Exploring the Two Basic Types of Inventory Control Systems

21 December 2023 - Credit Cards Investing Business Solutions

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Exploring the Two Basic Types of Inventory Control Systems

In the realm of inventory management, understanding the fundamental types of inventory control systems is paramount for efficient operations. Let’s delve into the two basic types and explore their features, benefits, and relevance in optimizing your business processes.

Perpetual Inventory Control System

The perpetual inventory control system is a real-time approach to tracking inventory levels. With continuous monitoring and updates, businesses can maintain an accurate and up-to-date record of their stock. This system is particularly beneficial for industries with high product turnover, providing instant insights into stock levels and minimizing the risk of stockouts.

Relevant SaaS Products:

Zoho Inventory: A cloud-based solution that offers perpetual inventory tracking, ensuring accurate stock levels across various channels.
Cin7: Provides comprehensive perpetual inventory management with integrated order processing, making it suitable for businesses with complex supply chains.
Ordoro: An order and inventory management platform that excels in perpetual tracking, facilitating seamless order fulfillment.
Unleashed: Offers perpetual inventory control with robust reporting tools for better insights into stock movements and trends.

Periodic Inventory Control System

Contrasting with perpetual, the periodic inventory control system involves periodic manual counts of inventory at specified intervals. While it may not provide real-time insights, it is a cost-effective solution for businesses with lower inventory turnover. Periodic reviews help identify discrepancies and update stock records periodically.

Relevant SaaS Products:

QuickBooks Commerce: A user-friendly platform that simplifies periodic inventory control with easy-to-use features for manual stock updates.
Fishbowl: Combines periodic inventory tracking with advanced manufacturing features, catering to businesses with diverse inventory needs.
SKULabs: Specializes in periodic inventory control with an emphasis on order fulfillment and warehouse management.
DEAR Inventory: Provides a comprehensive solution for periodic inventory management, including manual stock adjustments and reconciliation.

Conclusion

Selecting the right inventory control system depends on the specific needs and dynamics of your business. Whether opting for perpetual or periodic, understanding these systems empowers you to make informed decisions, ultimately optimizing your inventory management processes.

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