Inventory management is something that’s crucial for any business manager to stay on top of. When you have a system that works, that allows you to satisfy customer needs while still maintaining profits. As such, you have two options: push inventory management, or pull inventory management. What’s the difference between push vs. pull inventory, and…
Category: inventory
Everything You Need To Know About ERP vs MRP
In today’s world, the supply chain industry has developed to the level that Enterprise Resource Planning systems and Material Requirements Planning systems are of high importance for a business. Both of these systems have gained popularity in recent years because of their ability to improve the efficiency of a business’s operations. Also, they can be…
Inventory Control vs Inventory Management: Is There Any Difference?
The whole process of managing inventory is complicated and has many different steps to it. You not only need to manage stock itself, but also all the daily activities that come with it. This is where inventory management and inventory control come in. While the terms sound similar to each other, they have key differences….
How Bad Inventory Management Results In Lost Customers
Inventory management affects the whole customer experience in many ways. Since inventory management is the process of purchasing, storing, and selling products, it can have an impact on customers. Thus, bad inventory management, like slow delivery and product unavailability, can lead to customer dissatisfaction. Let’s see what we mean by customer satisfaction and bad inventory…
Five Of The Most Important Types of Inventory Risks
While inventory management is beneficial and necessary for businesses that handle physical stock, it comes with some risks. Those risks can have a big impact on the whole process of stock management as well as on customer satisfaction. Also, most of the time you can avoid them but other times you cannot. Since companies invest…
5 Reasons Why Accurate Inventory Is Essential for Business Success
One of the most common obstacles a business will ever face is managing its inventory. Accurate inventory management can prove to be very challenging, especially if there are multiple storage locations and many products to handle. Nevertheless, an accurate inventory will give you valuable insight into your business’s operations, pain points, and strengths. Therefore, targeting…
How to Do Serial Number Inventory Tracking With Megaventory?
Editor’s note: This post was originally published in September 2020 and has been completely revamped and updated in November 2023 for accuracy and comprehensiveness. The serial number feature is essential for full traceability throughout the manufacturing process. It allows Megaventory users to track the movements of individual items in their inventory from the moment of…
Selling a Business With Inventory: How to Value Stock
Editor’s note: This post was orginally published in July 2019 and has been completely revamped and updated in June 2022 for accuracy and comprehensiveness. This is a guest post by contributor Marla DiCarlo. It outlines how inventory and its value should be approached in any company which handles stock. The business depends on keeping detailed…
How To Improve Your Inventory Management
Editor’s note: This post was originally published in December 2018 and has been completely revamped and updated in October 2022 for accuracy and comprehensiveness. When you want to improve your inventory management, you need every process to move like a well-oiled machine. As one of the last and most important steps in the retail pipeline…
How to Use Weighing Scales For More Efficient Inventory Management
It is crucial for every single business which deals with inventory to keep track of it. However, keeping track of each and every piece of inventory can be extremely challenging, especially if the inventory consists of small parts. In fact, counting such parts by hand is rather impractical. So what do you do? You implement…