What is Inventory Management? (Learn the Basics & Techniques) | Secret Life of Inventory
Are you a business owner in need of better inventory management? Well, we can help! In this episode, we're here to teach you the fundamentals of inventory management and common techniques used to effectively manage stock. From cutting costs to improving productivity, stay tuned to learn the best practices and how you can improve your workflow today!
0:00 - Intro
1:07 - Who are we?
2:14 - What is inventory management?
3:46 - Why is inventory management important?
6:10 - Different types of inventory techniques
6:36 - ABC analysis
7:50 - Batch tracking
8:40 - Bulk shipment
9:02 - Consignment
11:33 - Cross-docking
12:40 - Demand forecasting
13:39 - Dropshipping
15:22 - Economic order quantity
16:10 - FIFO (first in, first out)
17:26 - LIFO (last in, first out)
17:44 - Just in time
19:53 - Lean manufacturing/lean construction
21:36 - Material requirements planning (MRP)
22:11 - Minimum order quantity
22:44 - Reorder points
24:09 - Safety stock
25:17 - Periodic vs. perpetual inventory management
26:01 - Cycle counts
27:26 - Perpetual inventory management
28:36 - Wrapping up
30:01 - Outro
Think you'd be a great fit for our podcast? Apply here to join us as a guest in Season 2 and for the chance to win a free trip to Toronto (flights and accommodations covered)!
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The deadline to apply is January 31, 2025.
Try inFlow to manage your inventory and make sure you never run out of stock:
https://www.inflowinventory.com/
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About Secret Life of Inventory:
Welcome to the Secret Life of Inventory – a podcast from inFlow Inventory. We'll delve deep into the unseen world of inventory management, revealing the hidden mysteries that help small businesses (like you) optimize their workflow and succeed!
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