What is Inventory Management? (Learn the Basics & Techniques)
Get a solid introduction to inventory management and learn practical techniques you can use to improve your workflow.
Description Key takeaways
About this episode
Are you a business owner in need of better inventory management? Well, we can help! In this episode, we're here to teach you the fundamentals of inventory management and common techniques used to effectively manage stock. From cutting costs to improving productivity, stay tuned to learn the best practices and how you can improve your workflow today.
Key Takeaways
- Purpose of inventory management: Ensures the right products are available at the right time to meet demand and minimize waste.
- Inventory techniques: Methods like FIFO, ABC analysis, and dropshipping cater to various business needs.
- Inventory tools: EOQ, reorder points, and safety stock help maintain optimal stock levels.
- Tracking systems: Periodic and perpetual inventory systems offer different approaches, with cycle counts enhancing accuracy.
- Lean strategies: Techniques such as just in time and cross-docking reduce storage costs and improve efficiency.
Highlights
Our Hosts
Jared Plumb
Content Creator
Melinda Tse
Content Creator
Your story deserves the mic
Join us and share your inventory expertise with the world!
Smarter inventory starts with smarter updates
Get the latest inventory insights sent straight to your inbox.