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
Key takeaways DSI measures how many days it takes a business to sell its inventory on average. The DSI formula is: (Average inventory / Cost of goods sold) x 365. Average inventory is usually calculated by adding beginning and ending inventory values, then dividing by...
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