8 Ways to Unlock Inventory Management and Stock Tracking

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What Is Inventory Management? How To Track Stock For Your Business

What exactly is inventory management? In essence, inventory management is the comprehensive system you construct to organize and monitor your inventory throughout the supply chain. This system oversees every phase, from the procurement of raw materials to the production of finished goods, and extends to storage and sales. It provides critical insights into your company's stocked goods, tracking their weight, dimensions, quantities, and locations.

The primary objective of inventory management is to minimize the costs associated with holding inventory. It achieves this by aiding you in determining the optimal time to restock products or purchase additional materials for manufacturing. This capability enables you to maintain ideal inventory levels, thereby minimizing costs and maximizing efficiency.

The terms 'inventory control' and 'inventory management' are often used interchangeably. At its core, inventory control pertains to maintaining command over your stock, typically achieved through effective inventory management procedures. Centralized inventory management significantly simplifies the process of maintaining control over your inventory.

Join us as we delve into the world of inventory management, providing you with the knowledge and tools needed to effectively track stock and enhance the efficiency of your business operations.

Here is what we’ll cover in this video:
00:00 Introduction
00:35 What is Inventory Management
02:07 Use Shopify
03:26 Set Par Levels
04:36 FIFO
05:35 Manage Your Relationship with Your Supplier
06:14 Prepare a Contingency Plan
07:33 Comment Responses

#InventoryManagement
#BusinessOperations
#SupplyChain
#StockTracking
#InventoryControl
#BusinessEfficiency
#CostMinimization
#BusinessStrategy
#InventoryOptimization
#BusinessTips

[PsychoGodTyr]

You are so good at your job Michelle! Thank you

[Uclips_]

How can we get Shopify to send us alerts when we have only a certain number of days left of inventory please?

[nbgrooms]

Your channel is helping me as I grow my own Shopify store. Thanks!

[marcelo]

Are there any apps for inventory management and forecasting?

[dominikgmeiner]

How do you setup the email notification when a product is out of stock? Did you use the Notify me shopify app or did you have another way?

[ANIS]

Glad I found this channel 🙌 useful informations thank you, just picking up some pieces from here and there so I can start my online business with confidence,
Questions: do you think one product store better than multi product store and why 🙂

[samanthapeters]

I would love to see a video on how to set up recurring monthly orders for customers and how to best sell that on the website.

Also options of how to bundle products together to sell more.

I have my products but I want to do more than just list things individually for a one time sale.

[huzefamalik]

Hey Michell, thanks for the valuable information. But I have one query to make item limited edition for example I want to sell limited edition prints through printfull. How can I limit the sale. As its print on demand I haven’t found information to edit inventory as “1”.

[tumnasalamon]

how can i set up a par level for my inventori

[Nexus_Dawn]

Another informative and great video Michelle!

[aymannaguib]

Hi, How can I add par levels to shopify store?

[tumnasalamon]

I have a warehouse and a store. Is there a way to know the inventory in each of them separately?

[leidysunday]

I would like to know how to upload goods in transit from the manufacturer to the warehouse? ETA is being a big problem for us at moment.
Is there way to upload the inventory in transit and having them showing on shopify as unavailable showing only estimate of arrival on each product?

[maurbrown]

I need to track stock but have it listed as a pre order. Vitals has this option but only if you have no stock. I don’t want to sell more than what is ordered to arrive so this isn’t the best option. Any suggestions?

[abbasdada]

Can't seem to find the 'inventory history' option, could anyone guide?

[darellramos]

Great video! Any suggestions for multichannel stores inventory management solutions? I do have Shopify and Etsy and is always a headache to keep the syncing. I wish Shopify offers this option without needing to add an outside app.

[waveydex]

I was literally just searching for this wth lol

[JordanMichael-po]

I'm mainly watching this to figure out how to set par levels and this didn't explain how.

[dynamics]

a worth watching and subbing channel. Subbed ! a fellow creator