Photo by Tiger Lily: https://www.pexels.com/photo/men-working-in-a-warehouse-4481528/ In the fast-paced business world, effective inventory management plays a vital role in maximizing profitability and customer satisfaction. As we step into 2023, it is crucial for businesses to adopt innovative strategies...

In times of economic uncertainty and downturns, businesses face numerous challenges to survive and thrive. One of the most critical aspects that can make or break a company's success during a recession is efficient inventory management. Effective control over inventory levels, accurate...

You might be wondering what the relationship is between gross profit margin and inventory turnover. It's important to understand how they affect each other so we can make informed decisions regarding our business strategy. Gross profit margins measure a company's profitability when it sells its products...

You might be feeling the squeeze of a recession right now as it's affecting companies globally. The supply chain has been no exception and is seeing an array of consequences, from exacerbated cost issues to increased distribution risks. Companies must rethink traditional strategies, such as inventory...

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...

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...

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...

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...

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....

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...

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...

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...

  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...

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...

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...