BUSINESS

In this article, we will discuss the basic elements of inventory management and inventory control and the difference between the two processes. While inventory management and inventory control may sound similar and are often mistaken for each other, the strategic focus of the two processes is different. While inventory control deals with the stock on-hand […]

 Inventory turnover refers to the period that passes from the day an item is purchased to the day it is sold. One complete turnover denotes that the company sold the stock it purchased except the items that were lost to damage or shrinkage. Inventory turnover is important for companies in various areas from manufacturing to

In this post, we will discuss planning, its advantages for businesses including operational and financial benefits as well as the limitations which affect planning and its impact on business success. Why should businesses plan? Planning is an essential business activity and critical to growth and expansion for organizations. It helps at proper organization and utilization

In this post, we will discuss planning and types of planning and their importance in the context of business and competitiveness. Let’s see how business use various types of planning to grow their productivity and manage various types of risks and challenges. Planning is an essential business activity. Organizations that have an effective business planning

Many businesses around the globe deal with challenges related to inventory management. Any business that makes or sells goods must manage its inventory. Inventory management refers to the purchase, storage, and movement of goods including raw materials, components, and finished goods. To manage inventory successfully, which is critical to improving business performance, businesses need to

In this post, we will discuss the importance of inventory management system for businesses as well as its advantages and shortcomings. Inventory management deals with the buying, storing, and sales of goods including raw materials, parts and finished goods. It deals with planning for purchasing, storage and sales of goods. The main aim of inventory

What is inventory management system and why businesses need one? Whether it is a small business like a bakery or a large retail brand, inventory management is important for both. In general inventory management means the process of tracking the stock of products. The basic underlying principle of inventory management is to help companies manage

Small businesses come across several challenges including financial and operational. Unless they have the right inventory management strategy, small businesses can find inventory management challenging. Keeping things organized is just as important for the small businesses as for the large enterprises. Inventory errors or inefficiencies can become a source of trouble for small business owners.

Why is record keeping important for small businesses? While large enterprises can devote more resources and people to record keeping, the process can be a bit tricky for small businesses. However, record keeping is just as essential for small businesses as the large enterprises. It is important for running operations smoothly and offers several benefits.

In this post, we will discuss the 14 principles by W. Edwards Deming for effectively improving quality organizationwide. Dr. Willian Edwards Deming is renowned as a leading statistician, author, lecturer, and management consultant. Deming is hailed as the leading management thinker in the field of quality. Trained in engineering, Deming also worked as a professor,