What Is Inventory Management? How to Track Stock for Your Business

Not sure where to get started with inventory management? This video will walk you through formulas, techniques and tips for managing your inventory.

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What is inventory management? Inventory management is the system you build to organize inventory through the supply chain. It covers all steps, from raw goods to finished goods, storing, and selling. It also tracks your company’s stocked goods and monitors their weight, dimensions, amounts, and location.

The goal of inventory management is to minimize the cost of holding inventory by helping you know when it’s time to replenish products or buy more materials to manufacture them. This helps you maintain optimal inventory levels and minimize costs.

Inventory control can be used interchangeably with inventory management. Essentially, it refers to when you have control over your stock, typically due to effective inventory management processes. It’s much easier to maintain control of your inventory with centralized inventory management.

Here is what we’ll cover in this video:
00:00 Introduction
00:35 What is Inventory Management
02:07 Use Shopify
03:26 Set Par Levels
04:36 FIFO
05:35 Manage Your Relationship with Your Supplier
06:14 Prepare a Contingency Plan
07:33 Comment Responses

► What Is Inventory Management? How to Manage and Improve Stock Flow https://bit.ly/3uqZeQB

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