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9 Most Effective Inventory Management Techniques
Inventory management helps you balance your level of stock to ensure you have enough materials to meet demand without having costly excess goods. By properly managing your inventory, you can ensure your stock levels are accurate, evaluate product performance, provide a better customer experience and save your company money. You can manage inventory across five stages,…
Square Inventory Management: How to Gain Visibility and Prevent Overselling for Offline and Online Sales
Successful business owners know that inventory is one of the most important aspects of their business. When inventory management is done well, it can make all the difference between a thriving and a failing business. Inventory is important because it is what customers will interact with most. Product listings should reflect when products are in stock and available. As long as you enter the…
How to Calculate Safety Stock: A Step-by-Step Guide
What Is Safety Stock? Why Your Business Needs Safety Stock How to Calculate Safety Stock Calculate Safety Stock Using Standard Deviation Safety Stock Formula Using Standard Deviation Risks Related to Safety Stock Learn More About Using Safety Stock With Finale Inventory One of the first things to know about running a business is that your inventory…
How Effective Inventory Management Can Win You Customers
Inventory management is the logistical balance companies must achieve to accurately measure how well their supply keeps up with demand. Good inventory management tracks the movement and level of products to increase productivity, cut costs and make the best use of resources. For many companies, the goal of the inventory management process is simply to…
How Product Bundling Helps Consumer Electronics Sell
For a company looking to increase its sales efforts, product bundling is one of the most flexible strategies available. Companies in industries ranging from telecommunications to fast-food chains use product bundling and kitting to encourage customers to buy more products. The practice can create powerful sales results for all types of businesses. Makers of consumer electronics,…
A Guide to QR Codes
The digital age is changing the way business is conducted for everyone. New technology is always in development and being implemented in different industries across the globe. One such development is quick response codes, otherwise known as QR codes. Though the initial QR code system first appeared in 1994 after being developed by a company called Desso…
What is the Difference Between Lots and Serial Numbers?
Controlling your inventory — whether you have one facility or dozens — can be a daunting task. With hundreds and thousands of products entering and exiting your site each day, how do you keep track of everything? The best solution is to organize your merchandise via lot tracking and serial numbers to keep tabs on…
Leverage Sales Velocity Reordering to Make Smarter Data-Driven Business Decisions
With every passing month, the numbers of sales transactions continue to grow for each Finale customer. We have unlocked this valuable data by providing insightful sales velocity data to allow you to quickly learn how well a product is selling and to leverage sales velocity reordering to make smarter data-driven business decisions. What Is Sales…
How Kitting Can Save Your Business Money While Being Sustainable
Kitting is another word for product bundling. It refers to combining multiple products from a business, usually following a theme, into a singular set to sell to consumers. You likely most often see examples of kitting in your favorite fast-food restaurant’s drive-thru line and in holiday raffles or charity events where you might enter for a…
5 Ways To Guarantee a Successful Warehouse Management System Implementation Project
Are you finding that warehouse management is not all that it could be? Are you running into problems such as misplaced stock items, misrecorded inventory numbers, long shipment and delivery wait times for customers and more? If so, these problems can cause serious issues for your business if they are not fixed quickly and for good.…
Amazon Inventory Management: 5 Tips on How to Tackle Disorder for Efficiency
Have you ever thought about the size of Amazon’s inventory? As the world’s largest online retailer and most dominant online marketplace, you can bet that their warehouses are stocked to the brim with all sorts of products. In fact, when you think of all the items Amazon has stored and readily available for sale and shipment, the might…
10 Ways to Utilize Magento Inventory Management to Grow Your Business
Everyone starts with a small business, but over time you want it to grow and flourish. Growth comes in many forms, from an increasing customer base, growing stock and inventory, new brick-and-mortar stores and more international accessibility for online stores. Of course, a strong business ethic is also an essential part of fostering growth in your company, but you still have to embrace useful technological tools. One…
Selling CBD Online: A Quick Guide
The hemp compound CBD receives a lot of attention in today’s market. CBD oil and other wellness products containing CBD have rising popularity in consumers looking for natural health remedies. If you want to tap into this emerging market, you need to do your research. This guide will give you an overview of the online…
Markup Pricing: How and When You Should Use It
Businesses rely on various pricing strategies to find the best price for their products to drive sales and maximize profits. After considering production, overhead and marketing costs, a company must then decide what percentage they’ll need to mark up the selling price to cover costs and make a profit. What Is Markup Pricing? How to…
How to Use QR Codes for Inventory Management
Inventory management is a complex operation that requires fast and accurate product tracking and a well-organized database of information. Quick response (QR) codes efficiently record product information and trace each item’s path along the supply chain. QR code inventory management is an easy solution to make your warehouse a powerhouse of efficiency. QR codes are squares…
What Is Obsolete Inventory and How Can You Manage It?
For companies of all sizes, an important part of the business is ensuring that you do not have too little of an item or service to fulfill customers’ wants, but not so much that you don’t sell enough of your products. Understocking and overstocking can harm a company monetarily and can harm its reputation if…
5 Tips for Boosting Your Inventory Performance Index (IPI) Score on Amazon
Are you an inventory director or in charge of ordering and managing inventory for your company? Managing inventory is a large task for small businesses and large businesses alike. If you do any e-commerce on Amazon, you’re going to want to know about an Inventory Performance Index score. Do you want to increase your company’s…
The True Costs and Hidden Expenses of Bad Inventory Management
Though it may seem counterintuitive, too much inventory isn’t good. In fact, the costs of bad inventory can be steep for a business — you could lose both money and time to poor inventory management. In serious cases, you could even lose your business altogether. Every company, from small businesses to mega-corporations, can be severely negatively impacted…