Inventory management
Tracking the quantities of products in stock, their movements in and out, critical levels and when to reorder.
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Why it matters
Excess stock ties up capital, while shortages lose sales and customers. For businesses selling through several channels, if stock is not managed from a single centre, the same product gets sold twice. Critical level alerts and ordering based on sales velocity reduce both risks.
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Example
A hardware store raises the critical levels of its best-selling products based on pre-season sales data. During the construction season, shelves do not run empty and customers do not go to competitors.
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Common mistake
Tracking stock in a hand-kept spreadsheet with a weekly count. When sales speed up, the sheet no longer reflects reality and sold-out products keep being sold.
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Related terms
Related services and guides
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