mechanical transmission
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- February 22, 2022
Inventory is one of the most crucial aspects of any business. Inventory management techniques can make or break business. For small businesses, inventory management is all the more crucial as it allows them to save money and improve cash flow. An effective inventory management system allows small businesses to accurately track incoming and outgoing goods and provides real-time data that help make informed buying decisions.
As one of the leading e-marketplaces for genuine and unused MRO spares, we share tips for small businesses to effectively manage MRO inventory:
Choose a method that works for your business: When it comes to inventory management, there are many types of methods used across industries. One of the most common ones are FIFO and LIFO. The first-in-first-out (FIFO) strategy means the oldest inventory items are always the first to go. This means, the businesses will not be left dead stock. Under Last in, first-out (LIFO), the most recent products in the inventory gets sold
