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Revel | November 7, 2017 |
Inventory management is the practice of overseeing and controlling of the ordering, storage and use of components that a company uses in the production of the items it sells, defined by Investopedia.
A perpetual inventory management system tracks your stock level, so that you can take the guesswork out of how much inventory you’ll need the next time you place a purchase order. Whether you’re receiving shipments, scanning barcodes, or entering SKUs, reducing the opportunity for human error by integrating your inventory tracking into your point of sales means that you’re getting an exact account of your current stock levels.
A high turnover rate means your business is selling products as quickly as they come in and a low turnover rate means that product is much slower to move off the shelves.
This tells you the average number of days it takes for your business to sell the average inventory held over a specific time period.
This is the cost a business incurs from storing inventory. This could include the cost of storage, depreciation, staffing, maintenance, insurance, security, and the overall cost of capital for the business.
With Revel Systems you can track current inventory at the granular level, calculate waste-loss variance, and customize low-stock thresholds and reorder reminders. Future-proof your business with Intelligent Reporting including, sales summaries, sales by hour, product mix summaries, complete order history and detailed payment summary reports.