Any business that sells physical goods must be familiar with inventory management. It is the process of ordering, storing, and tracking a business’ inventory. Inventory management governs the flow of raw materials, components, and finished goods – from stock purchasing to sale – and makes sure all the stocks are used effectively and efficiently.

Inventory management makes or breaks a business’ cash flow. For instance,…

Any business that deals with physical goods must be familiar with stocktaking. The process involves counting the items in your storage facility and cross-checking the results with the numbers on your records. Some businesses conduct stocktaking once a year, while others do it on a monthly basis.

The growing role of technology in the business sector, particularly in the…