Every company should have an “easy come, easy go” order management system. In other words, it should be easy to order products and receive them into your warehouse, and it should be just as easy to then pick, pack, and ship them off to customers.
A Quicker Order Management System
To have an “easy come, easy go” order management system, you should get software that allows you to do the following things: Continue reading
This is the 20th video in our Whiteboard Wednesday series! After doing so many videos, we’ve covered an expansive group of inventory management topics. And we are just getting started.
Last time, Kirk Tanner went through the usefulness of having an EDI solution, especially when working with large retailers. This time he goes back to the basics to talk about three inventory metrics that every business should be using.
Those three metrics are:
1. Inventory Levels – How much of each product you have in storage.
2. Inventory Turnover – How often you sell everything you have on hand.
3. Cycle Time – How long it takes to complete an operation, such as fulfilling a customer’s order.
How much time could you save by using inventory control software to help you automate your business processes? We’ll answer that question, but first let’s talk about what inventory control is.
Inventory control involves many tasks, such as
- Reordering products
- Storing products in their warehouse(s)
- Keeping track of inventory in multiple locations
- Picking, packing, and shipping items to customers
- Manufacturing products
- Tracking inventory amounts and locations
- And many others
The point of inventory control software is to help businesses save time and manpower as they perform these tasks. Continue reading
Excuse me, but are you using SKUs to track the products in your inventory? If not, now is a good time to start. Fishbowl Inventory uses SKUs and similar tools to monitor inventory levels, track orders, and perform many other inventory-related tasks.
Fishbowl Inventory’s Product module offers in-depth information on each product you have in stock. Products can be identified using various means, but two of the most popular ones are UPCs and SKUs.
UPC stands for Universal Product Code and SKU stands for Stock-Keeping Unit. Continue reading
Welcome to another installment of our long-running Whiteboard Wednesday series. We’ve covered a lot of inventory-related topics in these videos, last week going through the ins and outs of retail inventory management. This week Fishbowl CMO Kirk Tanner returns to delve into the benefits of using an Electronic Data Interchange (EDI).
Whether you’ve got a big or small business, you should definitely use an EDI. It helps to standardize your billing and ordering forms. Most large retailers, like Target and Wal-Mart, refuse to do business with any company that doesn’t have an EDI, so it’s extremely important that you get one.
Not only should you have an EDI, but you should make sure it works with your inventory management system.
When goods go bad, it’s not good for anyone. Customers don’t get products and businesses have to take a loss.
To solve the problem of perishable products going past their expiration dates before being sold, businesses should use part tracking software. Fishbowl Inventory is one of the most popular software solutions that help small and midsize businesses keep track of their products in multiple locations.
Fishbowl Inventory gives users the ability to track parts by a virtually endless number of criteria, including: Continue reading
A lot number is one of many means businesses use to track items in warehouses and in transit.
Every product you receive from a manufacturer or vendor should have a lot number assigned to it. This keeps it distinct from other products and allows you to monitor the number of products you have in stock and where they are kept.
It’s easy for lot numbers to pile up as your business expands and you carry more and more varieties of products. So the question is how do you keep track of everything when you’ve gotta lotta lot numbers? Continue reading
This Whiteboard Wednesday offers another insight into inventory management topics important to your business. Fishbowl CMO Kirk Tanner, fresh off of tackling QuickBooks inventory management last week is back to take on retail inventory management.
In general, there are three sides of a retail business: sales, accounting, and inventory management. If retailers try to keep track of these three areas using paper notes or separate, unconnected software solutions, they’ll run into many problems and risks.
There’s a better way to keep your sales, accounting and inventory records accurate and in tune. Kirk explains how it works in the above video.
Happy April Fools’ Day. What do you think of my attention-grabbing headline for this blog post? It makes it sound like the end of the world is upon us!
What I actually mean by “The End of Inventory Management” isn’t that it’s time to give up on managing your inventory or that you should head for the hills. It simply means that I would like to talk about the end result of good inventory management.
Let’s have a little fun with the definition and usage of words as we talk about the end of inventory management. Continue reading
One of the most valuable lessons you can learn when it comes to inventory control is how to optimize your inventory levels. For many companies this involves reducing the number of products they keep in stock.
Optimizing Your Inventory
You can use Fishbowl Inventory’s reorder point calculator to find the threshold at which you should order more of a specific part or product. That way you’ll avoid stockouts and overstocks by keeping a steady stream coming in and going out of your warehouses and/or retail stores. Continue reading