Types of Inventory Management Techniques
An effective inventory management system helps businesses to manage stocks clutter free. A cloud based inventory management process provides the additional advantage of integrating multiple sales channels (ecommerce, marketplaces, mobile app, physical store selling) into one inventory system and manage all the stock numbers from a single dashboard.
Inventory management techniques doesn't differ for B2B and B2C businesses much as the volume of sales in both the domains are large these days. Today's inventory management software are developed with deep understanding to the modern inventory management techniques that every business owner likes to follow and is aware of.
Managing the available stocks, stock information, managing warehouse details, client information, avoiding deadstock situation, unavailability of stock and loads of other management responsibilities will be shouldered upon a business.
Certain well defined steps to improve inventory management can help you handle these tasks better. Even before that, here are the questions you should ask yourself to determining the inventory management techniques.
- Does your company have a robust system of determining and fixating stock levels?
- Are purchases based on economic order quantities?
- Is the entire process of material receipts, issues and stock taking automated?
- Is there a uniform and consistent way of creating and maintaining inventory masters?
- Is there a system by which dead stock or slow moving stock is constantly monitored?
- Has your business embraced cloud technology, especially for inventory management?
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