Vendor-managed inventory (VMI) is a physical products business model where suppliers take responsibility for managing their customers’ inventory levels. Curious about implementing VMI in your business? Learn the essentials of VMI, a few examples, and the steps needed to begin VMI.
Small businesses can improve operational efficiency, reduce costs, and enhance customer satisfaction by leveraging inventory management software.
One of the best strategies for strengthening your bottom line and boosting efficiency within your business is to take a closer look at inventory management data. As a whole, metrics like efficiency ratios can help businesses to assess their own performance in using assets effectively. One such efficiency ratio is the inventory turnover ratio. This important metric can help businesses to better understand and, if needed, shift their approach to inventory management.
Just-in-time inventory allows us to successfully manage the receiving of materials and inventory on time. Here is how to calculate JIT inventory and its advantages!
As the labor shortage rages on in the healthcare industry, many clinics and hospitals are constantly searching for ways to eliminate wasted time and improve efficiency at all levels. Inventory management tools like electronic shelf labels can help protect productivity and prevent stockouts.
In the midst of this recession, many distributors are pragmatically reviewing their business plans and finances to determine their...
Understanding the carrying cost of your inventory is crucial for determining how much money you could be wasting by holding unneeded inventory.
The success of your business hinges on having the supplies and inventory you need, exactly when you need them. Managing ...
Among the many truths highlighted by the COVID-19 pandemic is that healthcare organizations need precise and reliable inventory management practices. Following a few best practices can prevent unexpected stockouts as well as costly unnecessary overflow in the stock room.
It’s an uncomfortable fact – managing consigned inventory at a customer’s location can be challenging. Your customer may have great intentions, but, nevertheless, they don’t always treat your inventory as if it’s their own.
