by Robert Brandon | Feb 2, 2023 | Workflows
Key takeaways ABC analysis arranges inventory into A, B, and C categories based on value and revenue contribution, helping businesses focus attention on the products that matter most financially. The method is rooted in the Pareto Principle (80/20 rule), which...
by Robert Brandon | Dec 2, 2022 | Inventory
Key takeaways ERP systems are all-in-one platforms that integrate multiple areas of a business (finance, HR, manufacturing, supply chain, CRM, etc.). ERP systems can cost $150,000–$750,000 annually, plus added expenses for licensing, customization, training, and...
by Olivia Barnes-Brett | Sep 30, 2022 | Inventory, Popular Now
Key takeaways There are 5 fundamental types of inventory: raw materials, work-in-progress (WIP), finished goods, maintenance, repair, and operations (MRO), and packing materials. Raw materials are the basic components used to create finished goods. If the components...
by Olivia Barnes-Brett | Sep 22, 2022 | Workflows
Key takeaways There are six main types of manufacturing processes: repetitive, discrete, job shop, continuous, batch, and 3D printing. Repetitive and Continuous processes are suited for high-volume, standardized products. Discrete and Job Shop allows for more...
by Olivia Barnes-Brett | Sep 16, 2022 | Accounting
Knowing how quickly stock sells gives businesses a good insight into their inventory management. No matter the size of your business or the industry you’re in, it’s important to know how long you hold onto stock so you can optimize processes. This is where...
