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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 - i.e. avoiding the buying of surplus inventory, whilst also avoiding lacking stock. 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 types of Inventory Management are there?
There are a number of ways to track your inventory, two of the principle ways in which inventory is managed are:
-Periodic Method: This type of inventory management sees inventory data updated periodically, oftentimes being annually. This technique is more useful for smaller businesses where inventory is easier to keep track of.
- The Perpetual Method: This involves continual updating and tracking of inventory, and is popular with organizations as it gives up-to-date, accurate inventory information.
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.
To find out more about inventory management and tracking, please visit these webpages, via the links provided:
For a wealth of instantly downloadable and ready-to-use Inventory Management and Tracking Excel Templates, scroll down on this page category page.
- Excel template for warehouse inventory tracking and management1,870 remove_red_eyefreeby App Sheet
Retail Inventory Management TemplateDetailed, easy to use template for managing your business' inventory1,293 remove_red_eyefreeby Alan Friedman
Retail Inventory and Sales WorkbookInventory and Sales Excel Template Workbook for Retail.757 remove_red_eyefreeby Vend
Customer Invoicing System Excel ModelCustomer Invoicing and Inventory Management solution with management of customer information and product details.285 remove_red_eye
Inventory and Stock Management Tool in ExcelAn inventory and stock management excel tool to help you manage your inventory items with ease.378 remove_red_eyefreeby Zervant
Inventory Tracking Excel Template - Multiple LocationsManage inventory that moves back and forth between multiple locations (up to 21).469 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.131 remove_red_eye
Customer Invoicing and Inventory Management Excel ModelA complete business invoicing system with product/service, customer and inventory management.120 remove_red_eye$26.00by Business Spreadsheets
Financial Ratios Analysis: Inventory ManagementThis video will analyse and explain the inventory turnover ratio, helping you track and manage your stock more easily51 remove_red_eye
How to do Inventory Management for Small BusinessesGain an invaluable insight on how to do inventory management, by using fast and efficient technologies.41 remove_red_eyefreeby David Hay
ABC AnalysisLearn how to conduct ABC Analysis and calculate the control you need of your materials.47 remove_red_eye
Simple In/Out Inventory Management Excel Template - 1 Location -This excel model will help you track the quantity and value of your inventory.251 remove_red_eye
First-In, First-Out Inventory CostingThis video will walk you through inventory costing using the FIFO method.46 remove_red_eyefreeby Matt Fisher
Inventory Management Assumptions - FIFO, LIFO and Average Cost MethodsThis video demonstrates the different methods of inventory tracking and accounting inventory assumptions.109 remove_red_eye
Inventory Turnover RatioThis video analyzes and evaluated the inventory turnover ratio equation.21 remove_red_eye
Inventory Cash Flow Management - 12-Month Forecast Excel ModelA way to plan out the cash needed to buy inventory in order to meet projected quantity demand by SKU.56 remove_red_eye
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