If you’re already practising the basics of inventory management within your business and you still feel like you’re spending too much time on fulfilling orders, then it’s probably time to consider third party logistics (3PL). The big selling point of using a 3PL is specialization. Think about it this way: your own business is optimized […]Continue reading
Inventory management methodologies, definitions, and best practices to manage and control your stock.
There are two methods for tracking and accounting for your products: the periodic and perpetual inventory systems. The periodic system is easier to start out with because it is less complex, but we’d suggest the perpetual inventory system for all but the smallest of businesses. It’s a more accurate system for your business to grow […]Continue reading
Tracking inventory accurately can require more than just stock counts. Many products can have lot, batch, or serial numbers attached to them — and properly managing these is just as important as monitoring your inventory levels. Lot and serial numbers are tracked through the manufacturing process, delivery to retail stores, and right through to the […]Continue reading
If retrieving products from the shelf is slowing your business down, then using a picklist template could be an invaluable tool. Picking is the process of removing sold products from your inventory — usually to prepare them for shipping. A lot of first-time businesses begin with a simple approach to picking: they’ll open a sales […]Continue reading
Your safety stock and reorder point help you determine how low your stock can get before you need to order more. If you don’t reorder when you reach your reorder point, you’re likely to run out of stock. Safety stock contributes to your reorder point by accounting for things like: delays in shipping, sudden increases […]Continue reading