With understocked inventory, you won’t be able to provide what your customers want and have to give them out of stock notifications when trying to fulfill their order. With your inventory form, you’ll be able to analyze how inventory is moving, so you’ll know what to prioritize when creating more products. There are costs associated with understocking and overstocking your inventory. It’s important to know how much inventory you’ll need in the future. Want to learn more about why inventory tracking is so important? Read our handy inventory tracking guide. It’s also important in managing inventory turnover, which measures the amount of times inventory is sold then replaced in a designated time period. This can range from free tools to very expensive systems.Īll sellers need inventory tracking to know where their products are and when shipments will arrive. Jump to Free Templates Why is inventory tracking/management important?Īny business that sells physical goods uses some form of inventory tracking including retailers, wholesalers, and even manufacturers.
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