The Method You Need To Know In Managing Inventory
For most people, running a business may look simple and easy that they assume everyone can easily did it. They may be right but even though everyone can do a business doesn’t mean they all can be success. That’s a fact. Not everyone can be success on running business as anyone else. So, do you still think running a business is easy?
There are many things to note especialy in managing inventory. In this case, handling strategicaly and systematically will be needed especialy in managing inventory. Accuracy in knowing durability (expired date) is really needed in stock management. you must be want to avoid goods that has been broke for being too long in a storage.
Method of Management of Goods In Warehouse
In managing goods or stock in warehouse, there are several commonly used methods to properly managing inventory such as :
FIFO Method (First In First Out)
The FIFO method is a management method which means that the newly signed item will be the first item to out. The point is that the goods that have just entered the inventory will be the first items that come out of inventory. This is so that the first item is not damaged because it is too long in storage.
LIFO Method (Last In First Out)
LIFO Method is difference than FIFO. This method is a method that put out or selling goods that last come in. This method is used to follow the trend of the goods. This method usually used by clothes store, they display the last goods that come to their store.
FEFO Method (First Expired First Out)
This method is also different that other method above. This method is to to put out goods that having close expire date. It is done to keep out expired product in the storage. This method is commonly used by retail industry that sell beverage packaging.
Not every business can use any method. Every method has it’s own function so it’s important for you to know the function before you decide to implemented it to your business.