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Inventory Management templates
What is Inventory Management?
Inventory management is the process of tracking and managing your business’ inventory and stock. This process involves various aspects, including regulating and tracking of ordering your inventory and stock, analysing how it can be stored and regulating how much inventory is available for sale. Ultimately, Inventory Management is the process of making sure that the right amount of inventory is available in the right place, at the right time and at the lowest cost.
Why do you need to manage your inventory?
Inventory management will give you a centralized view of your business’ stock and inventory. This will allow you to keep track of your stock numbers and where exactly this stock is. Inventory management is particularly necessary if your business’ distribution centres are in different locations, as this will allow you to direct certain stock into certain sales channels.
A detailed inventory management system will also give you a better understanding of which of your products are proving successful and which are not. This will allow you to plan your future inventory investments based on which are doing well.
Inventory management can also be extremely helpful in relation to your business’ delivery services. For instance, companies can easily gain a bad reputation through delivery delays as a result of stockouts. An inventory management system will allow you to keep on top of inventory shortages and prevent potential late deliveries.
This process can also be used in order to forecast your business’ performance. You can easily analyse which of your stocks are doing well, allowing you to concentrate your attention on these areas and ultimately improve revenues.
When you manage your business’ inventory, you will also be able to limit your storage costs. Efficient inventory management will ensure that you are only storing the stock that you need – ie. Not too little and not too much. Storage costs are often based on the amount of stock being stored. As such, with effective inventory management you will only store the stock that you require and only pay for this storage.
What will you gain through Inventory Management?
Reduction in costs: Reduced costs in inventory storage and surplus stock
Improved cash flow: Your stock is often paid for with your business’ cash but whilst it is in storage, it does nothing for your business. However, better inventory management can lead to improved cash flow, as you only hold the stock that you need and can sell, meaning you are not holding surplus stock.
Easy inventory tracking: Inventory management software can give you quick and easy access to the key figures relating to you stock.
Demand forecasting: You will be able to analyse current demand for certain stocks in your inventory and build a forecast prediction based on this analysis.
Prevent shortages and excesses: Inventory management will give you the means to analyse your current holdings quickly and easily, making it easy to prevent shortages and excesses in stock.
- This excel model will help you track the quantity and value of your inventory.10 remove_red_eye$65.00by Jason Varner
Inventory Tracking Excel Template - Multiple LocationsManage inventory that moves back and forth between multiple locations (up to 21).29 remove_red_eye
Inventory Tracking Excel Template - Single Location - COGS LogicAn inventory management excel template designed for 1 location and focuses on deriving a cost of goods sold per sku.New!
First-In, First-Out Inventory CostingThis video will walk you through inventory costing using the FIFO method.New!freeby Matt Fisher
Retail Inventory Management TemplateDetailed, easy to use template for managing your business' inventory20 remove_red_eyefreeby Alan Friedman
How to do Inventory Management for Small BusinessesGain an invaluable insight on how to do inventory management, by using fast and efficient technologies.New!freeby David Hay
Inventory and Stock Management Tool in ExcelAn inventory and stock management excel tool to help you manage your inventory items with ease.New!freeby Zervant
Warehouse Inventory Management Excel TemplateExcel template for warehouse inventory tracking and management14 remove_red_eyefreeby App Sheet
Inventory Management Assumptions - FIFO, LIFO and Average Cost MethodsThis video demonstrates the different methods of inventory tracking and accounting inventory assumptions.New!
Financial Ratios Analysis: Inventory ManagementThis video will analyse and explain the inventory turnover ratio, helping you track and manage your stock more easilyNew!
Retail Inventory and Sales WorkbookInventory and Sales Excel Template Workbook for Retail.10 remove_red_eyefreeby Vend
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