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… Inventory management versus inventory control
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… Inventory Turnover Ratio
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… Advantages and limitations of planning
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… Types of 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… Why use an inventory management software
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,… Advantages and shortcomings of inventory management system
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… Objectives of inventory management system
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… Inventory management for small businesses
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… Record Keeping for small businesses
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… Discuss Deming’s 14 Principles