Exploring the Four Main Types of Inventory and Their Applications in Business
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Exploring the Four Main Types of Inventory and Their Applications in Business
Inventory management is a vital component of successful business operations. To optimize your processes, it’s crucial to understand the four main types of inventory and their applications. Let’s delve into each type and introduce relevant SaaS solutions that can elevate your inventory management.
Raw Materials
Raw materials are the fundamental components used in the production process. Managing them efficiently ensures a smooth production workflow.
SaaS Solution: SAP Integrated Business Planning
Work in Progress (WIP)
WIP includes items in the production process that are not yet completed. Effectively handling WIP minimizes lead times and contributes to timely order fulfillment.
SaaS Solution: Monday.com
Finished Goods
Finished goods are products ready for sale. Proper inventory management of finished goods is crucial for streamlining supply chain operations.
SaaS Solution: TradeGecko
MRO Goods (Maintenance, Repair, and Operations)
MRO goods are items essential for maintenance and operations. Efficient management of MRO inventory reduces downtime and results in cost savings.
SaaS Solution: UpKeep
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