{"id":582,"date":"2020-06-07T23:10:00","date_gmt":"2020-06-07T23:10:00","guid":{"rendered":"http:\/\/estudiopatagon.com\/themes\/wordpress\/veenv2\/?p=6"},"modified":"2020-07-24T15:42:46","modified_gmt":"2020-07-24T15:42:46","slug":"inventory-management","status":"publish","type":"post","link":"https:\/\/elmasys.com\/blog\/inventory-management\/","title":{"rendered":"What is inventory management and why is it important?"},"content":{"rendered":"\n<p>When you don\u2019t know how much inventory you have on hand, you can\u2019t make smart decisions. Order too &nbsp;little and you\u2019re at risk of losing customers. Order too much and you\u2019ll be forced to sell at a big discount or have items expired; all the while paying extra carrying costs.<\/p>\n\n\n\n<p>Good Inventory management is the biggest asset to your company. It is a technique of controlling, storing, and keeping track of your inventory items. In order to save money and make smarter decisions, you need to protect that asset and nurture it in the right direction.<\/p>\n\n\n\n<p>The main goal of inventory management systems is to know where your inventory is at any given time and how much of it you have in order to manage inventory levels correctly. In addition, it has a number of advantages that are important for your business.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Advantages of inventory management<\/h2>\n\n\n\n<p><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">1)<\/span><span class=\"has-inline-color has-vivid-red-color\"> <\/span><\/strong>Lack of the right inventory at the right time can mean back orders, excess inventory, etc. Keeping reports about your inventory helps you understand what stocks are doing well, versus which are just taking up shelf space.<\/p>\n\n\n\n<p><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">2)<\/span><span class=\"has-inline-color has-vivid-red-color\"> <\/span><\/strong>Reduces the time for managing inventory by keeping records in place.<\/p>\n\n\n\n<p><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">3)<\/span><span class=\"has-inline-color has-vivid-red-color\"> <\/span><\/strong>It helps to manage planning and forecasting by analyzing data trends.<\/p>\n\n\n\n<p>In other words, inventory management is vital for the survival of an organization. If you don\u2019t have good control over your inventory, the day is not far when you will lose control of your business. Don\u2019t let <a href=\"https:\/\/elmasys.com\/blog\/dead-stock\/\" target=\"_blank\" aria-label=\"undefined (opens in a new tab)\" rel=\"noreferrer noopener\">inventory excess<\/a> or shortages decide the future of your business. Invest in a good inventory management solution.<\/p>\n\n\n\n<p>A lot of companies will actually do a manual process to keep track of all of this and accomplish their business processes. Some are using an automated inventory management, which makes the process easier and far more accurate. So, if you want to know more about automated inventory management, click <a aria-label=\"undefined (opens in a new tab)\" href=\"https:\/\/elmasys.com\/blog\/inventory-management-automation\/\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>. <\/p>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<figure class=\"wp-block-gallery columns-0 is-cropped wp-block-gallery-1 is-layout-flex wp-block-gallery-is-layout-flex\"><ul class=\"blocks-gallery-grid\"><\/ul><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>When you don\u2019t know how much inventory you have on hand, you can\u2019t make smart decisions. Order too &nbsp;little and you\u2019re at risk of losing&#8230;<\/p>\n","protected":false},"author":1,"featured_media":669,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_jetpack_memberships_contains_paid_content":false},"categories":[2,14],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is inventory management and why is it important? - Elmasys Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/elmasys.com\/blog\/inventory-management\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is inventory management\" \/>\n<meta property=\"og:description\" content=\"why is it important?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/elmasys.com\/blog\/inventory-management\/\" \/>\n<meta property=\"og:site_name\" content=\"Elmasys Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/elmasys\/\" \/>\n<meta property=\"article:published_time\" content=\"2020-06-07T23:10:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-07-24T15:42:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/elmasys.com\/blog\/wp-content\/uploads\/2019\/07\/IMG_2250-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/elmasys.com\/blog\/inventory-management\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/elmasys.com\/blog\/inventory-management\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\/\/elmasys.com\/blog\/#\/schema\/person\/73bc6426eb092a2970cec721a9184a46\"},\"headline\":\"What is inventory management and why is it important?\",\"datePublished\":\"2020-06-07T23:10:00+00:00\",\"dateModified\":\"2020-07-24T15:42:46+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/elmasys.com\/blog\/inventory-management\/\"},\"wordCount\":326,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/elmasys.com\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/elmasys.com\/blog\/inventory-management\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/elmasys.com\/blog\/wp-content\/uploads\/2019\/07\/IMG_2250-scaled.jpg\",\"articleSection\":[\"inventory\",\"management\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/elmasys.com\/blog\/inventory-management\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/elmasys.com\/blog\/inventory-management\/\",\"url\":\"https:\/\/elmasys.com\/blog\/inventory-management\/\",\"name\":\"What is inventory management and why is it important? 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