Inventory Liquidation: When And How Should You Do It? Having excess inventory sitting around your shelf can bloat up your storage costs and incur taxes that make you wish you discarded those unsold items early on by liquidating them. Although a painful experience, liquidating unwanted inventory can impact your business
Strategies to Minimize Production Overhead Costs In the competitive landscape of manufacturing, controlling costs is not just beneficial; it’s crucial for survival and growth. While direct costs like materials and labor are often meticulously managed, indirect costs—collectively known as manufacturing overhead—can be a bit more elusive. In this post, we’ll
What are Order Management Systems And How Do They Work? Are you considering adopting an order management system for your business but are unsure if it can help streamline your order management process? Perhaps you only have a vague idea of what an order management system does and need further
Causes of Inventory Discrepancies And How to Prevent Them Inventory discrepancy happens when there is a, well, discrepancy between the quantity of items you have at hand and what appears in your system. Picture this: Stacy, a clothing retailer dealing in women’s beach wear, has received a
How and Why You Should Create Inventory Reports As a business owner, creating an inventory report gives you clear visibility into your products, allowing you to see how they move across your sales channels and storage facilities. In addition, it lets you access the financial health of your business accurately
What Is Economic Order Quantity and How Do You Calculate It? Calculating Economic Order Quantity ensures you stock the right amount of inventory to meet customer demand. It eliminates the chances of overstocking items that not only tie down your capital but also bloats up inventory costs and holding costs.
SKU Rationalization: The Key to Staying Profitable in Business Carrying stock people aren’t interested in buying not only adds to your inventory costs but also bloats up your storage costs and eats away at your profit margin. This is why implementing a well-thought-out SKU rationalization process for inventory management becomes
What Is Decoupling Inventory and How Does It Work? Curious to know what decoupling inventory is and how it can help keep your production line running in the event of a disruption? Read on! Unforeseen supply chain disruptions can throw the entire production into disarray. For example, there might be
How to Calculate Reorder Points to Avoid Stockouts Knowing how to calculate reorder point for your inventory can help you maintain a balanced inventory level and avoid the much-dreaded stockout and excess inventory problems that come with poor inventory control. However, as easy as it might sound, calculating inventory reorder
Understanding the Warehouse Putaway Process In the world of warehouse management, the putaway process is a critical operation that involves moving goods from the receiving area to their appropriate storage location. The efficiency of this process can significantly impact the overall productivity of a warehouse, influencing everything from inventory accuracy
Optimizing Production With a Batch Scheduling Batch scheduling is a production technique used by optimization-conscious businesses looking to reduce manufacturing costs without sacrificing quality. It involves grouping similar tasks or product types together and producing them in one production run. This saves them the time of changing
Minimum Order Quantity: What It Is and the Benefits It Offers If you are a wholesale supplier looking to make a healthy profit from selling to retailers, chances are you’ve set a minimum order quantity on purchases. Put simply, this is the minimum quantity of products retailers need to pay
