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What is Inventory Management?

Inventory management is the supervision of non-capitalized assets (inventory) and stock items. Basically, inventory management supervises the flow of goods from manufacturers to warehouses and from these facilities to point of sale.

This concept is one part of supply chain management. Inventory management oversees the flow of goods from manufacturers to Often, for small businesses, the items don’t land in a holding area or warehouse – they are directly put on the shelf or the stock area of the store. Still, inventory management is all about tracking each new or returned product from the point of sale.

What is Inventory Management?

Inventory management is the supervision of non-capitalized assets (inventory) and stock items. Basically, inventory management supervises the flow of goods from manufacturers to warehouses and from these facilities to point of sale.

Inventory Management

Often, for small businesses, the items don’t land in a holding area or warehouse – they are directly put on the shelf or the stock area of the store. However, inventory management is about tracking each new or returned product from the point of sale.

Inventory Management Software Systems

Inventory management software systems originally amounted to simple spreadsheets that accounted for the quantities of goods in the warehouse. However, they are now more complex. Furthermore, these systems are customized for the specific business or operation they are used on. Especially for larger businesses.

The Advantages

  • Inventory Balance: Never too little or too much of an item.
  • Inventory Turnover: Want to keep this high so products aren’t spoiling or becoming irrelevant.
  • Repeat Customers: Good inventory management also produces returning customers.
  • Time Saver: Keeping accurate inventory eliminates the time-suck of recounts.
  • Cost-Cutting: By being aware of slow-selling products, you can eliminate them and focus on newer, more attractive products.

Work with Bank of Merchant

At Bank of Merchant, we customize payment processing systems that zero in on the demands and needs of your specific business. For instance, this approach means incorporating Inventory Management technology into your existing system. This will also tighten up your operation and allow your business to be as lean and effective as possible. No more overstocking or missing out on sales by not replenishing stock in a timely fashion. Bank of Merchant will have your operation organized and up to date so you can thrive!

Contact us at Bank of Merchant so we can set you up with expert payment processing!

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