Price is too much. Given the exorbitant price, I had assumed this must be a top quality book that's extremely concise and useful. When every page takes very long to write and distill, whatever price is justified if it gets you to learn and absorb the best from someone's years of field experience in under 3 hours.
If you have any basic understanding of how a business runs, meaning jargons like "supply" and "overhead" are plain language to you, then you don't need this book. However, if you are a complete newbie to business management, then this is perhaps the best intro to inventory management you can find, because it probably the only book on something so specific as inventory management that assumes the reader knows nothing about business management.
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Why is Inventory Management Important?
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What is Inventory Control? | Stock Control Systems - Unleashed Software
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Nonetheless, physical inventory almost always falls into one of the four categories above. Stock keeping units — commonly known as SKUs — are product codes that you and others use to search and identify stock on hand from lists, invoices, or order forms. Stick to an alphanumeric system for your SKUs and avoid accents and symbols that can cause formatting issues in Excel or elsewhere.
Common Struggles eCommerce Businesses Have with Inventory Management
However, with a little bit of homework, these formulas can be very useful for keeping stock levels optimized. Your EOQ is the optimum number of products you should purchase to minimize the total cost of ordering or holding stock. Figuring out your EOQ can potentially save you a significant amount of money. Days inventory outstanding DIO , also known as days sales of inventory DSI , refers to the number of days it takes for inventory to turn into sales.
The average inventory days outstanding varies from industry to industry, but generally a lower DIO is preferred. Determining whether your DIO is high or low depends on the average for your industry, your business model, the types of products you sell, etc. The reorder point formula answers the age-old question: When is the right time to order more stock?
You want to have enough safety stock to meet demand, but not so much that increased carrying costs end up straining your finances.
Support Contact us Log in. Chapter 1 What is inventory management? What is inventory management? Real-time inventory visibility 2.
Optimization via smart insights 3. Integrated supply-chain automation Best practices 1. Start with your own data 2. Maximize inventory turnover 3. Learn your ABCs 4. Forecast demand 5. Automate everything you can 6.
Track by batch and expiry date 7. Keep your pipeline flowing 9. Decouple inventory for additional safety Inventory management software to power up your business. Share this page. Table of Contents What is inventory management? Effective leadership is a necessary skill for inventory managers who are tasked with the hiring, firing and management of employee teams. They need to lead their teams and overcome all the relative challenges this entails, and to also themselves take direction to work effectively as part of a larger team.
Most inventory managers will need to work with other functional teams such as marketing and sales departments and procurement managers to organise the efficient flow of inventory in and out of the business.
What Are Some of the Necessary Skills of Great Inventory Managers?
Customers are particularly less forgiving if this happens around important peak holiday periods. Inventory managers, therefore, not only have to ensure that the right stock is available at the right time, but that it is also in the right place. It is important for inventory managers to understand what products they are managing. Beyond industry-specific knowledge, inventory managers should understand the essential difference between the types of inventory stock beyond raw, in-progress and finished goods.
Such as the subtle differences between various assembly goods, or those groups of components needed to assemble another item, family groups of similar items and bulk packaging of multiple items. This knowledge can play a big role in how inventory stock is approached and tracked. Great inventory managers will also keep abreast of industry news so they can spot any supply and demand issues or relevant trends that may impact inventory scheduling.
Of primary importance for an inventory manager is tracking inventory flows to help predict future needs. Great inventory managers understand the importance of using software solutions to understand and track the constant highs and lows of product demand. Including seasonal or holiday peaks and working with marketing and sales teams to track promotional activities to ensure there is enough inventory stock on hand.