In the manufacturing industry, inventory management software can help you keep track of inventory levels, sales, and deliveries. It also helps you create work orders, bill of materials, and other production-related documents. This is an extremely useful tool for any company, as it makes it easy to see how much inventory you have at any given time. But what is inventory management software, and how can it benefit your business? This article aims to explain what inventory management software is and how it can benefit you. supply chain blog Cost of goods sold (COGS) is a term used in inventory management that refers to the direct costs of producing goods,…
-
-
How Inventory Management Can Benefit Your Business
The importance of inventory management cannot be overstated. Unsold products cost a business money. Deadstock is an especially costly problem because it means that the business is stuck with a product it can’t sell. In addition to being expensive, these products often have poor shelf life and are prone to spoilage. For this reason, keeping track of inventory is critical to a business’s survival. If done correctly, inventory management can reduce costs and ensure a smoother operation. procurement & logistics A proper inventory management system is essential for a business of any size. It requires complex decisions and involves multiple levels of organization. Small businesses can keep track of their…