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BLOG ARTICLES - View All Content Subject: 12 Live Streaming Video Tips to Build Your Brand and Business Date: Tuesday, May 5, 2020 Article Content: Linkedin is the last major social media platform to implement live streaming video. They are slowly rolling it out this year. [Read More...] |
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REGION1 Experience Builders (Posted): General Economics Research Needed From University of Washington Student Budget: $0-$250 -> 5 STUDENT Proposals JOIN In? VIEW All Region 1 Opportunities CREATE An Opportunity May 2024 Stats -> 0 NEW Opportunities Posted MONTHLY TOP SCHOOL: University of Nevada, Las Vegas (NV) MONTHLY TOP Business: Genentech MONTHLY TOP Experience: Data Analyst |
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Term Of The Day: Inventory Management Inventory management is the collection of strategies and tools that businesses use to manage their merchandise, as well as production and delivery workflows. Read on to learn more about how inventory management works and why it’s important for various industries. WHAT IS INVENTORY MANAGEMENT? Inventory management aids businesses in determining which merchandise to order when and in what quantities. Inventory is tracked from product acquisition to sale. To guarantee an adequate inventory to fulfill client orders and a proper reminder of any inventory shortfall, inventory management techniques recognize trends and react to them. Inventory turns into revenue after it is sold. It ties up cash before being sold while being listed as an asset on the company’s balance sheet. As a result, having too much stock is expensive and lowers cash flow. FEATURES OF INVENTORY MANAGEMENT Centralization of inventory control The inventory management system’s ability to monitor all inventory data is one of its most crucial features. A solid inventory management system consistently keeps a record of the product’s history, inventory levels, and many other details. Inventory control software’s ability to synchronize with other inventory system components aids in the precise running of the system. A unified inventory management system boosts team member efficiency and cooperation. As a result, team members from various locations can communicate and collaborate. Product availability and demand Utilizing inventory management software, business owners more effectively manage their inventories. Managers are able to better manage and visualize supply and demand for the company’s products, which helps them to optimize their inventory for appropriate availability and maximum profit. Backup and inventory security Regardless of what kind of business you run, inventory safety and backup measures are essential to effective inventory management and operations. Software for inventory management systems contains strong security measures that prevent hacking. Business owners can access and use the data from a backup when inventory software is compromised. Therefore, the inventory management solution’s backup and security features help to avoid any problems. Alerts regarding details of the inventory The era of manual inventory control is over. Managers no longer need to devote a lot of time and effort to managing stock data. A stock-out alert tool is an excellent addition to an inventory management system. This system feature describes many potential consequences of low stock for a specific item in the notifications. |
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