why It Matters


It’s incredibly satisfying as a business owner to see your goods flying off the shelves and having enough stock to fill every order. But consider the opposite; when SKUs gather dust in your warehouse. Stagnant or excessive inventory can result in significant problems, such as rising storage costs and dwindling … Read more

What is Work-in-Process Inventory?


Manufactured items need many parts which need to be purchased. Consider a wristwatch as an example. Although it may look simple on the outside, disassembling it reveals several components necessary for the watch to function properly. The price of a product influences how much it costs to produce it (e.g., … Read more

The 4 Benefits of Having a Perpetual Inventory System


Inventory management is critical to keeping any retail business afloat. Overstocking, high warehouse costs, and the inability to predict new trends could happen if it doesn’t have it. In addition, ineffective inventory management causes consumer discontent due to delivery delays and out-of-date goods. Inventory systems can ensure enough products are … Read more

Four Ways to Sell Overstock Inventory


Businesses share a common issue: too much inventory. Dealing with excess inventory or overstock requires extra space and can be expensive. This scenario happens when you don’t have a good strategy to sell overstock inventory. A certain level of creativity is required if retailers are to turn their overstocked inventory … Read more

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