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What Is Inventory Management? - Whiteboard Wednesday

welcome to whiteboard Wednesday where we,discuss inventory management issues and,we keep the concepts small enough that,we can fit it onto a whiteboard i'm kirk,tanner and i'm chief marketing officer,of fishbowl and today we're going to,talk about what is inventory management,now this drawing here is a very,simplified version of an inventory,management is but it's good enough to,get our point across let's start out,over here we get goods delivered that,come in to receiving all these items in,receiving eventually have to be put away,on the shelves and then later on we're,going to pull these items some of these,items might be pulled to be used in a,manufacturing process or we might be,involved in wholesale distribution and,we'll just pull these goods and we'll,send them out to our customers so they,can do things with them regardless,whether you're a manufacturing you've,got to finish good or you're sending out,parts all those pieces need to be,shipped out at some point a lot of,companies will actually do a manual,process to keep track of all of this and,accomplish their business processes some,are using an automated process let's,talk about the manual process here for a,second this is very labor intensive,we've got a lot of data that we need to,keep track of this is only a small,sampling of the data lot numbers serial,numbers cost quantity dates for,production expiration shipment when,those goods come in to receiving that,data needs to be captured for efficiency,purposes and keeping track of your,inventory you move that from receiving,over to the shelves and you've got to,update all this information that you're,tracking when you pull this you've got,to update it again so again if it's a,manual process you're involved a lot in,a lot of labor intensive activity to,move these items all the way through to,pick pack and then ship them that manual,process is very labor intensive in an,automated process when this truck,delivers the goods you have a couple,options one if it's a large ship but you,can move it right into receiving and,then scan it with a barcode scanner and,move it,to these locations scan these locations,and now your automated system knows,exactly where all that inventory is if,it's a smaller shipment that arrives you,can skip this whole receiving area and,just barcode it right into the places,that you put it on the shelves and you,know exactly where it is how much you,have and it's there when you need it now,when you pull it off the shelves again,you'll barcode it it's updating your,system it's going through the,manufacturing process or you're pulling,it for distribution but this whole pick,pack and ship process that ends up here,you're tracking all of this through this,automated system so that when it ships,out the door all of your inventory is,dynamically updated and is real-time,data which ultimately gives you better,information,so our final math here in our accounting,terms is we want to increase our,tracking efficiency we want to do a

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How to keep Inventory using an Excel Spreadsheet - [create your own Template]

hello and welcome to the mr spreadsheet,youtube channel,if your business needs to keep track of,inventory,then why not create your own inventory,listing,and inventory movement schedule using an,excel spreadsheet,in this short video i will show you how,to do both of these things,and provide you with an easy to use,template,that you can adapt and expand to suit,your business needs as usual i will show,you how to get a copy of the final,template,later on in this video and,if you need any help on the excel,functions i've used,then please do leave a comment below,i hope you enjoy watching,open up a new workbook and we will,create the inventory list,the first of our two tables in cell,b2 type in inventory list in capitals,in cell c2 type in code,in c3 it's product in d3,its cost in e3 its quantity,and finally in f3 type in value,now select the range b2 through to f2,and from the home ribbon select and,click,the merge and center tool choose a,background color of green,a font color of white make bold,and increase the font size and now,select the range b3 through to f3,make bold and change the background,color,to light green we will now add a border,to the inventory list table so,with the range b2 through to f19,highlighted select the all borders,option from the borders tool,on the home ribbon now let's enter in,our first product,with a code of w101 a description of,widgets gray and a cost of 21.50,you can now enter the next 12 products,or indeed,you can choose values more suited to,your business needs,please pause the video whilst you,complete this routine,our second table is the schedule of,inventory movements,now for convenience we're going to place,this alongside,the inventory list table so select cell,h2 and type in inventory,in and out schedule,in cells h3 through to n3,type in the inventory schedule headings,of date,type code,product cost,quantity and finally value,select the range h2 through to n2,and merge and center the contents change,the background color to green,the font color to white make bold,and increase the font size,select the range h3 through to n3,and change the background color to light,green and make bold,now select the range h2 to n19,and apply the all borders tool,and finally from the page layout ribbon,uncheck the view gridlines box,okay so we've now set up our basic,layout,now in the inventory movements table we,actually need to define,the type of movement we want valid,entries to be either,sales or receipts,or adjustments so let's type these,values into cell,r3 through to r5,r3 becomes sale r4 becomes receipt,and r5 becomes adjustment,and with these three cells highlighted,select the formulas ribbon and choose,the,define name tool in the dialog box that,opens,enter the word type in the name field,and then click,ok now we can enter a drop down box in,cell,i4 so with i4 selected,choose the data ribbon and then the data,validation tool,in the allow box choose list,and in the source field enter equals,type and then click ok,a drop

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Why Experts Predict a Major Economy Will Enter a Deep Recession in 2023

this is frightening I'm your host Steve,Van Meter and thanks for joining me,today and our lead story today experts,are indicating that a major economy is,going to contract as much as Russia's,economy this year and if we were to see,a major economy contract that much it,would have major implications on the,global economy and likely pull the rest,of the world down with it we've also got,a report out today that indicates the,FED might not be done with this,tightening cycle and the U.S,manufacturing sector well things there,are getting worse let's head over to,CNBC where he pictured a story up with,the UK recession will be almost as deep,as that of Russia economists predict now,you can imagine we know Russia's economy,has severely contracted can you imagine,if this happened to the United Kingdom,what that would mean for the rest of the,world,Moscow let's go over to Russia now,Russia's economy shranked 3.7 percent,year on year in the third quarter of,2022 so let's try to put some,perspective here on what's going on,because that was an improvement over the,previously reported four percent,contraction which is still very severe,after growing three and a half percent,in the first quarter this would be for,2022,the Russian economy has now slipped into,a recession with a 4.1 percent and a 3.7,percent contraction and two subsequent,quarters by any definition that's a,recession and as you'll look at in a,moment I want you to put this in,perspective to the U.S economy because I,want you to understand just how bad,Russia's economy contracted because then,we're going to look at what the,predictions are for 2023 and then what,that means for the United Kingdom,so here you can see in this chart this,is the you ask you gross domestic,product and what I want you to see,there's a couple of things first of all,contractions where you see the blue,below the black line the horizontal line,they're very rare in fact most,recessions are just to slow down in,economic growth you'll note here the,great financial crisis this was a three,percent contraction followed by another,three percent contraction so you go back,to Russia's data and what do we see,there a 4.1 and a 3.7 making this worse,you know in terms of Russia's,perspective than the great financial,crisis here so let's look again because,I want to point out that when we were in,the pandemic even when everything was,shut down the economy still only,contracted by seven and a half percent,so this is pretty interesting now let's,look at what's going on with the UK it's,2023 macro Outlook Goldman Sachs,forecast a 1.2 percent contraction in UK,real GDP over the course of this year,now well below other G10 economies this,is said to be followed by a 0.9 percent,expansion in 2024 so you think about you,know when that we looked at that U.S,chart and a minus 1.2 percent certainly,would be interesting enough because it,doesn't happen very often but if we put,it in context to say the great financial,crisis well it's not as severe in

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How to create an equipment inventory list?

equipment inventory list that's what,we're gonna talk about so if you're in,charge of a lot of equipment whether,it's it equipment camera sound lighting,drones it doesn't matter and if you,don't have a comprehensive list just yet,then this is the video to watch i'm,oswaldo from chat room and i'm going to,show you how you can easily create an,equipment inventory list and i'm going,to walk you through all the different,columns of information that you,definitely don't want to miss when,creating your own list and make sure you,stay until the end of the video because,i'm going to show you a magic trick,that's going to change your life forever,when it comes to equipment inventory,lists but let's start from the beginning,i will open a google spreadsheet but you,can work with microsoft excel or numbers,as well now you can just create a new,document i already prepared one for you,it's called check room equipment,inventory let's open it okay here you,can see the full list of our equipment,inventory to start with,the first reason why it's so important,to have a very good equipment inventory,list is to have a full overview of all,of your equipment and secondly it's very,useful for auditing and insurance,purposes and it also helps you,prioritize which equipment to buy next,let's say for example that you see that,all of the laptops in your company are,already eight years old then you might,want to think about replacing them first,okay now let's start building the,spreadsheet so you can start working,with it first we need to make clear what,equipment we have,but instead of creating just one column,i would recommend making several columns,like,name brand and model,i will tell you a bit later why it is,really beneficial to have the three but,now let's move on this is the part where,it gets interesting if you have more,equipment than in our example and you,have different categories of items such,as laptops phones cameras,then you definitely want to add a,category column,this makes it very easy to search for,some items with the filter option,so let's say we want to search all the,laptops that we have then i just turn,the filters on and here only check the,laptop category like this here,and also since you have the brand and,the model you can just filter on let's,say all the macbook pros or you want to,see what equipment you have from sony,let's now also create a column for the,purchase price and date,i will also add a warranty date to have,accurate lists of equipment that are,still or no longer under warranty we at,checkroom also really recommend that you,use barcodes when managing your,equipment because let's say your company,has 40 imacs and then you're moving from,one office to another since they all,look the same no one will know which,computer was theirs but with asset tags,you can just scan the code and see,straight away which computer belongs to,whom,therefore if you're using barcodes then,also make a column for that in your,spreadsheet,then for sure if you h

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Google Sheets Inventory Management Tool For Products: Introduction 1.0

hi guys welcome to the first video of,this playlist where we're gonna learn,how to create an entire inventory,management system,using basic google tools like google,drive google sheets and even google,forms so i want to start off by saying,that the tools that google workspace is,providing right they are underrated but,they are truly amazing,so really nobody needs to have any,technical knowledge or no formulas and,code or any of that to build products,anymore,so just using simple spreadsheets um,google drive and google form,right and of course,just move around your keyboard and your,trackpad and some basic knowledge and,you're good to go,so i want to explain how exactly we're,going to go about this right,i thought the best way to go about this,is in three phases to create our,inventory management system,so the first phase obviously is always,to kind of upload and import the,pre-existing data so we're kind of gonna,get in your old product names and,they're opening stock and stuff like,that so when we start building the,system you already have this data,next the second part of building the,system would be once your old data is in,so we know what products have what stock,already we're gonna kind of build an,in-out system using a simple google form,uh by doing this what we're to be able,to do is,always update the stock of each product,in real time right otherwise your data,is just going to remain static and then,after the point it becomes useless,so once we create the google form we'll,be able to update any products inventory,in real time,and always get the most accurate,information about a product stock,finally after this is done,so now we have our product data and,information in and we've created the in,out system that is going to work on,perpetually now once we've amalgamated,all this data all we need to do is kind,of share it analyze it create charts you,can share this with your colleagues and,employees and throughout your,organization,so essentially you're building,or simply building a rather cool,inventory management tool that you can,just share with anybody and they can get,access to all the real-time inventory,and stock of your products,so this was a simple breakdown of the,inventory management system,now just let's look at the details of,all these three phases,right so phase one as we discussed was,data input,right so we're going to get in all the,previous data that you already have in,your previous systems or excel sheets or,however you have it we're going to bring,it into google sheets,next we're going to make the google,sheet and link it to the google form,and once that is done we are going to,create questions within it and kind of,get in an in-out system so you can,always maintain and update your,inventory in real time,and finally we are going to learn how to,simply analyze this,and ask your sheet questions right you,want to know a stock for product abc,and you want to share this information,with someone else or you want to know if,10 to

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WooCommerce Inventory Management

in this video i am going to talk about,how to manage your inventory inside,woocommerce this is something that i,often get asked about and that's because,it is a bit confusing if you don't know,where to go to set things up and the,settings can be a bit hidden so today i,want to show you where to go to get this,all set up so that you can manage your,inventory inside your wordpress,dashboard this doesn't require any,additional plugins or add-ons i know,with woocommerce there are a lot of,different things that you can add on to,your store but all of these settings are,available within the default woocommerce,plugin so nothing additional to buy in,order to enable stock management you,have to adjust some settings and that is,where i'm at right now,in order to get to this you're going to,want to click settings under woocommerce,then click the products tab then click,inventory so like i said before it is a,little bit hidden but that is where you,go,now there's a bunch of different,inventory settings in here,if you want to manage your stock on your,website you have to click this check box,so if that's not checked this won't work,so that's the first thing that you have,to do,underneath here you have the ability to,hold stock for,a certain amount of minutes for unpaid,orders so let's say somebody,was about to place an order and they,abandoned their cart you can hold the,stock for a certain amount of minutes,and they can go back and place that,order so that's what that does the,notification settings are as follows you,can enable low stock notifications and,you can enable out of stock,notifications so this is a notification,that gets sent to you as an admin,so you would put your email in here and,if your product gets to a certain amount,you get a notification saying that it's,low in stock and you can also get a,notification that says it's out of stock,so those are things that are optional,you don't have to check that on if you,don't want to,you also have the ability to,change the low stock threshold and the,out of stock threshold so by default it,is at two items and zero items are out,of stock but you can adjust those if you,want to,another thing that you might want to do,is remove anything that's out of stock,from the front end of your website so if,you click this box it will do that and,anything that's out of stock won't be,shown on the site people won't be able,to buy it and,it's kind of nice because sometimes,people are clicking around they see,something out of stock and then they get,frustrated and want to go somewhere else,so if it's not available for purchase,you can just hide it from the front end,you also have the ability to change the,way the stock quantities are displayed,so you can say always show the stock,quantity so that means every product it,will say how much you have in stock but,you also have the ability to completely,hide that by clicking this or to only,show the stock quantity when it is low,in stock so,that kind of gives a sense of urgen

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#7: Simple Inventory Forecasting Based On Past Data

welcome to another episode of,direct-to-consumer Academy I'm your host,Mike Evert oh and today's episode is,about simple inventory forecasting so,it's the beginning of 2019 if you,haven't already started planning you,really need to and I think this is a,pretty simple way for those who aren't,necessarily using statistical focused,inventory forecasting methods to get,started so the background here is is,that in my experience I worked for,essentially Walmart worked for a,contractor that sold produce to them and,I was responsible for actually,forecasting and sourcing and delivering,produce to multiple distribution centers,across the country and using this model,a little bit more of a complex model but,I simplified it for today and I'm gonna,actually link this template into the,show notes but I was able to come up,with forecasts using data from past,years and of course the more years you,have in the past the better the data in,the future but I mean for what I have,today I have about a year and a half of,past data you could even do it with just,a year I always suggest getting more and,more if you can but with that being said,yeah the focus for me was is I had to,make sure that produce is delivered to,these distribution centers just in time,meaning that you don't want your produce,to be sitting in some distribution,center before it hits the store before,it even gets into your shopping cart and,into your refrigerator so for me I had,to make sure that I forecasted that,there was just enough so that it would,almost run out before the next delivery,so that that way the stores and the the,distribution centers only held it for a,matter of a few days before it actually,made it to the consumers refrigerator so,that said let's kind of jump into the,template with that background I hope,that giving you that background will,help you understand how we can use this,to to forecast into the future so that,said let's just look at this for those,of you that are listening via audio I'll,do my best to try to explain the simple,ways that we're doing here even though,you won't be able to follow on formulas,hopefully you'll be able to to download,it later so if we look at the,spreadsheet I have here we have purchase,time as a column the total price,and purchase time is aggregated by month,I should know then the total price of,everything sold during that month the,sum of the line items sold during that,month percentage change which is,highlighting the percentage change month,month and then the average price is is,basically if you divided the total price,divided by the the sum of the items so,for the purpose of this I left average,price at 50 just to keep it very very,simple it's never going to be that,simple unless you sell one of every,single item on every single order if you,never sell - then you know this,templates right in line with you it,doesn't really matter but just to know,so if we look at that the first thing,I'm going to show you here is a formula,is this percentage

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How to Create a New Product in Finale Inventory

thank you for watching this Ledger,guru's video on finale Inventory,management this video will cover how to,create a new product inside finale,inventory,in order to start the process of adding,a new product you're either going to,click here on the home screen of where,it says products or you'll come up here,to where it says inventory and click on,products instead this will take you to a,comprehensive list of all of your,current products and you can see all the,different columns that you can see in a,glance here you can also customize these,columns so that you can see different,types of things in a glance you can,filter by it you could search you can do,all kinds of things from the screen I,also want to mention that you can you,don't have to add products one by one,you can also bulk import them that's,going to be a different video where,we'll walk through the process on how to,bulk import them this video will,primarily talk about how to create one,product and we will also go into a deep,dive on what you can track inside each,product as well when you go to create a,new product you're going to click here,where it says create product and you,have the option of either having the,system create a SKU ID or if you already,have a SKU ID in mind then you can enter,it here instead and then click this blue,button that says use enter ID now I'm,going to skip that process and show you,one that I've already started so that,you can see a couple things about it so,after you click that it'll take you into,the screen where it will have um where,it will have entered the product ID you,gave it or it will enter the,productivity it gave it right here,so I want to first talk about a couple,of the things that are being tracked for,this particular skew,up here in the top we can see a couple,of scenes just at a glance about this,particular product I could see how much,is currently um the valuation of my,stock so I can see that I have 129 of,these units on hand and that the total,amount that that's currently,contributing to the value of my total,inventory asset is 2925 then I can also,see what I would currently have on order,and what would be reserved from,committed sales as well as this like,quick links to several reports that are,specific this particular product as well,I can also see the cell's history for,this particular product now let's get,into the actual attributes that you can,track for a product so the only required,field in this particular screen is the,product ID,some other things that clients commonly,put in is a description in order to help,keep their product ID straight so,product ID and description and here's,where you can choose a category now,these are categories that were,pre-entered into a different area of um,finale I'm not going to go into how to,set up categories right now it's a,little beyond the scope of this,particular video but just know that this,you can have as many categories as you,want you can track these are all,customizable track whatever c

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Free Online Product, Inventory, Order and Vendor Management Software

this is a video introduction to the,bitco fulfillment system located at,www.bitgofulfill.com,bitco fulfillment is an online product,inventory and order management system,designed to help businesses who sell on,multiple marketplaces including,amazon ebay home depot wayfair,overstock walmart and others e-commerce,is ever changing in the retail industry,as a business owner you may sell across,many different marketplaces to cover,more customers,the idea of this system is to manage the,essential goods fulfillment information,all in a single system such that,business owners can focus on business,essential activities,this system also provides a centralized,collaboration work process so the seller,distributor warehouse and manufacturer,can share business critical information,without having to rely on static,processes,such as emailing excel attachments back,and forth,after login you'll be brought to the,dashboard the dashboard provides a,summary of business information,including the orders waiting shipment,total products,stores warehouses users,and product categories you manage,product information in the products,module with tags including,brands category and attributes,although additional functionality is,being developed the products module is,now ready for use,let's take a look at product management,features one by one,when you first start using the system,you'll need to set up some basics,a good place to start is with brands in,the brands module you can add brands,activate deactivate delete and you can,even import and export brand information,next you'll want to look at categories,in the category module you can add a,category,activate deactivate and delete and you,can also,import and export via csv,next you can create product attributes,for example color or size,you may add activate deactivate and,delete attributes and you can also,export via csv,to create a product you'll first need to,create at least one warehouse so the,inventory information can be managed,this is done in the warehouse section,you may add,activate deactivate and delete,warehouses you may also import and,export,warehouse information via csv,with brand category attributes and,warehouses created you can now create,products,note this information is optional and,you can always add or change it after,products are created,in manage products you can add import,and export product information after,selecting a product,when our product sync function api is,complete you'll be able to sync,inventory in your account with the sales,channel marketplace,the add product page is where you create,a product product images can be uploaded,and signed to the product with the open,library function,if you would prefer a mass update of,your products you can do that with a,product import function,simply create a csv file with the,product tags and upload,you can also update existing information,with the csv file import,you can manually check and update,inventory for a single product by,selecting the product and

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Example of Sale & Inventory Transaction Using a Scanner

hello everyone in this video i will show,you,how to use the scanner with the sale and,inventory database,it's just the video of how to youtube,a scanner for my example file,just open the cell okay,and we've loaded up with the login form,i will log in just a,regular user okay,when,password one two three and,okay now i'm gonna say hello,john wang sale and inventory,in this video i will show you how to add,inventory,and save sun section using the scan,universal scan just plug in plug and,play,okay let the plugin,at the usc board now it's ready,and just click on add inventory or add,the product first,you you have new product uh you can just,add a new product,from here first i have the bandage here,with the barcode on the back and just,want to scan it,you see this automatic uh put in the,product code here,and i will just type the name of this um,product,and you just select some your category,i'll probably uh,this one i don't have a setup like all,categories yet they just pick one,whatever in here medication,or something you want to put it like a,cross product for each,individual like two dollars,and you want to sell like a 250 or,something,now this car for this product at this,time yet,by the corridor you just leave it zero,because you're gonna add it um,later on or you can add it now if you,know the amount you just add it now,tin the level,you want to have in your stock when the,lower,below this the amount you can just order,you can put like,or maybe 20 or 10,you just save,it is done and this product will come in,here oh you know branded here,no history of the adding yet,okay just close the form now we just,should add this product,now add the inventory form,now you want to add more later on when i,i bought this small,and when i add this again i just scan,the barcode here,you see this scanner code,the product codes here and automatically,i would,product name branded and sign section,today date is,november 8th and the amount is required,to enter that how many,you bought it today i just bought a 15,after about it and click enter now the,foreground will be to add inventory and,just enter again,now the on the bottom here issue branded,at,15 uh quantity is 15 now focus,on the next uh to add another net,product,and you teach you the scanner now i got,a new product which is,water with this bar here i just want to,scan it here,i'll show you how to see,now this product i'll be adding this,database now come up with,this name kirkland water and the day can,we just,add a 10 today enter and again,and show the list on the bottom there,now this one i bought a new one i want,to add to the,assistant you know toothpick uh,the frost pad thai plus you know,authentic froster,now we have this bar code here,this one i haven't add to the database,yet the product name i just scanned over,here,now the system will pop up the new,formless,and automatic put the code the barcode,here,but the importer doesn't have it it,means i have to,tie it in,also,you pick some category and beca

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