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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 Try inFlow to manage your inventory and make sure you never run out of stock: https://www.inflowinventory.com/ Listen to our podcast on other platforms: https://secretlifeofinventory.buzzspr... 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! #inventory #inventorysoftware #inventorymanagement #inventorymanagementsoftware #secretlifeofinventory #inflowpodcast