Simple Inventory Management Solution by SATO (2024)

FAQs

What is simple inventory management? ›

The simple inventory management solution is designed to cater to inventory control and management needs of small to medium businesses. It enables user to perform stock receiving and dispatch through on-demand mobile printing and item scanning as well as visibility of inventory stocks at one glance.

The most common inventory control methods are ABC Analysis, Just In Time (JIT), Material Requirements Planning (MRP), Economic Order Quantity (EOQ), Safety Stock, First In, First Out (FIFO) and Last In, First Out (LIFO), Batch Tracking, and Perpetual Inventory System.

Four major inventory management methods include just-in-time management (JIT), materials requirement planning (MRP), economic order quantity (EOQ), and days sales of inventory (DSI).

Inventory management controls at the warehouse is labor-intensive and involves several steps, including receiving and putaway, picking, packing and shipping. The challenge is to perform all these tasks in the most efficient way possible.

Inventory management refers to the process of storing, ordering, and selling of goods and services. The discipline also involves the management of various supplies and processes. One of the most critical aspects of inventory management is managing the flow of raw materials from their procurement to finished products.

Rules of Inventory #1: Have Enough Inventory to Service Demand. In the past, when inventory ran out, companies would simply issue a backorder while they purchased or manufactured more items. Customers would simply wait for the item to be in stock again.

The three most popular inventory management techniques are the push technique, the pull technique, and the just-in-time technique. These strategies offer businesses different pathways to meeting customer demand.

ABC Analysis classifies inventory items into three categories based on their value and importance to the business: A (high-value items), B (medium-value items), and C (low-value items). The A items — typically the most expensive and most important — should be managed with extra care and attention.

How to manage inventory in Excel? ›

Inventory refers to all the items, goods, merchandise, and materials held by a business for selling in the market to earn a profit. Example: If a newspaper vendor uses a vehicle to deliver newspapers to the customers, only the newspaper will be considered inventory. The vehicle will be treated as an asset.

It is a method for inventory valuation or delivery cost calculation, where even if accepting inventory goods with different unit cost, the average unit cost is calculated by multiplying the total of these unit costs simply by the number of receiving.

An example of inventory management is the practice of a retail store regularly monitoring its stock levels, analyzing sales data, and placing orders with suppliers to replenish inventory.