Correct name in the Supply Inventory

Aug 6th, 2022
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How to correct name in the Supply Inventory

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[Music] hi this is James from Fishbowl this is whiteboard Wednesday today we are going to talk about what are common inventory problems there are way too many to list but lets just go over a couple that are very common uh weve got old products sitting on the shelf whether were just not using it its not shipping out often enough or weve forgotten about it its expired Etc we have number of discrepancies between whats in our book or Abacus compared to whats on our shelves uh very big problem very common so dont feel alone improper log meaning were not putting any the uh information that we have about our inventory into that spreadsheet into our computer whatever were using to track all those things and our processes uh no one knows man this is way too common you may have a grasp of whats happening in your company but if your employees dont know where products are how much they have how much youre supposed to to be coming in that is a very real problem too much stuff this is

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Inventory labels and tags usually contain basic information about the item. This can include product names, SKU (stock keeping unit) codes, lot numbers, quantities, etc. They can also include more specific information like the items assigned locations, receipts, expiry dates, quality control, instructions, and so on.
Definition of Inventory Item An Inventory Item is a product that a company purchases for resale purposes. It is essentially a tangible good that can be quantified in stock.
How to Create Good Inventory Item Descriptions Most important: Inventory item descriptions should begin with a noun (what the item is) followed by the adjectives that describe the item (in descending order of the adjectives importance). Inventory item descriptions should be unique.
There are four main types of inventory: raw materials/components, WIP, finished goods and MRO. However, some people recognize only three types of inventory, leaving out MRO. Understanding the different types of inventory is essential for making sound financial and production planning choices.
Item names should be distinct, with descriptive attributes that are added in descending order of importance. There is a difference between how you talk about an item in everyday conversation and the way it should be named. Item names should be informed by how they are recorded, categorised and stored in your system.
Examples of supplies include paper, labels, boxes, pens, computers, and software. Inventory refers to the raw materials that will be transformed into finished goods, and the finished goods themselves that are sold to the end customer.
Inventory Basics - How to Set Up SKUs Be consistent. Choose a format and stick to it. Make the codes recognisable to humans. Try to keep the codes short . Avoid letters that could be confused with numbers: - O, I and L are the worst. If you decide to use manufacturers serial numbers be careful! Further Reading:
What to Include on Inventory Lists Name of the item. SKU (stock-keeping unit), serial number and/or barcode that identifies an item. Category and/or brief item description. Name of manufacturer or supplier. Unit cost. Sale price. Quantity in stock. Total value.

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