Over the past five weeks, I’ve covered five important inventory management terms that every business owner should be familiar with. These inventory terms will help you in future inventory planning so you can and implement a seamless inventory management system to meet customer demand.
Here is a recap of the inventory terms I’ve mentioned, which includes their definition and link to the full blog post on each of them for you to get more information:
Carrying Cost – The amount of money a company spends to keep inventory safe and stored over a certain length of time. It is also known as holding cost and inventory cost.
Batch Picking – The act of obtaining products from a warehouse to complete a group of orders made by customers.
Cycle Counting – The act of checking the number of products currently in stock in a warehouse, usually done on a daily or weekly basis.
Costing Method – The way that a final product’s total cost is calculated.
Lead Time – The length of time between when an item is ordered and when it is added to a company’s inventory count.
Now that I’ve covered some basics, I’m going to delve into more complex inventory management processes that use the above terms, and many others, to help businesses be more efficient. Upcoming posts will have more on inventory management software and systems that will streamline your current manufacturing process.
You won’t want to miss it.
Here is a recap of the inventory terms I’ve mentioned, which includes their definition and link to the full blog post on each of them for you to get more information:
Carrying Cost – The amount of money a company spends to keep inventory safe and stored over a certain length of time. It is also known as holding cost and inventory cost.
Batch Picking – The act of obtaining products from a warehouse to complete a group of orders made by customers.
Cycle Counting – The act of checking the number of products currently in stock in a warehouse, usually done on a daily or weekly basis.
Costing Method – The way that a final product’s total cost is calculated.
Lead Time – The length of time between when an item is ordered and when it is added to a company’s inventory count.
Now that I’ve covered some basics, I’m going to delve into more complex inventory management processes that use the above terms, and many others, to help businesses be more efficient. Upcoming posts will have more on inventory management software and systems that will streamline your current manufacturing process.
You won’t want to miss it.