What are the documents required in inventory management?
Inventory Control uses the following documents for entering and maintaining information:
- Stock Requisition (SR)
- Pick and Issue (PI)
- Issue Confirmation (CI)
- Over the Counter (OC)
- Stock Return (SN)
- Inventory Adjustment (IA)
- Physical Inventory Purchase Input (IP)
- Stock Transfer Issue (TI)
How do you manage inventory in retail?
10 Basic Steps in Retail Inventory Management
- Create a Centralized Record of All Products:
- Identify Stock Location:
- Do Regular and Accurate Stock Counts:
- Combine Sales Data With Inventory Data to Simplify Reporting:
- Create a Purchasing Process:
- Establish a Process for Markdowns and Promotions:
What are the 4 types of inventory management?
There are four main types of inventory: raw materials/components, WIP, finished goods and MRO.
What documentation are used in a warehouse?
Dock Warrant or Warehouse Warrant It is a document of title to goods issued by dock authorities certifying that the goods are held by them. To take delivery of the goods, this certificate has to be given back to the authorities.
What is a retail management system?
Retail management system software (RMS) is the combination of technology a retailer uses to empower the customer experience and operate daily retail management processes, including software, hardware, telecommunications, databases, applications, and the point-of-sale (POS) platform.
What is ABC approach in inventory management?
What is ABC Analysis in Inventory Management? ABC analysis is an inventory management technique that determines the value of inventory items based on their importance to the business. ABC ranks items on demand, cost and risk data, and inventory mangers group items into classes based on those criteria.