Let’s dive into something that might seem a bit dry at first but is crucial for anyone in the Food & Beverage industry: data analytics. Trust me, once you see how powerful these insights can be, you’ll understand why they’ are essential for business outcomes. We’re talking about metrics like revenue trends, Cost of Goods […]
Like most manufacturing companies, when it comes to inventory management, yours likely has several goals and benchmarks you’re striving to achieve. Looking at Key Performance Indicators (KPIs) is the best way for you to know whether your company is working towards meeting those goals or heading in the opposite direction. Before jumping into some of […]
In Measuring and Managing Inventory: Everything You Need to Know we looked at why inventory is a vital part of any business in the supply chain industry. With this, we also looked at the definition and importance of inventory management – the process of overseeing and controlling the flow of goods, materials, and products within […]
Inventory Management is a crucial component of any company or business. The quality and speed at which customers can obtain product is often a driving factor when deciding who to place an order with. So, imagine how detrimental it would be if your company wasn’t in the know of what you had in stock, the […]
Why should you care about managing your inventory efficiently? Inventory management may just be one component of your supply chain, but the effects of it, positive or negative, impact your business as a whole. As discussed in Measuring and Managing Inventory: Everything You Need to Know, inventory management is the process of overseeing and controlling […]
It would be impossible for a company to only focus on profits. To maintain a healthy balance sheet and a healthy business overall, there are many other factors to consider in addition to profit. Working capital is one of the factors your company should have a good understanding of. How is Working Capital Calculated? Working […]
In The Importance of Working Capital and its Connection to Inventory, we dove into what exactly working capital is and how it can be calculated. To recap, working capital is the amount of assets a business has available after all current liabilities have been accounted for. Companies need to have a good understanding of their […]
Inventory Management is the process through which inventory is maintained in order to meet the demand of a company’s goods. A great inventory management system will tell a company exactly how many items they have on hand so that they can prevent shortages or surpluses, both of which can incur costs. Shortages will cause delays […]
What is Inventory Expiration and Why Does it Matter? Inventory expiration refers to product that an organization can no longer sell. It is often referred to as “obsolete”, “excess” or “dead” inventory. Inventory usually expires after it reaches the end of its sales cycle. Naturally, expired stock is a financial loss for an organization. Not […]
Reducing inventory write-offs is one of the most effective strategies for improving your Triple Bottom Line (TBL). The TBL, or 3P model, stands for people, planet and profit. By improving on any of these elements you will see a positive impact on all three. Reducing inventory write-offs helps to improve each of these elements in […]
