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. If you want to know what are the different types of inventory and the various ways to allocate stock, keep watching.
Our 'Getting Started with Inventory Management' eBook answers all the questions you've had on managing inventory.
There are many different types of inventory including raw material, work in progress goods and finished goods. Based on the type of inventory your business deals with you will need to assign your stock to different functions such as Anticipation Stock and Safety Stock.
So how do you know what types of inventory your business is dealing with and how do you decide the best way to allocate your stock?
Our Gecko Priscilla has the answers for us. In the second video of our Inventory Management video series, she talks us through the different types of inventory and the different factors to consider when purchasing and allocating stock.
If you found that video helpful, we have good news - there are more on the way! In our next video, we'll be evaluating three types of inventory costs. Stay tuned!