Retail supply chain management can be a complicated and challenging process, especially for medium-sized businesses. With so many moving parts involved in operations, you must understand the retail supply chain environment to navigate potential issues safely and efficiently. Megaventory has compiled a concise set of tips to help your organization, comprehend common supply chain complexities…
Tag: inventory
A Complete Guide on Inventory Management in Logistics
Logistics management is challenging due to its precise implementation because raw materials that are acquired in order to access production are also considered stock. Receiving raw materials and delivering finished goods after production in the storage area of the warehouse that is placed on shelves or compartments as stock is a complex process, especially for…
Everything You Need To Know: Omnichannel vs Multichannel Retail
The eCommerce retail industry generated USD 5.7 trillion in sales in 2022 alone. These numbers alone show that eCommerce is an integral part of the daily lives of individuals everywhere. But in the digital world, it’s easy for your products to be passed over for another or forgotten about entirely because customers can be fickle…
Maximizing Inventory Efficiency: The Top Features of a Strong ERP
ERP (Enterprise Resource Planning) inventory management is a useful tool used by many businesses today. It’s an integrated management system that keeps track of all the business activities including production, procurement, and sales. ERP inventory management combines all the functions of a company into one system, which gives you more control over what other employees…
Inventory Costing Methods: How to Optimize Your Inventory Management and Cut Costs
It’s time-consuming and expensive to keep track of your inventory. You know you need to optimize the process, but there are so many metrics to manage—you can’t even begin to think of ways to cut costs. And more importantly: you aren’t even sure if your current inventory tracking process is right for your business. How can you…
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….
What Is A SKU In Inventory Management? The Ultimate SKU Guide
If you are preparing to start a business or already have a company that deals with stock, you probably have heard about what is SKU in inventory management. You might even be already familiar with what it means and how to implement it. But many people lack a full understanding of SKUs. It’s important to…
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…
Inventory Management vs Warehouse Management: Is There a Difference?
We constantly hear about inventory vs warehouse management. Many times, those two are also used as synonyms. But are they actually the same thing or is there a difference between them? Also, why are they important for businesses? Let’s dive into their differences, similarities, and their importance! What Is Inventory Management? Inventory management focuses on…