Inventory management is the ongoing process of ensuring that the items your business needs are in the correct quantities in the right places at the right times. It’s about ensuring that you have enough inventory on hand to meet the needs of your customers and keep your business running smoothly.
An accounting system is a great idea to start track of inventory. There are so many packages have built-in accounting functions that can help to keep track of inventory. Once you impliment inventory software, you can start monitoring your inventory levels and make adjustments to your business strategy.
1. Raw materials - define various row materials for company production 2. Work in process - define materials in the process of products creations 3. Finished goods - It represents completed products that are ready for sale 4. Merchandise - define finished goods a company imports from a wholesale supplier for resale.
1. Just-in-Time Management (JIT) 2. Materials requirement planning (MRP) 3. Economic Order Quantity (EOQ) 4. Days sales of inventory (DSI)
Inventory management is important for supply chain as it's helps you to assume how many products you need in the future for ordering, that helps you to avoid running out of product & delays in delivery and it also helps to decrease the expense of storing products and row-materials.
Fore select the best inventory management system you have to check several factors including requirements, cost of the software, customization, usability, integrations with other systems, flexibility, and support. These points can help you to select the right inventory management software for your wholesale store.