![]() Economic order quantity (EOQ) EOQ refers to how much you should reorder, taking into account demand and your inventory holding costs. Decoupling inventory Also known as safety stock or decoupling stock refers to inventory that’s set aside as a safety net to mitigate the risk of a complete halt in production if one or more components are unavailable. Deadstock Items that have never been sold to or used by a customer (typically because it’s outdated in some way). Cost of goods sold (COGS) Direct costs associated with production along with the costs of storing those goods. Bundles Groups of products that are sold as a single product: selling a camera, lens, and bag as one SKU. Inventory management terms Barcode scanner Physical devices used to check-in and check-out stock items at in-house fulfillment centers and third-party warehouses. Inventory management programīefore digging into strategies, techniques, and processes, let’s take a look at some of the inventory management basics for beginners: namely, the terminology and formulas you’ll need. In a broader context, inventory management also provides insights into your financial standing, customer behaviors and preferences, product and business opportunities, future trends, and more.
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