What is Inventory Control? - Whiteboard Wednesday

Learn more at: www.fishbowlinventory.com/sol.... What is inventory control? James Shores explains exactly what it is in three minutes or less, or your money back! But seriously, inventory control involves tracking item levels, locations, and more so that you know where to cut or boost quantities and keep costs down.
Fishbowl's Whiteboard Wednesday series addresses numerous inventory management topics in just a few minutes. Fishbowl is the #1 manufacturing and warehouse management software for QuickBooks, and it also integrates with Xero.

[@hanksgavin]

What is inventory control? The term is pretty general but I think of it this way;
When was the last time you were SURE you had a bottle of sauce in the fridge but couldn't find it. So you go to the store, buy one to have on hand. When you go to put it away, BAM there is the first bottle you were looking for. Inventory control is about record keeping and maintenance of those records. If that means you count everything in the fridge, well there you go. When you get home form the store you record what you bought. When you use it up you subtract it. Recording seems simple so that's mostly done by the person that drinks out of the milk carton and puts it back empty. Maintenance is done by the person that needs the milk for a recipe they're making for dinner. Or in the business world, inventory control.
If you think businesses are organized and have everything figured out, think again. They are run by people who are normal and computer software can't fix normal.

[@shebzkl]

hanksgavin best simple way to explain. Kudos to you mate

[@NishaKp1986]

gud explanation (y)

[@aminebios]

thanks for the explanation, its really annoying to figure out that your 4 lines are better than the 2 minutes video=)

[@CookieDaMann]

Thank you for this explanation

[@GusMortis]

I think that employee diligence and accountability is the foundation of good inventory control.

[@jesseemia2860]

Hey Dude
Don't stop doing this. keep making them as your building a good track of authenticity and I'm grateful that your doing this even if its just for the business

[@ufsee82]

so what it inventory control?
Well: it is easy and self explanatory. inventory means inventory. and control duh.
therefore you have to control the inventory to ensure it is controlled during all times otherwise it wont be controlled.
Honestly: I learned what it means from the public comments below (Mr. hanksgavin) thanks for the REAL explanation and thank you for coming to this video and same as I waste our times only I benefited from your comment dude - well done!

[@mohamedriyas298]

It’s very easy to know about inventory control and inventory management your style of saying ❤❤

[@draxx8759]

Hey, I didn't understood the act part in this video can you simplify it for me or whoever has understood please reply with answer.
Thank you..

[@AshokKumar-wq3eb]

A building material shop owner in Gujarat is going through the last years inventory cost of cement sacks, a sack of cement cost 500rs. The average monthly demand last year was 1250 units, the cost per order, including the transporter was 1200 Rs and annual holding cost was 20% of material cost. Last year he ordered the lots of 500 sacks per order. What the total inventory cost last year? can you explain?

[@vinodreddypagidi4099]

Sir , my name vinod , about my qualification icwa inter , any job in this field how to apply and what qualifications required?

[@sefesilutui5729]

Thank you it is really help in my teaching of this topic to student.

[@TriPham-xd9wk]

Materials like construction materials, ỏ industrial order of those materials are holding greatest liquidity of entire world and so if we have instant inventory of those ihen hopefully the market will be stabilized, efficient and can not be manipulated by profiteers making it better in serving the industrial objectives

[@mastersystemsegagenesis]

Thank you!

[@muzakidiana]

Thank you

[@BigKevin1194]

This is what I currently do at my job.

[@firozken123]

Whr r you working

[@elgordo5.328]

How much do you make

[@BigKevin1194]

@@elgordo5.328 That's none of your business how much I make, you just need to have a basic understanding of math and numbers.

[@elgordo5.328]

@@BigKevin1194 okay buddy

[@Mrgreen2558]

@@BigKevin1194 Is the job easy or hard even if you don't have experience can you work there

[@bluesapphire7548]

Kit and caboodle ..... last time I heard someone say that before rolling this video was Jim Carrey in Truman Show.

[@fatimachevellemiddleton4377]

03/29/20.

[@jinxluvfil]

12/15/20

[@sihaamali1016]

27/01/2021 doing business assignment 😫

[@alfredrivera4895]

Always
Be
Closing.

[@narendargattu7903]

Soorrry

[@Manishkumar-em4er]

Is your lecture sufficient to understand inventory control. Why are you making fool to everyone