In the early 2000s, Nike had some major inventory management problems. The company lost around $100 million in sales due to these issues. It may be difficult to imagine that such a well-established corporation could have a massive operational failure like this, but they did. As they learned…
In our increasingly digital world, business is changing at every level. What used to take employees and business owners three hours now takes five minutes. Something as difficult as inventory management is much easier thanks to inventory management software and other technological advances. One of the best things…
In a perfect world, there would be no need to worry about the possibility of inventory being stolen. Sadly, many businesses lose a pretty big chunk of change every year due to theft. It can be tough to know if inventory “shrink” is because of waste, breakage or…
Inventory management isn’t the easiest thing to master. As a business owner, you need to be aware that the employees you hire will have varying degrees of inventory control experience. If your inventory system is an integral part of your business, it’s probably a smart idea to include…
Have you ever been asked about your “inventory turnover”? What a bizarre term! Well, inventory turnover is a ratio that many people use to judge the quality of your operation. It basically refers to how many times per period your company’s inventory is sold and replaced. Calculating your…
In business, the inventory system is how you keep track of your goods and materials. This is an essential part of your business, as good inventory management can make or break a business! If you’re not properly keeping track of your inventory, you’re not maximizing your profit. You…
In business, the inventory system is how you keep track of your goods and materials. This is an essential part of your business, as inventory is how you make your money. If you’re not properly keeping track of your inventory, you’re not maximizing your profit. Today there are…
As a business owner, you know the importance of your inventory and want to properly keep track of it to help your business grow and succeed. So, what do you do next? There are many choices available when it comes to inventory software. Let’sl discuss a few…… There…
Sometimes, a business outgrows a basic inventory management system. Inventory management software alone no longer suffices. When this happens, a company may need to hire an inventory management specialist whose job is to solely keep track of all things inventory related. This inventory specialist will count the inventory,…