Inventory Shrinkage: Preventing Loss and Theft by Managing Inventory

What is Shrinkage? Inventory shrinkage means the number of products in stock falls below the number indicated on the inventory list. The discrepancy could be caused by clerical errors, damaged or lost products, or theft from the point of purchase to the point of sale. What are the Main Causes of Inventory Shrinkage? There areContinue reading “Inventory Shrinkage: Preventing Loss and Theft by Managing Inventory”

Inventory Management: Achieving Inventory Visibility

What is Inventory Visibility? First, what is meant by inventory visibility? Most businesses are more concerned with quantities and products and don’t pay much attention to where the products are located. The number of locations in businesses varies based on how small or big the business or the operations are. Even little bins and drawers,Continue reading “Inventory Management: Achieving Inventory Visibility”

Why is Inventory Management Important for a Pharmacy?

What is inventory in pharmacy? Inventory is the biggest asset of any pharmacy. Pharmacy inventory refers to the contents of medicine containers and all prescription drugs. How you handle pharmacy inventory decides whether you maximize revenue or yield losses. Pharmacy inventory management is the life of business operations. Unopened, partially opened, in processed drugs areContinue reading “Why is Inventory Management Important for a Pharmacy?”

Managing Trunk Stock and Maintenance Spare Parts Inventory

The way we handle inventory is determined by the inventory kinds we have. When we think of inventory management, we normally think of direct inventory, which are raw materials for manufacturing, and retail or wholesale, which are direct inventory purchases that are shelved to be sold. What is spare parts inventory? Spare parts inventory refersContinue reading “Managing Trunk Stock and Maintenance Spare Parts Inventory”

Simplifying Inventory Management for Municipalities and Other Government Agencies

Municipalities are one of the busiest organizations. Unlike manufacturing and warehousing, this organization has different departments with numerous people needing supplies and peripherals to perform their jobs. The police stations, fire stations, and health units are some of those departments that need different types of supplies and equipment. Manual operations frequently result in misplaced orContinue reading “Simplifying Inventory Management for Municipalities and Other Government Agencies”

Inventory Visibility for Cold Storage Warehouses

As consumers, we are always concerned about the dairy, meat, and other foods we consume. Our focus is to take care of their storage and quality. The companies that make these items, like us, take efforts to ensure the safety of such commodities.  The difference is that when it comes to the manufacture and storageContinue reading “Inventory Visibility for Cold Storage Warehouses”

Optimizing Evidence Room

Evidence management is defined as the administration and control of evidence related to an event in order for it to be utilized to prove the circumstances of an event.  Every piece of evidence should be preserved of its integrity before it may be utilized in court or tested by independent parties. Hence, every item inContinue reading “Optimizing Evidence Room”

Managing the Inventory for Search and Rescue Supplies and Equipment

Rescue workers and emergency responders are the first to arrive on the scene after a disaster, often in unfamiliar surroundings and in inclement weather, ready to save lives and secure the environment to help protect the lives of those who come after them. Around piles of rubble, other debris, or collapsed structures, rescue workers andContinue reading “Managing the Inventory for Search and Rescue Supplies and Equipment”

IT Asset and Inventory Management

What is IT Asset Management (ITAM) ITAM is also known as IT inventory management. It ensures the organization’s resources are used efficiently to support the needs of users and business functions. Its process involves gathering detailed hardware and software inventory data, which is then used to make purchasing and asset utilization decisions.  Having an accurateContinue reading “IT Asset and Inventory Management”

Inventory in the Field

Field operations often cover large geographical areas, they also have remote warehouses, and trunk or van stocks. This type of business requires a meticulous way of managing the inventory. With multiple locations and a variety of small and large products, manual tracking is beyond difficult. Field inventory is commonly associated with items that are alwaysContinue reading “Inventory in the Field”