What are the different techniques of managing inventory?

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What are the different techniques of managing inventory?

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  • 30 Aug, 2018

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The techniques that will help you save your inventory are:

The economic quantity of order

It is the technique of maintaining the least quantity of order. But it should be enough for satisfying the needs of the customers. It focuses not preventing the wastage of the stock.

The quantity of the order should be minimum

It is the lowest quantity that the company is interested in selling.

FIFO

First in first out is the method of managing stock. It prevents the selling of old stock or expired products.

LIFO

Last in first out is the method that focuses on selling those products on the priority that comes at last. For instance, the packed juices which are less perishable.

Batch tracking

It is the technique of tracking the competing lot in which the products are traced with the channels of distribution with the help of the batch numbers.

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