Inventory Management KPIs that organisations need to focus on.
Inventory management has been termed to be one of the most important factors that facilitate business expansion and scalability. A well-managed inventory leads to a well-balanced organisation. But how does one define what a well-managed inventory is? Is it how you arrange the products or what kind of reports you generate? Well, a well-managed inventory can be subjective and to bring uniformity and set standards, there are some KPIs for. Inventory management.
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Taking Stock of Office Supplies
Probably your company maintains a selection of office supplies for employee use, so you need to maintain a regularly updated list of inventory purchased and used for each accounting period. A proper inventory serves two purposes: it makes sure your business doesn't run out of office supplies, and it allows you to account for office supply purchases as assets or liabilities under the accrual system of accounting.
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Inventory Pro: The Best Inventory Management Software for Retail Businesses
Inventory Pro offers unique features for inventory and supply chain management. Inventory Pro provides a centralized platform for you to manage all of your inventory across multiple retail locations and your online store, so you (and your online customers) can easily see a live count of how much product you have on hand at any given time. Especially in light of the current supply chain crisis impacting businesses around the world, Inventory Pro’s Supplier Module allows you to automate your low-inventory restocks so you can minimize any disruptions to your business.
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Why You Should Start Managing Your Inventory Now with Inventory Pro
Inventory management saves you money and allows you to fulfill your customers' needs. In other words, it enables successful cost control of operations. Knowing what you have, what is in your warehouse, and how to manage the supply chain properly is the backbone of business. The quantity of product a business has on hand appears on the balance sheet as an asset.
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Inventory Pro: The Smart App That Revolutionizes Your Workflow
Smart retail technologies provide faster, smarter, safer and more convenient services to shoppers. In addition to improving customer experience, these services accelerate inventory management and enhance store operations. Technologies such as AI, AR, VR and IoT are encouraging the implementation of smart retail applications and propelling the market growth.
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The Importance of Inventory Management for Small Businesses: Why It Matters
Inventory management is one of the most important aspects of any business. It impacts the company’s cash flow, and its ability to meet customer demand. A company’s inventory should be just enough to fulfill customer orders without too much waste. If it has too much, then the extra costs associated with that inventory will eat into profits.
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