A bin card, also known as a store card, is used in inventory management to track the receipts, issues, and balances of individual stock items. This card is attached to each bin or storage location to record inventory movement and maintain an accurate balance.
Inventory control, or stock control, is a control system designed to ensure adequate but not excessive levels of stock are maintained by an organization. It takes into account consumption levels, delivery lead times, reorder levels, and reorder quantities for each commodity.
The maximum stock level represents the highest quantity of inventory planned to be held by a company. Surpassing this limit results in excess stock, which could indicate overstocking and tie up capital and storage resources unnecessarily.
Open-to-buy (OTB) is a budgetary control system used by retailers to manage inventory purchases. It allows retailers to order merchandise based on actual sales trends while providing flexibility to adjust for unexpected changes in sales, markdowns, and other factors. The OTB method ensures that inventory levels are optimized, reducing the risk of overstock or stockouts.
A perpetual inventory system continuously tracks and records the amount of inventory in stock, allowing companies to maintain accurate and up-to-date inventory records at all times.
The reorder level represents the number of units of a particular item of stock to which the balance can fall before an order for replenishment is placed, ensuring efficient inventory management within a reorder-level system.
Stock control, also known as inventory control, refers to the processes and systems used to oversee the ordering, storage, and use of components that a company uses in the production of the items it sells, as well as the finished products themselves.
A store card is a specific type of card used within a particular store or organization to record and control inventory movements and levels.
Threshold-point ordering refers to the minimum inventory levels at which new orders must be placed to ensure continuous supply and meet expected demand based on anticipated usage. This technique aims to optimize inventory management.
