10 Most Important Inventory Management Terms You Need to Know

Master the 10 most important inventory management terms that every business owner needs to know! This presentation breaks down key concepts like SKUs, inventory turnover, stock management software, lead time, reorder points, and more. Understanding t

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1. THE 10 MOST IMPORTANT INVENTORY MANAGEMENT TERMS YOU NEED TO KNOW

2. Introduction What is Inventory Management? Why is it important?

3. Term 1 - Inventory

4. Term 2 - Stock Keeping Unit (SKU)

5. Term 3 - Inventory Turnover

6. Term 4 - Lead Time The time it takes for a supplier to deliver ordered goods to a company's warehouse or point of sale Example: 2 weeks for a shipment of raw materials to arrive from a factory Importance: Impacts forecasting, order placement, and maintaining sufficient inventory levels

7. Term 5 - Safety Stock Example: Holding extra raw materials to avoid production delays in case of supplier delays Importance: Protects against stockouts and ensures smooth production and customer fulfillment

8. Term 6 - Just-In-Time (JIT) Inventory

9. Term 7 - ABC Analysis

10. Term 8 - Inventory Management Software

11. Contact Us Apeks Solutions 207 200 4488 https://apekssolutions.com sales@apekssolutions.com SOUTH PORTLAND, ME 04106

12. Thank You F o r Y o u r A t t e n t i o n Visit Our Website apekssolutions.com