AccountingInventory Periodic Inventory System vs. Perpetual Inventory System Managing inventory well is essential for maintaining accuracy and efficiency in your operations. In this guide, we explain periodic and perpetual inventory systems and help you decide which system best suits your business needs. By Mattias Turovski 11 min read
InventoryManufacturing Tips ABC Analysis (80/20 Rule) in Inventory Management ABC analysis helps businesses get insight into their supply chain, reduce inventory, and improve inventory management efficiency. And properly applying it does not require a data analyst or a substantial amount of resources. By Madis Kuuse 15 min read
InventorySales Inventory Turnover Ratio – Formula, Examples, and Tips The inventory turnover ratio is a good indicator of your sales and inventory management performance. Find a balance between sales and stock by using these formulas and tips. By Madis Kuuse 12 min read
InventoryManufacturing Tips Kitting – Benefits, Examples, and Best Practices Kitting is a valuable method to help manage raw material and finished goods inventories and optimize the manufacturing process. There are two main types of kitting and numerous instances in which either of them can prove useful. By Madis Kuuse 15 min read
InventoryManufacturing TipsSupply Chain What is Traceability and How to Achieve It? Traceability is the ability to track a product or item throughout its entire supply chain, from its origin to the end consumer. Traceability enhances product safety and consumer trust by enabling companies to identify contamination or defect sources, perform targeted interventions and efficient product recalls, and increase transparency regarding the origins and handling of products. By Madis Kuuse 12 min read
AccountingInventoryManufacturing Tips Work in Process Inventory – What Is WIP and How To Calculate it? We have all seen manufacturing depicted in cartoons. Basic resources are rolled into a factory, followed by loud noises and a smoking chimney. Then, shiny finished products emerge on the other side. In reality, manufacturing is a bit more complex. On their journey toward becoming final products, raw materials go through work in process inventory. […] By Mattias Turovski 12 min read
Manufacturing TipsSupply Chain What Is Vendor Managed Inventory (VMI) and How To Use It? Vendor Managed Inventory is a practical supply chain management method that can lead to better inventory optimization, reduced costs, and stronger relationships between companies. But only if it’s done right. By Madis Kuuse 11 min read
Production planningSupply Chain What is Reorder Point and Reorder Point Formula? Keeping optimal stock levels in order to avoid stockouts is an integral task of inventory management. One of the most fundamental ways in which to ensure this is setting and maintaining the right reorder points. By Mattias Turovski 12 min read
AccountingManufacturing TipsSalesSupply Chain What Are Backorders? Meaning, Causes, and Tips For manufacturers and distributors alike, backorders constitute a reliable means of keeping up sales even after goods have gone out of stock. In this article, we look at the meaning and causes of backorders and weigh their pros and cons. By Mattias Turovski 11 min read
InventoryManufacturing Tips How to Use Inventory Tags and Labels to Organize Inventory? Tagging and labeling inventory items can bring substantial benefits to your business. From increased stockroom control to better supply chain traceability, this post explores how inventory tags and labels can help further efficiency. By Madis Kuuse 10 min read
InventoryManufacturing TipsSupply Chain Inventory Planning – A Quick Guide Inventory represents the very foundation of any manufacturing or distribution operation. Keeping the raw materials, WIP, and finished goods inventories at optimal levels is crucial for short- and long-term business success. By Mattias Turovski 10 min read
InventoryManufacturing TipsSupply Chain Purchase Order Management – Achieving Consistent Deliveries For any manufacturing company that relies on components and raw materials from suppliers, purchase order management constitutes an important set of practices that can significantly simplify the procurement process. In this article, we look at how to achieve consistent success with your procurements using the best purchase order management practices and solutions. By Mattias Turovski 9 min read
