TradeGecko has produced a series of inventory management videos, brought to you by our very own Geckos, to delve into the basics of inventory management. To learn all about Economic Order Quanitity (EOQ) and find out more about which metrics to track when it comes to inventory management, keep watching.
Our 'Getting Started with Inventory Management' eBook answers all the questions you've had on managing inventory.
The EOQ is the optimum number of products you should be purchasing in order to minimize the total costs of ordering or holding items in inventory. So you can see, figuring out what the EOQ is for your business could potenitally save you a significant amount in costs.
How do you calculate the EOQ and what factors should you consider when you do?
Our Gecko Shekar is here to shine some light on the subject! And while he's at it, he'll be talking you through not one but two videos, in our final installment of the Inventory Management video series. So once you've mastered the EOQ, scroll down to find out more about inventory performance metrics.
Now that you've learnt all about the basics of inventory management from what it is, to setting it up, understanding costs and valuation, and determining your EOQ, the final piece to the puzzle is how to measure success.
How do you know if you have an accurate understanding of the efficiency of your inventory management processes and the financial health of your business? Shekar gives us the low down in the second part of his video tutorial!
If you found this video series helpful, we have good news, there are more on the way! Keep an eye out for our next video series where our Geckos unravell the mysteries of B2B eCommerce!