Inventory turnover measures how quickly a company sells its products or services and replenishes the inventory. It's an important metric in gauging efficiency holistically, as it affects key financial metrics such as the gross margin of the business.
When running a business, keeping track of inventory...
Inventory turnover measures how quickly a company sells its products or services and replenishes...
Warehouse managers can expect to face a number of difficult challenges in 2023 due to continued pandemic disruption, labor shortages, and rising inflation. However, we can expect new technologies to emerge that could help address these problems. Smart technology systems will play an increasingly important...
Warehouse managers can expect to face a number of difficult challenges in 2023 due to continued...
It's 2023 and the future of the supply chain is far from certain. With multiple geopolitical conflicts and economic pressures, inflationary trends, climate change weather events increasing in intensity, and the potential for new disruptions emerging, supply chain operations are set to remain volatile.
This...
It's 2023 and the future of the supply chain is far from certain. With multiple geopolitical...
What is an Inventory Audit?
An inventory audit uses analytical procedures to check a company's inventory methods and confirm if the financial records match the actual count. While counting all your stock items can sound mind-blowing, with the right tools, an inventory audit can be effective and valuable...
What is an Inventory Audit?
An inventory audit uses analytical procedures to check a company's...
Organizations across the globe need to maintain order, accuracy, and speedy service. There are plenty of management systems to combine data and processes, but one area that they end up failing at is inventory. Performing intensive counts (monthly or cycle counting) must be done with complete accuracy....
Organizations across the globe need to maintain order, accuracy, and speedy service. There...
Organizations across the globe need to maintain...
Loss prevention is the action a business takes to reduce theft and fraud. These avoidable losses, caused by human error or deliberate efforts, are known as shrinkage. Shoplifting and employee theft make up a $61 billion annual loss in the retail industry. These incidents are encouraging retailers to...
Loss prevention is the action a business takes to reduce theft and fraud. These avoidable losses,...
An audit is important since it provides an objective and impartial view of an organization’s financial performance. A statutory audit is also a legal requirement. A year-end audit is critical to decision-making. Audit results provide questions about whether your internal controls and processes...
An audit is important since it provides an objective and impartial view of an organization’s...
The supply chain is made up of several aspects such as the following:
procurement
sourcing raw materials
manufacturing
productions
shipping, receiving, storing, and fulfilling
managing reverse logistics (returns and exchanges)
The goal of a supply chain is to become as efficient and operate...
The supply chain is made up of several aspects such as the following:
procurement
sourcing...
A company that prepares for upcoming risks and plans possible actions to solve these risks can turn adversities into opportunities. Companies can analyze how they have performed during the crisis by collecting data and learn from these things. This information collected can help the leaders determine...
A company that prepares for upcoming risks and plans possible actions to solve these...
Maintaining inventory is still one of the challenging things that you will encounter in the retail industry. You will face various obstacles throughout the supply chain, but there are several ways to prevent these.
The holiday season is a special time for so many people, and it can also be a challenging...
Maintaining inventory is still one of the challenging things that you will encounter in the...
Inadequate pricing verification can lead to many problems such as legal action, damaged business reputation, and many other complications. We do not want that to happen.
At one point, you probably have encountered being overcharged or undercharged at a retail store. Sometimes, you catch it at...
Inadequate pricing verification can lead to many problems such as legal action, damaged business...
The supply chain is defined as the system where a supplier and a company work together to deliver a product to a consumer. This would include the people involved, the materials needed for the production of the items, the storage facility, the marketing for the item, and the distribution and delivery...
The supply chain is defined as the system where a supplier and a company work together to deliver...
As COVID-19 hit a huge percentage of the world, life drastically changed. Social distancing became a necessity, and taking extra precautions with personal hygiene, such as regular hand-washing and wearing masks, became a norm. With business owners, more changes took place as they had to adjust to having...
As COVID-19 hit a huge percentage of the world, life drastically changed. Social distancing...
In a perfect and ideal setting, there is no reason to worry about inventory theft. However, the reality is that many businesses lose a lot due to inventory theft. This shrinkage can be traced based on the difference between the accounting records such as receipts, purchase orders, and physical count....
In a perfect and ideal setting, there is no reason to worry about inventory theft. However,...
The beginning of the year is a crucial time for business owners. A new year spells out another chance to improve the business and increase profits. This is the time for businesses to drum up new strategies for marketing, set new goals for the organization, and even redesign the interiors. The new year...
The beginning of the year is a crucial time for business owners. A new year spells out another...
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