Inventory Management Technique: LIFO or FIFO?

Inventory Management Techniques: LIFO or FIFO?

Inventory Management Techniques: LIFO or FIFO? Which is the Best Method for Your Business? Business owners often overlook a critical component of operations management – their inventory management system, which can have a huge impact on a company’s operations, tax liability, and profitability. One critical thing to consider is if you should employ the LIFO […]

ABC Inventory Management

Inventory Management Technique: ABC

Inventory Management Technique: ABC What is the most effective way to manage various types of inventory? An inventory classification system. By segmenting your inventory, it makes it easier to track inventory items and more effectively manage your resources. Inventory classification, including ABC, VED, FSN or SOS, can be very beneficial for cutting costs, increasing efficiency […]

Inventory Management Technique - Manual Inventory

Inventory Management Technique: Manual Inventory

Manual Inventory Method The manual inventory method is typically defined as tracking inventory without the use of computerized system, which typically utilize software, scanners, barcodes, real-time reporting, etc. A manual inventory system tracks inventory with a pen and clipboard, a stock book, or with an Excel spreadsheet. Manual inventory entails regularly updating inventory counts through […]

Inventory Labeling

Inventory Management Technique: Inventory Labeling

Inventory Labeling What is Inventory Labeling? Looking for an inventory management technique to get you organized? The answer is simple: labeling. Using clear and consistent inventory labeling to track inventory and assets will help get your business organized. With an effective labeling system in place, your staff can know where to look on each item or box […]

Inventory kitting

Inventory Management Technique: Kitting

Inventory Kitting Kitting, an often overlooked yet effective inventory management technique, works well for many retailers and wholesalers, especially in a lean manufacturing environment. Inventory kitting, or product bundling, is the process of grouping individual but related items into one sellable item. IKEA is a retailer that is well known for inventory kitting. A good […]

Inventory management techniques - cycle counting

Inventory Management Technique: Cycle Counting

Cycle Counting We realize that managing inventory can be a challenging, time-consuming task for many small businesses. And, trying to manually manage inventory can make it even more daunting. To ease small business inventory management, it is essential to conduct a manual, physical inventory control process, in addition to implementing a robust inventory management system […]

Inventory Management Software: What Type Does Your Business Need?

Inventory Management Software: What Does Your Business Need?

Types of Inventory Management Software: What Does Your Business Need? What type of  business inventory software do you need?  A very important question. Since we realize that is a big decision to select the right inventory management software for your business, the TRXio team has put together a rundown that might help you. Industry Specific […]

Inventory Turnover Ratio

Inventory Management Techniques: The Rundown

Inventory Management Techniques What are the different inventory management techniques? To properly manage operational costs and cash flow, selecting the right inventory management system is key. This is especially true for small businesses as proper inventory control is essential for growth and success. No matter what inventory management tool is used, the goals include lowering operational […]

Advantages of Cycle Counting

Advantages of Cycle Counting

Cycle Counting Small entrepreneurs faced with limited resources can find various aspects of running a business challenging. Managing inventory manually and checking for inaccuracies can be an extremely time consuming task. While there are technology tools to help you manage inventory, including TRXio, it is also important to implement an in-house system of manual inventory […]

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Inventory Management Technique: Decline Stage

Inventory Management Technique: Decline Stage Whether due to spoilage, shifting marketplace trends, or advancements in technology, there comes a time in every product’s life when it hits the decline stage. In a product’s life cycle, the decline stage is defined as the period when sales or demand starts to level off or decrease. When a […]