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What is Top-Notch Multichannel Inventory System? Inventory is the most important element for any product-based business. Business can only be beneficial if the inventory management system works efficiently. Now multichannel inventory management system is widely used by many companies to give tough time to their competitors and get instant approach with their customers. Either anyone is running multiple Stores, E-Commerce Websites or Warehouses, these multichannel systems always help them to manage their stocks in a useful way and hence inventory management systems directly affects business profitability and growth. Profitability can be affected by the number of factors. The first factor is that the items are stored in a clean area. By using this procedure it is easy to differentiate inventory items by one another. The second factor is high product turnover. The third factor which also influences business productivity is effectively management overheads. The more we decrease ...

Previously, the meaning of inventory was one thing, lots and lots of counting. It was common for the businessman to reconcile his inventory usually at the end of every year. For this purpose they counted up all their physical products and ensured that it would match the book entries. From those days till now, we can understand that how much important inventory management is and what role it actually plays. Importance of Inventory Management As we know, inventory is a placeholder for money. We pay money for our inventory and we will get that money back when we sell them. It is the act of keeping track of a company's stocked goods and monitoring their weight, measurements, amounts, and locations. The goal of inventory management is to minimize the cost of holding inventory and help business owners to know when it's time to stock up products, or buy more materials to manufacture them. Stock keeping management is essential for ensuring business that it has enough stock on...

Even small businesses are becoming globally linked. Through platforms like Amazon, eBay, Walmart, and Shopify, barriers of entering into the e-commerce business has been reduced significantly. However, in such a situation, the need for traceability and tracking of inventory becomes even more important. Already, the pharmaceutical industry is faced with compliance regulations for maintaining documentation and sourcing of drugs. In addition to compliance, small businesses rarely have processes in place that help them do business in a better way without feeling burdened by growth. Not only does serialization provides a mechanism for documentation and tracking of inventory, but also for internal inventory control. Inventory management is an essential part of product-based businesses. Toyota is the pioneer of lean inventory management practices which considers inventory as a waste (muda). This view gives rise to the concept of Just-in-Time inventory, a process that favors highly eff...