What is Inventory Management? (Learn the Basics & Techniques)

Are you a business owner in need of better inventory management? Well, we can help! In this episode, we're here to teach you the fundamentals of inventory management and common techniques used to effectively manage stock. From cutting costs to improving productivity, stay tuned to learn the best practices and how you can improve your workflow today!

0:00 - Intro
1:07 - Who are we?
2:14 - What is inventory management?
3:46 - Why is inventory management important?
6:10 - Different types of inventory techniques
6:36 - ABC analysis
7:50 - Batch tracking
8:40 - Bulk shipment
9:02 - Consignment
11:33 - Cross-docking
12:40 - Demand forecasting
13:39 - Dropshipping
15:22 - Economic order quantity
16:10 - FIFO (first in, first out)
17:26 - LIFO (last in, first out)
17:44 - Just in time
19:53 - Lean manufacturing/lean construction
21:36 - Material requirements planning (MRP)
22:11 - Minimum order quantity
22:44 - Reorder points 
24:09 - Safety stock
25:17 - Periodic vs. perpetual inventory management
26:01 - Cycle counts
27:26 - Perpetual inventory management
28:36 - Wrapping up
30:01 - Outro

Try inFlow to manage your inventory and make sure you never run out of stock:
https://www.inflowinventory.com/

Chapters

• 0:00 Intro
• 1:07 Who are we?
• 2:14 What is inventory management?
• 3:46 Why is inventory management important?
• 6:10 Different types of inventory techniques
• 6:36 ABC analysis
• 7:50 Batch tracking
• 8:40 Bulk shipment
• 9:02 Consignment
• 11:33 Cross-docking
• 12:40 Demand forecasting
• 13:39 Dropshipping
• 15:22 Economic order quantity
• 16:10 FIFO (first in, first out)
• 17:26 LIFO (last in, first out)
• 17:44 Just in time
• 19:53 Lean manufacturing/construction
• 21:36 MRP (material requirements planning)
• 22:11 Minimum order quantity
• 22:44 Reorder points
• 24:09 Safety stock
• 25:17 Periodic inventory management
• 26:01 Cycle counts
• 27:26 Perpetual inventory management
• 28:36 Wrapping up
• 30:01 Outro